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Stacks (STX) Rises 13% Daily, Bitcoin Stops at $29,000 (Market Watch)
After two days of price declines, Bitcoin finally went on the offensive hours ago but was stopped before reaching $29,000. Altcoins, although typically more volatile, have remained relatively quiet over the past few days, with little to no movement. BTC Fails at $29,000 The weekend was expectedly quiet due to low trading volume, and BTC was mostly around $29,000. This was a welcome relief after the massive rollercoaster ride that occurred mid-week, when the asset pumped and dumped $3,000 in a day. However, as Sunday came to an end, the...
Stacks (STX) Rises 13% Daily, Bitcoin Stops at $29,000 (Market Watch)
After two days of price declines, Bitcoin finally went on the offensive hours ago but was stopped before reaching $29,000.
Altcoins, although typically more volatile, have remained relatively quiet over the past few days, with little to no movement.
BTC fails at $29,000
The weekend was expectedly quiet due to low trading volume, with BTC mostly hovering around $29,000. This was a welcome relief after the massive rollercoaster ride that occurred mid-week, when the asset pumped and dumped $3,000 in a day.
However, as Sunday came to a close, the cryptocurrency was on the run again, approaching $30,000 for the third time in less than a week. However, like previous attempts, this one was stopped in its tracks and Bitcoin was dumped by almost $2,000 in hours.
The landscape worsened on Tuesday as BTC fell further to $27,650 (6-day low). The bulls finally got in at this point and quickly pushed Bitcoin back to $28,000. The last 24 hours saw another increase, with Bitcoin approaching $28,000.
However, the asset was unable to overcome this level and is currently just a few centimeters below. Despite this, it is still up around 2% on the day, helping its market cap reclaim the $550 billion mark, while its dominance over alts remains firmly at 47%.
It is worth noting that there is likely to be more volatility throughout the day as the US Federal Reserve is expected to raise interest rates again, which has historically caused instant price swings in the crypto market.
BTCUSD. TradingView
STX rises double digits
Ethereum, as well as most other altcoins, also retraced earlier in the week. The second largest crypto rose from around $2,000 to $1,800. It managed to defend the latter level and a minor daily increase has pushed it above $1,850 so far.
Polygon, Tron, Litecoin, Avalanche and Shiba Inu are also slightly lower compared to the large-cap alts. In contrast, BNB, SOL, XRP, ADA, and DOGE have declined by marginal percentages.
Even the lower and mid-cap alternatives are relatively stable today. Stacks is by far the best performer, up 14% in a day.
Overall, the total crypto market cap has recovered to $15 billion in a day and the metric now stands at $1.180 trillion.
Overview of the cryptocurrency market. Quantify crypto