Stacks (STX) Jumps Another 12%, Bitcoin Flat at $23K: Weekend Watch

After falling by around $1,000 and hitting a multi-week low below $23,000, bitcoin has calmed down and is sitting just above that line amid low trading volumes.

Altcoins are also quiet today given trading volumes, except for Stacks and Lido Dao, which are growing at impressive rates.

Bitcoin Flat at $23,000

Bitcoin has attempted to break $25,000 three times in the past 10 days or so, with the most notable rally coming in the middle of last week as it surged past $3,500 on Thursday.

Volatility only increased as BTC fell below $23,500 shortly after, while the last attempt at $25,000 was made on February 21. Bitcoin briefly rose above this line, but was quickly rejected and fell back to $23,500.

After another price pump to $24,600, the US PCE data came out and bitcoin fell almost $1,000 in hours. Thus, it fell to a 10-day low of $22,800 (on Bitstamp).

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

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

STX steals the show

One of the best performers in recent weeks has been Stacks due to its relationship with the much-hyped NFTs on the Bitcoin network. STX had soared 160% on a weekly basis a few days ago and there were predictions that it could continue on its way to becoming a multi-billion dollar token.

The last 24 hours saw another impressive 12% gain that pushed STX above $0.75.

LDO is the other notable gainer on the day, up 6% and trading near $3.

The rest of the jumps with a bigger cap are calmer. Ethereum remains at $1,600, while Ripple, Cardano, Polygon, Dogecoin, Solana, Polkadot and Shiba Inu have small daily losses.

Overall, however, the cumulative market capitalization remained at $1.060 trillion.

Cryptocurrency Market Overview.  Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Cryptocurrency charts from TradingView.

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