Stacks

Reserve

Cryptocurrency

Bitcoin

Shiba Inu

After the two-day-long price declines, bitcoin finally went on the offensive hours ago but was stopped before tapping $29,000.
The altcoins, despite being more volatile in nature usually, have remained relatively calm in the past day, with little-to-no movements.
<h2 id="btc-fails-at-29k">BTC Fails at $29K</h2>
The weekend was expectedly calm due to the low trading volumes, and BTC stood mostly around $29,000. This was welcomed relief after the massive <a href="https://cryptopotato.com/bitcoins-rollercoaster-at-30k-millions-in-liquidations-first-republic-turmoil-this-weeks-recap/" data-wpel-link="internal">rollercoaster</a> that transpired mid-week when the asset pumped and dumped by $3,000 in a matter of a day.
As Sunday was coming to its end, though, the cryptocurrency went on the run again and neared $30,000 for the third time in less than a week. As with the previous attempts, though, this one was halted in its tracks, and bitcoin dumped by almost $2,000 in hours.
The landscape worsened on Tuesday when BTC further <a href="https://cryptopotato.com/bitcoin-slipped-below-28k-ahead-of-fomc-meeting-market-watch/" data-wpel-link="internal">fell</a> to $27,650 (6-day low). The bulls finally stepped up at this point and quickly pushed bitcoin back up to $28,000. The past 24 hours saw another leg-up, in which bitcoin neared $28,000.
However, the asset failed to overcome that level and currently sits inches below it. Nevertheless, it&#8217;s still around 2% up on the day, which has helped its market cap reclaim the $550 billion mark, while its dominance over the alts sits tight at 47%.
It&#8217;s worth noting that there&#8217;s likely to be more volatility during the day as the US Federal Reserve is expected to raise the interest rates once again, which has historically resulted in immediate price fluctuations in the crypto market.
<figure id="attachment_249043" aria-describedby="caption-attachment-249043" style="width: 1834px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-2.png" data-wpel-link="internal"><img class="size-full wp-image-249043" src="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-2.png" alt="BTCUSD. Source: TradingView" width="1834" height="907" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-2.png 1834w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-2-300x148.png 300w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-2-1024x506.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-2-768x380.png 768w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-2-1536x760.png 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/BTCUSD-2-50x25.png 50w" sizes="(max-width: 1834px) 100vw, 1834px" /></a><figcaption id="caption-attachment-249043" class="wp-caption-text">BTCUSD. Source: TradingView</figcaption></figure>
<h2 id="stx-soars-by-double-digits">STX Soars by Double Digits</h2>
Ethereum, as well as most other altcoins, also retraced at the start of the week. The second-largest crypto went from roughly $2,000 to $1,800. It managed to defend the latter level, and a minor daily increase has pushed it to over $1,850 as of now.
Polygon, Tron, Litecoin, Avalanche, and Shiba Inu are also slightly in the red from the larger-cap alts. In contrast, BNB, SOL, XRP, ADA, and DOGE have declined by minor percentages.
Even the lower- and mid-cap alts are relatively stable today. Stacks is the best performer by a long shot, having surged by 14% in a day.
Overall, the total crypto market cap has recovered $15 billion in a day, and the metric now sits at $1.180 trillion.
<figure id="attachment_249045" aria-describedby="caption-attachment-249045" style="width: 1878px" class="wp-caption aligncenter"><a href="https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins.png" data-wpel-link="internal"><img class="size-full wp-image-249045" src="https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins.png" alt="Cryptocurrency Market Overview. Source: Quantify Crypto" width="1878" height="883" srcset="https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins.png 1878w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-300x141.png 300w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-1024x481.png 1024w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-768x361.png 768w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-1536x722.png 1536w, https://cryptopotato.com/wp-content/uploads/2023/05/Allcoins-50x24.png 50w" sizes="(max-width: 1878px) 100vw, 1878px" /></a><figcaption id="caption-attachment-249045" class="wp-caption-text">Cryptocurrency Market Overview. Source: Quantify Crypto</figcaption></figure>
The post <a href="https://cryptopotato.com/stacks-stx-soars-13-daily-bitcoin-stopped-at-29k-market-watch/" rel="nofollow">Stacks (STX) Soars 13% Daily, Bitcoin Stopped at $29K (Market Watch)</a> appeared first on <a href="https://cryptopotato.com/" rel="nofollow">CryptoPotato</a>.

Stacks (STX) Soars 13% Daily, Bitcoin Stopped at $29K (Market Watch)

Table of Contents

CryptoPotato_News

Other articles published on May 3, 2023

Nigeria’s Zone becomes Africa’s 1st blockchain company on the Financial Times’ list of fastest-gr...

Expect higher inflation and more pain ahead for the U.S. economy

BTC surges past $28.5k following JOLTS jobs data

Myria Whitepaper

Chainlink (Link) Holders Are Diversifying To An Amazing New Defi Project – Here’s Why

Unleash the Power of Crypto with Finblox: The Next-Generation Super-App Wallet

Join our free newsletter for daily crypto updates!