BitGo integrates Stacks, should you invest?

By: Milko Trajcevski
Milko Trajcevski
Milko leverages his passion for cryptocurrencies and teaches investors something new each day. During his spare time, he loves… read more.
on Oct 26, 2021
  • BitGo will allow its users to have access to BTC yield directly through STX tokens.
  • Beginning Monday, users will be able to earn BTC rewards through the Stacks tokens.
  • This will be done through the process of Stacking.

Stacks STX/USD is an open-source network of decentralized applications (dApps) and smart contracts that are built on Bitcoin.

The STX token is the native cryptocurrency token that powers the Stacks network, and it is used as fuel for blockchain transactions while also enabling users to earn Bitcoin through Stacking.

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The BitGo integration as a catalyst for growth

Back on October 18, we saw Stack’s trading volume increase by 410% and its value grow by 20%.

On October 25, we saw an announcement from the Stacks official Twitter handle that BitGo has integrated STX.

They indicated that starting Monday, BitGo will offer institutional token holders the ability to earn Bitcoin through the usage of the STX token. This will be conducted to the process of Stacking.

The BTC rewards generated through Stacking are not based on a lending auction, and STX token holders do not need to lend their funds.

Stacks claims the yield is derived directly from the staking mechanism that is connected to the Bitcoin blockchain.

STX token holders will have access to BitGo’s insurance and even the asset protection and portfolio management services. 

That said, this has the potential to boost the value of the STX token due to its increased utility and circulation as a result of this integration.

Should you invest in Stacks (STX)?

On October 26, Stacks (STX) had a value of $2.2.

To get a better perspective as to what kind of value point this is for the token, we will be going over it’s all-time high value as well as its performance in September.

Discussing its all-time high value, STX achieved a value of $2.92 on April 5.

Here we can see that at its all-time high, the token was $0.72 higher in value, or by 32%.

In terms of the performance in September, Stacks had its highest point on September 4, when the token had a value of $1.7133.

Its lowest point was on September 29, when the token fell to a value of $1.1253.

This gives us an indication that the token fell in value by $0.588 or by 34%.

That said, from September 29 to October 26, the STX token value increased by $1.0747 or by 95%.

We can expect STX to get to $2.7 by the end of November with that in mind.

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