Stacks (STX) Soars 13% Daily, Bitcoin Stopped at $29K (Market Watch)

After falling in price for two days, bitcoin finally went on the attack hours ago but was stopped before clicking $29,000.

While usually more volatile in nature, altcoins have been relatively quiet in the past day, with little to no movements.

BTC fails at $29K

The weekend was expected to be quiet due to low trading volumes, and BTC mostly stood around $29,000. This was welcome after the huge mid-week flip when the asset was pumped and dumped by $3,000 in the course of a single day.

As Sunday drew to a close, the cryptocurrency was on the rally again and approached $30,000 for the third time in less than a week. As with previous attempts, though, this one was stopped in its tracks, and bitcoin was dumped nearly $2,000 in hours.

The scene worsened on Tuesday when BTC fell to $27,650 (6-day low). The bulls finally rallied at this point and quickly pushed bitcoin to $28,000. The past 24 hours saw another rally as bitcoin neared $28,000.

However, the asset failed to conquer this level and is currently inches below it. However, it’s still up around 2% on the day, which has helped its market capitalization regain the $550 billion mark, while its dominance over altcoins remains narrow at 47%.

It should be noted that there is likely to be more intraday volatility as the US Federal Reserve is expected to raise interest rates again, which has historically led to immediate price volatility in the cryptocurrency market.

STX is up by double digits

Ethereum, as well as most other altcoins, also recovered at the start of the week. The second largest cryptocurrency went from about $2,000 to $1,800. It managed to defend the last level, and a slight daily increase pushed it above $1,850 so far.

Polygon, Tron, Litecoin, Avalanche, and Shiba Inu also appear slightly red from the larger cap alts. On the other hand, BNB, SOL, XRP, ADA, and DOGE declined by minor percentages.

Even the lower and medium-sized alt tags are relatively stable today. Stacks is the best performer by a long shot, up 14% in one day.

Overall, the total cryptocurrency market cap has regained $15 billion per day, and the scale is now $1.180 trillion.