Markets
BTC Drops Back to $58K After Failing to Challenge $60K, STX Surges 14% Daily (Market Watch)
Bitcoin’s price rally towards $60,000 has been halted and the asset has returned to just over $58,000 after a minor pullback the previous day.
Stacks emerged as the best performer among large-cap alts, having surged 14%. LDO is next, with a daily increase of 7%.
BTC stopped at $59K
It was less than a week ago, on July 5th, that the leading cryptocurrency fallen strong to a multi-month low of just under $54,000. This came after increased pressure from Mt. Gox’s BTC distribution and the German government frequently selling 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 pullback occurred before the asset bounced once again yesterday.
This resulted in a multi-day peak of $59,500. While the bulls were preparing for a high of $60,000, the bears stepped in and did not allow further gains.
Quite the opposite, BTC retraced by approximately two thousand in hours. On a daily scale, BTC is slightly in the green, although it trades just a few inches above $58,000.
Its market cap has fallen below $1.150 trillion, while its dominance over alts stands at 50.9% on CG.
Bitcoin/Price/Chart 11.07.2024. Source: TradingView
STX goes up
Altcoins are sluggish on a 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 of the large-cap alts (-3.7%) and is below $13. In contrast, AVAX has jumped the most (3%) and is trading above $25.
Stacks emerged as today’s top performer. The asset surged 14% in a day and is trading near $1.7. LDO follows suit, jumping 7%.
The total cryptocurrency market cap is slightly in the red, currently at $2.250 trillion CG.
Cryptocurrency Market Overview. Source: QuantifyCrypto SPECIAL OFFER (Sponsored)
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