BTC Falls Back to $58K After Failing to Challenge $60K, STX Soars 14% Daily (Market Watch)

5 months ago 3

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Bitcoin’s price ascend toward $60,000 was halted in its tracks and the asset has returned to just over $58,000 after a minor retracement in the past day.

Stacks has emerged as the top performer from the larger-cap alts, having soared by 14%. LDO is next, with a 7% daily increase.

BTC Stopped at $59K

It was less than a week ago, on July 5, when the primary cryptocurrency slumped hard to a multi-month low of just under $54,000. This came after enhanced pressure from Mt. Gox BTC distribution and the German government frequently selling off some of its confiscated stash.

The bulls intercepted the move at that point and started a recovery that drove bitcoin to just over $58,000 a few days later. Another retracement came before the asset jumped once again yesterday.

This resulted in tapping a multi-day peak of $59,500. While the bulls were preparing for a charge toward $60,000, the bears stepped up and didn’t allow any further gains.

Just the opposite, BTC retraced by roughly two grand in hours. On a daily scale, BTC is slightly in the green, even though it trades only inches above $58,000.

Its market capitalization has dumped below $1.150 trillion, while its dominance over the alts is at 50.9% on CG.

Bitcoin/Price/Chart 11.07.2024. Source: TradingView

STX Rises

The altcoins are quite sluggish on a daily scale. Ethereum and Binance Coin are slightly in the red, trading at $3,120 and $528, respectively. SOL and DOGE have declined by just over 1% to $142, and $0.11.

Chainlink has lost the most value from the larger-cap alts (-3.7%) and sits below $13. In contrast, AVAX has jumped the most (3%) and trades above $25.

Stacks has popped out as today’s top performer. The asset has soared by 14% in a day and trades close to $1.7. LDO follows suit, with a 7% jump.

The total crypto market cap is slightly in the red, currently sitting at $2.250 trillion on CG.