Stacks (STX) Rises 7% Daily, Bitcoin (BTC) Reclaims $28K: Market Watch
Bitcoin’s price drop below $28,000 appears to be short-lived as the asset has bounced back above this level and even touched $28,500 hours ago.
Altcoins are also a bit in the green. LDO has recouped some of yesterday’s losses, while STX has risen the most.
BTC returns over $28K
After the massive volatility last Monday, which sent BTC south by over a thousand on fake news surrounding Binance’s CEO, the cryptocurrency performed a little better and calmer in the following days.
The weekly peak came on Wednesday when bitcoin rose to just under $29,000. However, the bears intercepted the move and pushed the asset south. As such, BTC returned to around $28,000 and spent most of the next few days around that line.
The weekend was quieter, with bitcoin in a tight range between $27,800 and $28,200. The last dip to the former came yesterday. Nevertheless, BTC started a remarkable rally in the following hours, resulting in a brief jump above $28,500.
Despite losing a few hundred dollars since then, the cryptocurrency is still trading above $28,000. Its market cap has approached $550 billion again, and its dominance over the alts is back at just over 46%.
STX jumps 7%
Most altcoins were slightly in the red yesterday, but the landscape is just the opposite today, with small gains. Ethereum is up 1.5% on the day and is trading at $1,860. The second largest cryptocurrency recorded its highest price tag in eight months last week at over $1,950.
Binance Coin (1.1%) is above $310. Ripple, Cardano, Dogecoin, MATIC, Solana, Polkadot, Litecoin, Shiba Inu, Tron and Avalanche have all made similar gains now.
LDO, one of yesterday’s worst performers, has recovered a bit and is at $2.4 after a 3.5% gain today.
Stacks’ original token has gained the most today, with a significant increase of 7%. As a result, STX is now trading at $0.85. However, it is worth noting that STX went well above $1 during the hype surrounding Ordinal’s NFTs.
The total crypto market cap has erased yesterday’s losses and stands at $1.185 trillion again.
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