BTC Falls Back to $58K After Failing to Challenge $60K, STX Soars 14% Daily (Market Watch)

Bitcoin’s rally towards $60,000 has stalled, and the asset is back just above $58,000 after a slight pullback the day before.

Stacks emerged as the best performer among large-cap alternative stocks, up 14%. LDO followed, up 7% on the day.

Bitcoin price stops at $59K

That was less than a week ago, on July 5, when the cryptocurrency plunged to a multi-month low of under $54,000, following mounting pressure from Mt. Gox’s Bitcoin distribution and the German government’s repeated sale of some of its seized stockpiles.

The bulls intercepted the move at that point and began a recovery that pushed Bitcoin to just over $58,000 a few days later. Another pullback followed before the asset jumped back yesterday.

This led to a multi-day high of $59,500. While the bulls were preparing to push towards $60,000, the bears rallied and did not allow any further gains.

On the contrary, Bitcoin has fallen by about $2,000 in a matter of hours. On a daily basis, Bitcoin has registered slight gains, although it is trading just above $58,000.

Its market cap has dropped below $1.150 trillion, while its altcoin dominance has reached 50.9% on CG.

STX Height

Altcoins are very slow on a daily basis. Ethereum and Binance Coin are both down slightly, trading at $3,120 and $528 respectively. SOL and DOGE are also down more than 1% to $142 and $0.11.

Chainlink lost the most value among the altcoins with the largest market cap (-3.7%) and sits below $13. In contrast, AVAX jumped the most (3%) and is trading above $25.

Stacks emerged as the best performer today. The asset is up 14% in a single day and is trading at around $1.7. LDO followed, up 7%.

The total cryptocurrency market cap is currently $2.250 trillion on CG.