Bitcoin (BTC) Stopped at $42K, Stacks (STX) Skyrockets 33% Daily (Market Watch)

Bitcoin’s price went on another offensive hours ago and touched $42,400 for the first time in over a year and a half but has since retraced to under the $42,000 line.

Most altcoins are also in the red today, with SOL dumping the most from the larger-cap alts to $60.

BTC’s Recent Run

It’s safe to say that the primary cryptocurrency’s recent price performance has been quite spectacular. The asset struggled below $38,000 at the start of the month on Friday but started gaining value quite impressively on Saturday and spiked to $39,500.

After a sluggish Sunday, Monday brought even more notable price increases that resulted in BTC breaking above $40,000 for the first time since May 2022.

However, bitcoin didn’t stop there; it kept climbing. This culminated in a surge to $42,400 charted hours ago, which became its new highest price tag in 19 months.

As of now, BTC has retraced slightly and sits beneath $42,000. Nevertheless, its market capitalization is still well above $810 billion, and its dominance over the alternative coins has soared to 53% on CMC.

BTCUSD. Source: TradingView

SOL Leads on the Way Down

Most altcoins experienced similar price increases to BTC over the past few days, but the landscape is less favorable now on a daily scale. Ethereum and Binance Coin have both declined by around 2% but still stand above $2,200 and $230, respectively.

Cardano, Tron, Avalanche, and DOGE have dropped by similar percentages, while Ripple, Polygon, Chainlink, and Toncoin have dumped by 4% each.

Solana has retraced the most from the larger-cap alts. SOL is down by more than 6% but remains inches above $60.

On the opposite corner stands Stacks. STX has soared by over 30% overnight and trades well beyond $1. CFX (23%), ORDI (17%), FLOW (15%), and KCS (15) follow suit.

The total crypto market cap has lost some steam since yesterday’s peak and is now just under $1.550 trillion on CMC.

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

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Cryptocurrency charts by TradingView.

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