Bitcoin dipped below $23,000 to mark a multi-week low but managed to bounce off rather quickly and has reclaimed that level.
Most altcoins sit quietly once again, aside from Stacks. $STX has taken full advantage of the Ordinals hype and has soared to almost $1.
Bitcoin Back Above $23K
Following the three unsuccessful attempts to decisively overcome $25,000 last week, bitcoin headed south and slipped to $24,000 at the end of it. Things took another turn for the worse on Friday when the US PCE data came out, suggesting a 0.6% increase since January.
Bitcoin reacted with an instant price drop to $23,000. It dipped further during the weekend to $22,800 (on Bitstamp), which became its lowest price tag since February 15.
The low trading volumes on Sunday meant that $BTC remained calm at around $23,000. The bulls finally stepped up hours ago by pushing $BTC to over $22,600. Despite retracing by a few hundred dollars since then, the asset still stands well above $23,000, and its market cap has climbed above $450 billion.
$STX Keeps Going
It’s safe to say that the relationship between Stacks and the Gamma marketplace has paid a lot of dividends for the former ever since the emergence of the Ordinals NFTs on top of the Bitcoin network. $STX has become one of the best performers lately, and the past 24 hours only solidified that narrative.
The asset is up by more than 23% on a daily scale and came inches away from tapping $1 earlier today.
The rest of the altcoins are a lot calmer yet again. Ethereum managed to defend $1,600, and a 1.7% increase has pushed it well above that line. Binance Coin sits north of $300 following a minor daily climb.
In contrast, Ripple, Cardano, Polygon, Dogecoin, Solana, and Polkadot are slightly in the red.
Nevertheless, the total crypto market cap has remained under $1.1 trillion on CMC despite adding $10 billion in a day.
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