Stacks (STX) Soars Another 12%, Bitcoin Flat at $23K: Weekend Watch
After falling by roughly $1,000 and marking a multi-week low beneath $23,000, bitcoin has calmed and sits at just over that line amid low trading volumes.
The altcoins are also quiet today, given the trading volumes, aside from the likes of Stacks and Lido Dao, both of which are up by impressive percentages.
Bitcoin Flat at $23K
Bitcoin tried its hand at taking down $25,000 three times in the past 10 days or so, with the most notable surge coming in the middle of last week as it shot up by $3,500 on Thursday.
The volatility only increased as BTC slipped to under $23,500 shortly after, while the latest attempt at $25,000 came on February 21. Bitcoin briefly jumped above that line but was rejected quickly and fell back down to $23,500.
Following another price pump to $24,600, the US PCE data came out, and bitcoin dropped by almost $1,000 in hours. Thus, it dumped to a 10-day low of $22,800 (on Bitstamp).
The cryptocurrency has recovered some ground and sits inches above $23,000. Its market cap is close to $450 billion, while its dominance over the altcoins is calm at 42.2%.
STX Steals the Show
One of the best performers in the past several weeks has been Stacks because of its relationship with the much-hyped NFT ordinals on the Bitcoin network. STX had skyrocketed by 160% on a weekly scale a few days ago, and there were predictions that it could continue its way up until it becomes a multi-billion dollar token.
The past 24 hours have brought another impressive increase of 12% that has pushed STX to over $0.75.
LDO is the other notable gainer on a daily scale, being up by 6% and trading close to $3.
The rest of the larger-cap alts are calmer. Ethereum sits still at $1,600, while Ripple, Cardano, Polygon, Dogecoin, Solana, Polkadot, and Shiba Inu are with small daily losses.
Overall, though, the cumulative market cap has remained still at $1.060 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.