Bitcoin | Bitcoin Eyes $25K Again While Stacks Soars 50% on Ordinals Hype (Market Watch

Bitcoin Eyes $25K Again While Stacks Soars 50% on Ordinals Hype (Market Watch)

In a late Sunday dip, bitcoin dropped below $24,000 but managed to recover most losses and currently sits over $24,500 once more.

Solana has soared the most from the larger-cap altcoins, while Stacks has neared the top 50 following a massive 50% surge.

Bitcoin’s Up and Down Weekend Movement

The primary cryptocurrency had dropped all the way down to $21,500 in the middle of last week before it exploded by double digits in a day and soared to a six-month high above $25,000. This was somewhat surprising, given the regulatory scrutiny coming from the United States.

However, the volatility was not yet over, as the asset fell to $23,400 hours later. It began to recover value shortly after, spiking to $25,000 once again.

Although bitcoin had calmed slightly by the time the weekend came, it initiated another leg up to $25,000. As it happened with the previous attempt, though, the bears stepped up and didn’t allow any further increases.

Just the opposite, they pushed BTC south to $23,850 (on Bitstamp) on Sunday evening. Nevertheless, BTC bounced off from that line and now sits close to $25,000.

Its market cap is inches above $475 billion, but its dominance over the alts is slightly down on the day to 42.2%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Stacks Steps Up

The Ordinals NFTs are among the hottest topics in the cryptocurrency community as of late and is somewhat expected that projects related in a way to them will explode in value. This is the case with Stacks today, which has skyrocketed by over 50% to well above $0.6.

Solana has stolen the show from the larger-cap alts, registering a massive 12% increase that has pushed it beyond $26. Shiba Inu, Tron, Avalanche, and Uniswap have all increased by up to 5% in a day.

Ethereum, Binance Coin, Ripple, Cardano, OKB, Dogecoin, and Polkadot are also in the green, albeit in a more modest fashion.

VET, BCH, and SAND have jumped the most from the mid-cap alts. Overall, the crypto market cap has remained above $1.1 trillion after a minor daily increase.

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

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Cryptocurrency charts by TradingView.

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