The trading price of Bitcoin (BTC) has been moving in a downward direction. In the latest sessions, Bitcoin has lost $1,000 out of its overall value.
The report shows that the trading price of Bitcoin has fallen below the $23,000 mark on a particular day. After experiencing a major dip and losing $1,000, the asset has managed to settle around $23k.
The trading volume for the asset has also recorded a downtrend. Despite experiencing a downtrend, the trading volume for Bitcoin has remained over the particular line.
When it comes to altcoins, they have also demonstrated weaker performances in the latest session. The trading volumes for the altcoins have remained in the bearish territory as well.
Just as most of the cryptocurrencies have moved downwards, cryptocurrencies such as Lido Dao and Stacks have recorded a strong momentum.
Their prices have surged at significant rates and their trading volumes are also moving higher.
Bitcoin Price has Remained Flat
In the past 10 sessions, there have been 3 instances where the trading price of Bitcoin has fallen below the $25,000 mark, after moving higher than that.
According to the past 10-day historical data, the highest surge the trading price of BTC has witnessed is adding $3,500 in value. It was on Thursday when the trading price of ETH made it to a particular level.
The data shows that after a short period, the trading price of BTC fell below the $23,500 level. This is when the volatility of the asset experienced a spike and on February 21, BTC surged over the $25,000 mark.
In recent sessions, the trading price of BTC had surged to $24,600. The price of the asset had finally managed to reach a particular level and as it did, the US PCE data managed to pull its price lower.
The trading price of the asset fell by $1,000 and later, it got pulled down to $22,800. Since then, the trading price of the asset has managed to recover a bit and it has reached a high of $23,000.
The market capitalization of Bitcoin has also recovered a bit, getting pushed over the $450 billion mark. Despite the recent dips, the dominance of Bitcoin has remained stable, staying over 42.2%.
Performance of STX
Compared to the altcoins and Bitcoin, it is Stacks (STX) that has demonstrated strong performance. The value of the asset has continued elevating and it has surpassed other assets in terms of gains.
Stacks has been performing really well for several weeks. One of the major factors that have created a lot of hype involving the network is its strong relationship with the Bitcoin network.
The main reason behind the network’s strong relationship and bond with the Bitcoin network is because of the NFT ordinals that are much-hyped.
Just a few days back, the trading value of STX recorded a massive push. The weekly performance chart shows that the trading price of STX surged by 160%.
The push recorded by STX is massive for the investors because none of the cryptocurrencies have managed to achieve such a tremendous rally in months.
Due to the asset’s recent performance, analysts have started coming up with many bullish predictions about the asset.
According to the analysts, Stacks has proven its worth in the eyes of investors. It has the potential to grow bigger and better. It wouldn’t be a surprise to see the asset rivaling the major cryptocurrencies for supremacy.
The analysts are confident that in the upcoming months, the valuation of STX would turn into a multi-billion dollar thing.
Even in the past 24-hours, the price and valuation of STX have continued surging by 12%. At the time of writing, its trading price is more than $0.75.
If things keep falling in favor of the asset, its trading value may soon surge over the $1 mark.