Stacks (STX) Up Another 12%, Bitcoin Stable At $23,000: Weekend Watch

After dropping around $1,000 and marking a multi-week low below $23,000, bitcoin has calmed down and sits just above that line amid low trading volumes.

Altcoins are also quiet today given trading volumes plus Stacks and Lido Dao, both with impressive percentages.

Bitcoin Stable at $23,000

Bitcoin has attempted to drop $25,000 three times over the past 10 days, with the most notable rise coming midway through last week when it surged to $3,500 on Thursday.

Volatility only increased when BTC dropped below $23,500 soon after, while the last attempt at $25,000 took place on Feb. Bitcoin briefly bounced above that line but was quickly rejected and dropped to $23,500.

After another price bomb to $24,600, US PCE data was released and bitcoin dropped nearly $1,000 within hours. Thus, it dropped to a 10-day low of $22,800 (on Bitstamp).

The cryptocurrency has regained some ground and is a few inches above $23,000. Its market cap is close to $450 billion, while its dominance over altcoins is quiet at 42.2%.

BTCUSD. Source: TradingView

STX steals the show

One of the top performers in recent weeks has been Stacks because of its relationship to the much-hyped NFT ordinals on the Bitcoin network. The STX had skyrocketed 160% on a weekly scale a few days ago, and there were predictions that it could keep rising until it became a multi-billion dollar token.

The last 24 hours brought another impressive 12% increase that took the STX to over $0.75.

LDO is the other notable gainer on a daily scale, rising 6% and trading close to $3.

The rest of the higher cap alts are more sedate. Ethereum is stuck at $1,600, while Ripple, Cardano, Polygon, Dogecoin, Solana, Polkadot and Shiba Inu are all seeing small daily losses.

Overall, however, the cumulative market cap remained at $1.060 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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