BTC Bounces Off $23K, STX Soars Another 23% as Rally Continues (Market Watch)

By akohad Feb27,2023


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.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

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.

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

Binance Free $100 (Exclusive): Use this link to register and receive $100 free and 10% off fees on Binance Futures first month (terms).

PrimeXBT Special Offer: Use this link to register & enter POTATO50 code to receive up to $7,000 on your deposits.

Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.


Source link

By akohad

Related Post

Leave a Reply

Your email address will not be published. Required fields are marked *