Altcoins Are in the Red. But Stacks (STX) Soars

Altcoins Are in the Red. But Stacks (STX) Soars
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Bloomberg analyst Eric Balchunas has recently adjusted his prediction, stating that the likelihood of the SEC rejecting a Bitcoin ETF is now a mere 5%. James Seyffart, another Bloomberg reporter, suggests that only unforeseen interventions from Gary Gensler or the Biden administration could lead to a denial.

Intriguingly, despite the closure of traditional markets over the weekend, cryptocurrency trading remained active. Bitcoin’s trading pattern remained relatively stable, with a minor 2% fluctuation between $43,500 and $44,400. At the time of reporting, Bitcoin, the largest digital asset by market capitalization, was trading at around $44,500, according to data from CoinMarketCap.

On the other hand, various altcoins, including BNB, Solana, Cardano, Avalanche, Dogecoin, Polkadot, Polygon, Shiba Inu, and ICP, experienced a downturn. These altcoins recorded a decrease ranging from at least 3% to as much as 5.7% at the time of reporting.

Stacks (STX) Breaks Through the Current Market’s Downtrend

Altcoins Are in the Red. But Stacks (STX) Soars

Ethereum, XRP, Tron, Chainlink Litecoin, and Bitcoin Cash are among the altcoins demonstrating the most resilience. Despite a downward trend, these altcoins have registered a decrease of less than 3% in the last 24 hours. Notably, Stacks is the only altcoin among the top 35 to exhibit a significant price surge. The price of STX has risen by 10.16% and is currently valued at $1.84.

From Saturday, Jan. 6, Bitcoin’s market dominance has seen an increase of 1.5%, hitting a high of 54% before experiencing a slight pullback this morning. This suggests that Bitcoin, the premier digital asset, is strengthening its market position in anticipation of a potential significant approval this week.

Solana was the biggest loser during the weekend, experiencing a drop of up to 13% against Bitcoin, and is currently down by approximately 3%. Solana reached its peak at $126 on Dec. 26, 2023, but has since declined by 28% over the past 13 days, trading at $91.94 at the time of writing.


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