Stacks (STX), Optimism (OP), Kaspa (KAS) rally as Bitcoin soars
Stacks (STX) price was up 25% as Bitcoin (BTC) broke above $28k for the first time in weeks.
Optimism (OP) and Kaspa (KAS) also gained double-digits.
The tokens were outperforming major altcoins such as Ethereum, BNB and XRP.
As Bitcoin (BTC) broke to highs above $28k on Tuesday, several altcoins took cue to post huge moves.
Top market cap coins like Ethereum (ETH), BNB (BNB), XRP (XRP) saw modest gains. However, a few stand out performers on the day included Stacks (STX), Optimism (OP) and Kaspa (KAS).
Stacks (STX) is outperforming peers today with a 25% price surge in the past 24 hours. The coin’s stellar performance has recently been down to the growing popularity of Bitcoin Ordinals. With Bitcoin-based NFTs on the rise, the demand for STX has increased.
The token traded to highs of $0.76 on Tuesday, up from lows of $0.58. The all-time high for Stacks is $3.39, which was reached in December 2021.
Optimism (OP) price was up 18% at the time of writing. The price of the L2 blockchain hit $1.34 on Tuesday afternoon after trading at lows of $1.06 this week, with the gains coming on the back of the broader market’s bounce.
However, there was another likely trigger for OP price – the launch of an Optimism-powered testnet on the BNB Chain. The opBNB testnet went live on Binance’s BNB Chain on Monday and saw the OP token begin to soar amid increased trading volumes. Optimism price hit its all-time high of $3.22 in February this year.
Kaspa (KAS) also saw double digit gains on Tuesday to rank among the biggest gainers in the top 100 coins by market cap. With price up more than 11% on the day, KAS inched further into bulls’ territory with over 40% upward action in the past week.
KAS/USD was trading at $0.022 at the time of writing, which is about 46% off the coin’s all-time high of $0.043 reached in April this year.
Recently, the Kaspa team announced a funding pool initiative that targeted eventual KAS listing on the cryptocurrency exchange Bitpanda. The L1 proof-of-work blockchain network implements the GHOST protocol, which has been cited in the whitepapers of Ethereum, Cardano and XRP.