• Stacks (STX) has surged to its 10-month high of above $1.
• Bitcoin (BTC) briefly touched $24,000 and most altcoins have turned green today.
• The US PCE data caused BTC to dip down to an 11-day low at under $22,800 during the weekend.
Stacks Surges Above $1
Stacks (STX) has recently surged by double digits and climbed to its 10-month high of above $1 for the first time since April last year.
Bitcoin Reaches Record Highs
Bitcoin (BTC) attempted to take down the all-time high of around $25,000 a few times last week but failed. After this failure, the asset fell hard following the US PCE data release for January, which pushed it to an 11-day low under $22,800 over the weekend. Nevertheless, bitcoin managed to recover some ground on Monday and climbed up to around $23,800 before dropping back down again. It then initiated another leg up later on and skyrocketed by almost a thousand dollars – reaching its new all-time high of nearly $24K in just one day.
Altcoins Follow Suit
Most altcoins have also turned green today with STX stealing the show as usual. Ethereum is also trading higher than it did a few days ago when it hit a month’s low at around $1400 before bouncing off that line yesterday afternoon and climbing towards its current value of nearly 1600 USD per coin.
The entry metrics are also indicating that bitcoin is likely to continue growing in price in the near future as both institutional investors and retail traders are pouring money into cryptocurrencies more than ever before while mainstream adoption continues gaining momentum faster than expected – especially after PayPal announced their plans for cryptocurrency services earlier this week.
All things considered, despite some short-term volatility here and there, it appears that cryptocurrencies are still firmly on their way upwards with several positive developments occurring this past week alone – not only concerning Bitcoin but other digital assets as well such as Stacks or Ethereum which have been performing excellently lately too.