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

After dropping around $1,000 and reaching a multi-week low below $23,000, Bitcoin has calmed down and is trading slightly above that line with low trading volumes.

Altcoins are also quiet today considering transaction volumes, apart from the likes of Stacks and Lido Dao, which have increased by impressive percentages.

Bitcoin Flat for $23,000

Bitcoin has tried its hand at $25,000 three times in the past 10 days, with the most notable gain occurring in the middle of last week when it rose by $3,500 on Thursday.

Volatility only increased when BTC dropped below $23,500 shortly after, while the last attempt to get $25,000 was on February 21. Bitcoin briefly jumped above that line but was quickly rejected and fell back to $23,500.

After another price pump to $24,600, US PCE figures came out and Bitcoin dropped nearly $1,000 in a matter of hours. It thus dropped to a 10-day low of $22,800 (on Bitstamp).

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

BTCUSD.  Source: TradingView
BTCUSD. Source: TradingView

STX steals the show

One of the top players over the past few weeks has been Stacks due to its association with the very popular NFT ordinals on the Bitcoin network. A few days ago, STX soared 160% on a weekly basis, and it was predicted that it could continue to grow until it becomes a multi-billion dollar token.

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

LDO is the second significant daily gainer, up 6% and trading close to $3.

The rest of the altcoins with a larger capitalization are calmer. Ethereum is still trading at $1,600 while Ripple, Cardano, Polygon, Dogecoin, Solana, Polkadot and Shiba Inu all 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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