Bitcoin Reclaims $23K as STX Soars to Almost $1

Bitcoin dipped below $23,000 and hit a multi-week low, but managed to bounce back quickly. Altcoins were mostly quiet, with the exception of Stacks (STX) which took full advantage of the Ordinals hype and soared to nearly $1. Bitcoin is now back above $23,000 and its market cap has climbed above $450 billion. Ethereum managed to defend $1,600 and Binance Coin is north of $300. Ripple, Cardano, Polygon, Dogecoin, Solana, and Polkadot are all slightly in the red. Despite adding $10 billion in a day, the total crypto market cap is still under $1.1 trillion. Bitcoin’s price has been volatile lately, with three unsuccessful attempts to break $25,000 last week. The US PCE data released on Friday caused an instant price drop to $23,000. Low trading volumes on Sunday meant that BTC stayed at around $23,000. Hours ago, the bulls stepped up and pushed BTC over $22,600. Despite a few hundred dollar retracement since then, BTC is still well above $23,000. Stacks has been one of the best performers lately, with a 23% daily increase and a near tap of $1 earlier today. Ethereum and Binance Coin have also seen minor daily climbs. Altcoins have been mostly quiet, though Ripple, Cardano, Polygon, Dogecoin, Solana, and Polkadot are all slightly in the red. The crypto market cap has remained under $1.1 trillion despite the $10 billion increase in a day.