Stacks Soars 115% Weekly, Bitcoin Eyes $28K: Weekend Watch
Bitcoin initiated yet another leg up in the past 24 hours, resulting in nearing $28,000 for the first time since June 2022.
The altcoins are also well in the green, with ETH reclaiming $1,800, while SOL, UNI, AVAX, and ETC have skyrocketed by up to 14%.
BTC Taps Yet Another 9-Month High
The US banking crisis, which later expanded to Europe as well, harmed bitcoin’s price performance at the end of last week as the asset tumbled below $20,000 for the first time in two months. However, the landscape started to change with the start of the new week.
Bitcoin began adding a couple of grand daily, which resulted in breaking above $26,000 on Tuesday. After its initial retracement to $24,000, the cryptocurrency went on a roll once again on Thursday and Friday.
The past 24 hours brought yet another price surge. This time, BTC spiked above $27,000 and even came inches away from tapping $28,000. This became its highest price tag since June 2022.
Despite failing to reclaim that level and dropping by a few hundred dollars, bitcoin is still north of $27,000 and is up by 4.5% on the day. Its market capitalization has touched $530 billion, while its dominance over the altcoins sits just above 45%.
Stacks, Conflux, Mask Network Steal the Show
The altcoins have also charted impressive gains, led by the largest one. ETH has jumped by over 5% in the past 24 hours alone and reclaimed $1,800 for the first time in months.
Binance Coin, Ripple, Cardano, MATIC, Dogecoin, Polkadot, Shiba Inu, and Litecoin have added up to 5% in a day. More gains come from the likes of Solana, Avalanche, Uniswap, LEO, and Ethereum Classic. ETC has soared by more than 13% on a daily scale.
Nevertheless, the most substantial price increases come from lower-cap alts. Mask Network, Conflux, MAGIC, dYdX, and Stacks have skyrocketed by 20% to 45% in a day. STX, CFX, and MASK are up by triple digits on a weekly scale.
With all of those gains, it’s no wonder that the crypto market cap has added another $40 billion in a day and stands at $1.170 trillion.
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I’m a journalist who specializes in investigative reporting and writing. I have written for the New York Times and other publications.