In our “How many X to be a millionaire” series, we are focusing on a project bitcoin with the chance to see huge upside once the Bitcoin ETF is approved. It has other bullish cases too.
Not only that, this project is up 600% in the last year. With still more room to grow. Yes, really. Who are we talking about? Stacks. So let’s see how many STX it takes to make you a millionaire.
STX Historical Performance
Before I come to an exact number of Stacks you need to become a millionaire, you and I need to understand where STX could go from here. And to do that, we first need to understand where it’s been. Stacks has been one of the darlings of 2023. It’s up 41.5% in the last 30 days and a staggering 600% in the last 12 months.
DeFi is the biggest category in Web3 and in just a few years has become a $50B+ sector.
Now devs are bringing DeFi apps directly to Bitcoin and its $800B of latent capital, making Bitcoin DeFi one of the biggest opportunities in Web3 today. 👇
— Hiro (@hirosystems) January 18, 2024
WOW. Its all-time low was 4.5 cents almost 4 years ago. Those days seem long gone by now. At its current price of $1.59, the market value of Stacks is $2.2 billion. This puts its market cap at #41 overall in crypto. That puts its market value higher than some big names in the industry like Lido, Algorand, Maker, and The Graph.
So that’s an idea of how big Stacks is now. But if the Bitcoin Layer 2 dream for DeFi and Ordinals comes true, there’s no reason why it couldn’t become a $100 billion project. But could Stacks hit new all-time highs and make some millionaires? Yes, yes it can. Do you think STX will hit a new all-time high? Let us know in the comments below.
What do the STX Charts Say?
We asked our Technical Analysis team to look at STX and here’s what they had to say. The lowest price in 2023 was 21.4 cents on January 1st. It went on a big push in the Spring of 2023 topping out at $1.16 in March, which is still 70% below the all-time high of $3.39 in December 2021. Then after a pullback in mid-year, it’s been a steady increase from 44c in September up 345 to its current price. Those who’ve held on since then made a 4x.
The first support point on the downside is $1.17 followed by 92c. From there it goes down to very strong support in the 20-22 cent range. As far as resistance on the upside goes, we are currently in a multi-year high range. Resistance is at the ATH at $3.39.
The chart looks very healthy from here although a correction would be natural and healthy at this stage. That could lead to a cheaper entry point from current prices if you want to go long.
How Much STX to get $1 million?
We like STX for:
It’s the leading Bitcoin Layer 2.
It stands to benefit hugely from the upcoming ETF.
It’s integrating well with Ordinals and other Bitcoin ecosystem projects.
Good tokenomics. 72% of the total supply is in circulation.
So how much STX does it take? In the next 2-5 years, we see STX going up to $30-50. That would mean STX is worth 55-90 billion. That’s the range between where BNB and Tether are now. So at $30, that means you would need 33,333 STX. Or in the upper end of our range, you would need 20,000 STX to become a Stacks millionaire.
Happy 1 Month since launch date of STX20! Fair mints including STX20 and STXMAP have done over 1m transactions on the Stacks network since launch. pic.twitter.com/LkdEjGFtbQ
— STX20 (@stx20stacks) January 17, 2024
And at today’s price, you can get 20,000 STX for $32,200. That would be an almost 35x+ return at $50. Could STX hit $30-50? Let us know in the comments below.
Disclaimer The information discussed by Altcoin Buzz is not financial advice. This is for educational, entertainment, and informational purposes only. Any information or strategies are thoughts and opinions relevant to the accepted levels of risk tolerance of the writer/reviewers and their risk tolerance may be different than yours. We are not responsible for any losses that you may incur as a result of any investments directly or indirectly related to the information provided. Bitcoin and other cryptocurrencies are high-risk investments so please do your due diligence. Copyright Altcoin Buzz Pte Ltd.
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