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Stacks Soars 115% Weekly, Bitcoin Eyes $28K: Weekend Watch

Summary:
Bitcoin initiated yet another leg up in the past 24 hours, resulting in nearing ,000 for the first time since June 2022. The altcoins are also well in the green, with ETH reclaiming ,800, while SOL, UNI, AVAX, and ETC have skyrocketed by up to 14%. BTC Taps Yet Another 9-Month High The US banking crisis, which later expanded to Europe as well, harmed bitcoin’s price performance at the end of last week as the asset tumbled below ,000 for the first time in two months. However, the landscape started to change with the start of the new week. Bitcoin began adding a couple of grand daily, which resulted in breaking above ,000 on Tuesday. After its initial retracement to ,000, the cryptocurrency went on a roll once again on Thursday and Friday. The past 24 hours

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Bitcoin initiated yet another leg up in the past 24 hours, resulting in nearing $28,000 for the first time since June 2022.

The altcoins are also well in the green, with ETH reclaiming $1,800, while SOL, UNI, AVAX, and ETC have skyrocketed by up to 14%.

BTC Taps Yet Another 9-Month High

The US banking crisis, which later expanded to Europe as well, harmed bitcoin’s price performance at the end of last week as the asset tumbled below $20,000 for the first time in two months. However, the landscape started to change with the start of the new week.

Bitcoin began adding a couple of grand daily, which resulted in breaking above $26,000 on Tuesday. After its initial retracement to $24,000, the cryptocurrency went on a roll once again on Thursday and Friday.

The past 24 hours brought yet another price surge. This time, BTC spiked above $27,000 and even came inches away from tapping $28,000. This became its highest price tag since June 2022.

Despite failing to reclaim that level and dropping by a few hundred dollars, bitcoin is still north of $27,000 and is up by 4.5% on the day. Its market capitalization has touched $530 billion, while its dominance over the altcoins sits just above 45%.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

Stacks, Conflux, Mask Network Steal the Show

The altcoins have also charted impressive gains, led by the largest one. ETH has jumped by over 5% in the past 24 hours alone and reclaimed $1,800 for the first time in months.

Binance Coin, Ripple, Cardano, MATIC, Dogecoin, Polkadot, Shiba Inu, and Litecoin have added up to 5% in a day. More gains come from the likes of Solana, Avalanche, Uniswap, LEO, and Ethereum Classic. ETC has soared by more than 13% on a daily scale.

Nevertheless, the most substantial price increases come from lower-cap alts. Mask Network, Conflux, MAGIC, dYdX, and Stacks have skyrocketed by 20% to 45% in a day. STX, CFX, and MASK are up by triple digits on a weekly scale.

With all of those gains, it’s no wonder that the crypto market cap has added another $40 billion in a day and stands at $1.170 trillion.

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

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