- ICP, STX, and BSV prices jumped sharply this week.
- The rally is because of their association with Bitcoin, the biggest crypto in the world.
- It is also because investors embraced a risk-on sentiment in the market.
Internet Computer (ICP), Stacks (STX), and Bitcoin SV (BSV) tokens jumped sharply on Monday as demand for cryptocurrencies rebounded. Stacks crossed the important resistance at $2 for the first time since January 2022. It has jumped by more than 920% from its lowest point in 2022. Notably, it is in its eighth straight weeks of gains, its longest streak on record.
BSV and Bitcoin prices
Bitcoin SV price also jumped above $90, meaning it has jumped by over 387% from its lowest point in 2023. Internet Computer’s ICP token jumped to a high of $13.12, which was much higher than last year’s low of $3.23. The three coins have been some of the best performers this week.
This performance is because of their close association with Bitcoin’s ecosystem. This association has been very important now that there are signs that the Securities and Exchange Commission (SEC) will approve a spot Bitcoin ETF. In the aftermath, Bitcoin has jumped to $47,000 for the first time since January 2022 while the fear and greed index has moved to 74.
Bitcoin SV has a close relationship with Bitcoin since it is a hard fork for the coin. It was established by Calvin Wright, who has long argued that he was the founder of Bitcoin. In most cases, BSV and other Bitcoin forks like Ravencoin and Bitcoin Cash move in tandem. In this case, the argument could be that some companies could apply for a Bitcoin SV ETF if the SEC approves a spot Bitcoin one.
Stacks and ICP prices are rising
Stacks price has risen also because of its association with Bitcoin. As I wrote last week, Stacks is a layer-2 network for Bitcoin, which helps to supercharge the network by increasing speeds and lowering transaction costs. Its network thrives when Bitcoin is doing well.
In addition to the surging Bitcoin price, we have also seen developer interest in the network. For example, Bitcoin Ordinals ETFs have seen a major increase in volume in the past few months.
Internet Computer is also rising because of its Bitcoin integration tools. Internet Computer has a Bitcoin integration tools that enable the creation of Bitcoin smart contract use cases without the need for bridges. As a result, one can easily use Bitcoin in its ecosystem platforms like ICDex, Funded, and OpenChat.
Read more: How to buy Interner Computer.
Taken together, STX, ICP, and BSV are soaring because of their association with Bitcoin and the improved market sentiment. On Monday, we saw the tech-heavy Nasdaq 100 index jump by more than 2% while the S&P 500 and Dow Jines rose by 1.41% and 0.50%.
In the same period, the price of crude oil crashed by over 4% while the US dollar index pulled back. This is a sign that investors have embraced a risk-on sentiment ahead of the upcoming US inflation numbers scheduled for Thursday.
