While the SEC's ETF decision on Bitcoin (BTC) and altcoins is awaited today, Pantera Capital portfolio manager Cosmo Jiang drew attention to a BTC-based altcoin.
Making a bullish prediction for the Bitcoin-based altcoin called Stacks (STX), Jiang claimed that STX could witness an explosion in 2024.
Pointing out that STX increased by almost 95% last month, the Pantera Capital manager stated that the transaction activity on the Stacks network also increased rapidly.
“On the eve of approval of Spot Bitcoin ETFs, increased user activity already gives us an idea. They want to do more with Stacks at this point.
Transaction activity on the Stacks network continues its upward trend. “Things will get better for STX when the Nakamoto upgrade, which increases processing speed by more than 100 times, goes into effect next April.”
STX, which has increased by 880% since the beginning of 2023, continues to trade at $ 1.71 at the time of writing.
*This is not investment advice.