STX reaches 26-month highs as global market cap surpasses $2 trillion

Stacks (STX) emerges as the top gainer among the leading 100 cryptocurrencies. The price surge comes as the global crypto market capitalization reaches 22-month highs.

STX is up by 27% in the past 24 hours and is trading at $2.67 at the time of writing. The asset briefly held a 26-month-high of $2.8 earlier today — a level last seen in December 2021. Following the price rally, STX’s market cap surpassed the $3.8 billion mark, making it the 29th-largest cryptocurrency. 

The surge comes as the global crypto market cap surpasses the $2 trillion mark with the leading cryptocurrency, Bitcoin (BTC), getting close to $52,000. 

According to data provided by Santiment, Stacks’ total open interest (OI) rose from $55 million on Feb. 4 to $118 million at the time of writing. Notably, the asset’s total OI recorded an $18 million increase in the past 24 hours alone. 

As the price surge comes for STX, traders are betting for further bullish momentum. Per Santiment, the total funding rate aggregated by STX on all exchanges is currently standing at 0.02%.

The indicator shows that long-position holders are slightly dominating the short traders until further price movements. 

On the other hand, the STX Relative Strength Index (RSI) is currently hovering close to the 90 mark, according to Santiment. The indicator suggests that the token is witnessing high volatility and might be manipulated by big Stacks whales. 

For STX to stay in the bullish zone, the asset’s RSI would need to stay below the 60 mark.