Few people know that the Bitcoin chain, like Ethereum, is adapted to generate smart contracts. It became possible through the Stacks ecosystem (an updated version of the Blockstack network). To make smart contracts get to work in the Bitcoin blockchain as well, the team created a distinctive Proof of Transfer (PoX) consensus mechanism. This algorithm faіstens 2 blockchains, where Bitcoin is liable for the safety and Stacks is responsible for protocol deployment.
In January 2021, the developers launched Stacks 2.0., and used STX to actuate the brand-new blockchain, which currently represents the 68th largest cryptocurrency by market capitalization. STX can be earned through stacking. The asset is also used in Proof-of-Transfer mining and allows Bitcoins to be earned. Stacks originally acts as fuel for the performance of smart contracts and it is also used for completing other network functions (payment of transaction fees, recording digital assets, etc.).
The Proof-of-Transfer consensus mechanism based on the STX/BTC currency pair makes STX a unique asset, unlike traditional Proof-of-Stake, where participants receive income in the identical asset that is blocked. You can also get Bitcoins in an easier way simply by exchanging STX for BTC on exchanges or crypto exchange services like Godex.io.
Right now, the cryptocurrency market is not going through the best of times. The value of the famous coins is dropping and investors are shifting their funds to other, safer assets. As for altcoins that showed decent growth, like Keep3r Network, it was mostly triggered by the news background from the projects themselves. The choice in favor of KP3R may be the result of insider trading, as evidenced by bullish Keep3rV1 price predictions.
Earlier, on February 13, Robert Kiyosaki, author of the bestseller “Rich Dad, Poor Dad”, predicted on his Twitter account that bitcoin will rise to $500,000 by 2025. He believes that faith in the U.S. dollar will weaken and gold, silver along with bitcoin will rise in value.
Bitcoin today costs $24,667.33. Analysts believe it needs to pass the $25k mark to continue the rally. If to analyze BTС price dynamics before the halving, a number of analysts believe the price could return to a historic high of $69k by early 2025.
Morgan Creek`s chief Mark Yusco told Cointelegraph that the next bull market could start as early as the second quarter of 2023, amid favorable macroeconomic conditions and expectations of Bitcoin halving. He believes that a recovery in the digital asset market usually begins nine months before that event.
On 1 February 2023, the Federal Reserve System raised its key rate range by 25 basis points, to 4.5% -4.75% per annum. In response to the FRS`s decision, Bitcoin reacted by amounting to $24,000 for the first time since August 2022, following to CoinGecko. The cryptocurrency market capitalization has surpassed the $1.1 trillion mark. As stated by Jusko, the FRS is signaling a stabilization of the economy, which is perceived by the market as an intention to reduce the key rate range. This interpretation will lead to an increase in risky assets, which includes crypto assets.
The next Bitcoin halving is now expected in the fourth quarter of 2023, while it was previously forecasted for spring 2024. This is due to historical highs in Bitcoin’s hash rate. A bull market in the crypto sphere will happen sooner if this continues. The majority of investors and pundits expect a bullish cycle to begin and historic highs to renew after the halving.