Stacks Marks 10-Month Highs Above $1, Bitcoin Eyes $24K Again: Market Watch

by Staff writer

Bitcoin’s rollercoaster of around $23,000 and $24,000 continues, as the asset bounced off the former to tap the latter once again in the past 24 hours.

Most altcoins have also turned green today, and, somewhat expectedly, as of late, STX has stolen the show.

BTC Touched $24K (Again)

Last week saw BTC try its hand at taking down $25,000 a few times but to no avail. The asset’s inability to overcome that line pushed it south hard, especially after the US PCE data came out for January on Friday.

This resulted in an 11-day low at under $22,800 during the weekend. However, bitcoin began to recover some ground at the start of the working week and pumped to $23,800 on Monday.

Despite being stopped there and driven back down to $23,000 hours later, the cryptocurrency initiated another leg up hours ago. In this one, BTC skyrocketed by around $1,000 and touched $24,000.

Yet, it was unable to conquer that level and now sits just a few hundred dollars below it. Its market capitalization has increased to $460 billion, and its dominance over the alts is at 42.4%.

BTCUSD. Source: TradingView BTCUSD. Source: TradingView

STX Keeps the Rally Going

The hype around the Ordinals NFT, based on Bitcoin, turned Stacks, due to its relationship with the Gamma marketplace, into one of the best performers for the past few weeks. This trend was only solidified in the last 24 hours, as STX soared by another 16% and even exceeded $1 earlier today to register its highest price tag since the end of April 2022.

Aptos is another notable gainer on a 24-hour scale, having surged by 8.5% and trading at $13.

The rest of the larger-cap alts are also in the green, albeit with more modest gains. Ethereum, Binance Coin, Ripple, OKB, Cardano, Dogecoin, Polygon, Solana, Polkadot, and Shiba Inu have all increased by up to 3% in a day.

The total crypto market cap has added $20 billion daily but still sits just under $1.1 trillion on CMC.

Cryptocurrency Market Overview. Source: Quantify Crypto Cryptocurrency Market Overview. Source: Quantify Crypto

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Cryptocurrency charts by TradingView.