How Bitcoin Ordinals boost drove up the Stacks [STX] price

ambcrypto.com:

The value of  Stacks [STX ], a token related to the  Bitcoin [BTC] ordinals NFT, surged 27.40%, according to data from CoinMarketCap.

This was in contrast to the sentiment displayed by the broader crypto market, which was largely red. 

For context, Stack adds more functionality to Bitcoin by bringing smart contracts and decentralized Applications (dApps) to the original Bitcoin blockchain. Since this was the case, it was totally unavoidable not to connect the Bitcoin Ordinals’ rise to the STX gains.

How many are 1,10,100 STXs worth today ?

Information from the price tracking platform showed that the STX uptick did not begin recently. At press time, the token had been increasing monumentally since January, piling up over 200%.

Ordinals, during its massive adoption and hype in January, made it possible for NFTs to be stored, bought, and sold on the Bitcoin blockchain. So, how have the Inscription Ordinals performed over the last few days?

According to Dune Analytics , there has been increased storage of the NFT collection. On 26 February, the cumulative storage was 3.48 GigaBytes (GB)— this was the highest the collection hit in over seven days. However, there was a notable decline in the same activity the next day.

But on the Bitcoin taproot share, Dune revealed that Ordinals hit as high as 9.25%. While the taproot makes transactions on the network lighter and faster, it also opens doors for eliminating intermediaries via smart contracts. 

Source: Dune Analytics

So, the hike means that more transactions adopted smart contracts on the Bitcoin blockchain. In addition, the STX market capitalization has been able to beat the $1 billion mark while maintaining the stance. But can the STX token sustain the month-long