Markets
BTC Drops Back to $58K After Failing to Challenge $60K, STX Soars 14% on Day (Market Watch)
Bitcoin’s price rally towards $60,000 has stalled and the asset has returned to just above $58,000 after a slight retracement the day before.
Stacks emerged as the best performer among the large-cap alt-stocks, jumping 14%. LDO followed, up 7% on the day.
BTC stopped at $59K
Less than a week ago, on July 5th, the main cryptocurrency was launched collapsed difficult to reach a multi-month low of just under $54,000. This came after increased pressure from Mt. Gox BTC distribution and the German government which has frequently sold off some of its confiscated stash.
Bulls intercepted the move at that point and began a recovery that took bitcoin to just over $58,000 a few days later. Another retracement occurred before the asset jumped again yesterday.
This led to a multi-day high of $59,500. While the bulls were preparation for a charge near $60,000, the bears intensified the action and did not allow further gains.
On the contrary, BTC has retraced about two thousand dollars in a few hours. On a daily scale, BTC is slightly in the green, although it is only trading a few inches above $58,000.
Its market cap has dropped below $1.15 trillion, while its alt dominance stands at 50.9% on CG.
Bitcoin/Price/Chart 11.07.2024. Source: TradingView
STX increases
Altcoins are rather slow on the daily scale. Ethereum and Binance Coin are slightly in the red, trading at $3,120 and $528, respectively. SOL and DOGE are down just over 1% to $142 and $0.11.
Chainlink has lost the most value among the larger-cap alternatives (-3.7%) and is trading below $13. In contrast, AVAX has jumped the most (3%) and is trading above $25.
Stacks emerged as the best performer today. The asset is up 14% in a day and is trading near $1.7. LDO follows suit, jumping 7%.
The total cryptocurrency market capitalization is slightly down, currently standing at $2.250 billion on CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (sponsored)
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