Stacks (STX) Crypto Strikes Major Gains, As Bitcoin Recovers Above $35K, Ethereum Above $2K

Ethereum (ETH) found its way back above the psychologically important $2,000 level, while Bitcoin (BTC) traded above the $35,000 mark on Sunday night, but it was Stacks (STX) that struck major gains among the crypto carnage over the weekend.

What Happened: ETH traded 9.58% lower at $2,133.02 at press time on a 24-hour basis. The second-largest cryptocurrency by market capitalization has fallen 38.36% over a seven-day trailing period. 

See Also: How to Buy Ethereum (ETH)

Against BTC, ETH was down 1.7% on a 24-hour basis. The apex cryptocurrency traded 8.29% lower at $35,022.08. BTC has fallen 22.96% on a seven-day trailing basis.

Contrary to the wide declines seen over the weekend in major cryptocurrencies, Stacks (STX) bucked the trend, appreciating 10.33% over a 24-hour period to $1.10. 

The coin of a project aiming to bring decentralized applications or DApps to Bitcoin rose 30.01% and 32.27% against BTC and ETH, respectively.

Even so, STX is down 21.29% on a seven-day trading period.

Other cryptocurrencies that saw gains on a 24-hour basis include Maker (MKR) and UNUS SED LEO (LEO), both of which were up 2.19% and 0.71% respectively.

Why It Matters: Major cryptocurrencies declined over the weekend after cryptocurrency exchange Huobi “scaled back or suspended some of its services and products in certain countries and has stopped its miner hosting services in mainland China."  

Huobi’s move comes after the Chinese government issued warnings on trading, mining, and use of cryptocurrencies last week.

See Also: If Crypto Carnage Is All About Elon Musk, Why Is Dogecoin Not Off To The Moon?

Despite the crypto carnage, Stacks has managed to deliver 175% returns since the year began.

OKCoin Chief Operating Officer Jason Lau told Benzinga in April that the “appeal of earning yield” in BTC is “alluring” to those holding STX.

STX users have the option to lock their STX for earning such a yield. In recent months, Stocks had also received a push from Korean investors.

Read Next: How One Cryptocurrency Has Fueled Surge In Hard Drive Manufacturing Stocks