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Stacks (STX) Soars 13% Daily, Bitcoin Stopped at $29K (Market Watch)

After the two-day-long price declines, bitcoin finally went on the offensive hours ago but was stopped before tapping $29,000.

The altcoins, despite being more volatile in nature usually, have remained relatively calm in the past day, with little-to-no movements.

BTC Fails at $29K

The weekend was expectedly calm due to the low trading volumes, and BTC stood mostly around $29,000. This was welcomed relief after the massive rollercoaster that transpired mid-week when the asset pumped and dumped by $3,000 in a matter of a day.

As Sunday was coming to its end, though, the cryptocurrency went on the run again and neared $30,000 for the third time in less than a week. As with the previous attempts, though, this one was halted in its tracks, and bitcoin dumped by almost $2,000 in hours.

The landscape worsened on Tuesday when BTC further fell to $27,650 (6-day low). The bulls finally stepped up at this point and quickly pushed bitcoin back up to $28,000. The past 24 hours saw another leg-up, in which bitcoin neared $28,000.

However, the asset failed to overcome that level and currently sits inches below it. Nevertheless, it’s still around 2% up on the day, which has helped its market cap reclaim the $550 billion mark, while its dominance over the alts sits tight at 47%.

It’s worth noting that there’s likely to be more volatility during the day as the US Federal Reserve is expected to raise the interest rates once again, which has historically resulted in immediate price fluctuations in the crypto market.

BTCUSD. Source: TradingView

STX Soars by Double Digits

Ethereum, as well as most other altcoins, also retraced at the start of the week. The second-largest crypto went from roughly $2,000 to $1,800. It managed to defend the latter level, and a minor daily increase has pushed it to over $1,850 as of now.

Polygon, Tron, Litecoin, Avalanche, and Shiba Inu are also slightly in the red from the larger-cap alts. In contrast, BNB, SOL, XRP, ADA, and DOGE have declined by minor percentages.

Even the lower- and mid-cap alts are relatively stable today. Stacks is the best performer by a long shot, having surged by 14% in a day.

Overall, the total crypto market cap has recovered $15 billion in a day, and the metric now sits at $1.180 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.

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