The crypto market starts this week relatively quietly. Prices started to cautiously recover from a bad week yesterday, but they are still quite in the red compared to a week ago. Many crypto coins seem to be looking for support right now. However, we have one notable exception today: stacks. The total market value of crypto is up 0.7% to $1.12 trillion.
📈 Market Overview#BTC price trades above $23K
The Top-10 are traded in different directions: $ETH +2.36%, $BNB +0.98%, $XRP -0.59%.
Market cap: $1.14T (+1.52%) $BTC dominance: 39.64% (-0.37%)
Fear & Greed Index: 50 (Greed)Full Report👉https://t.co/LLpKKJz6ll pic.twitter.com/Spu6HMvMyQ
— CryptoRank Platform (@CryptoRank_io) February 27, 2023
Bitcoin bounces at $23,400
Bitcoin (BTC) dipped below $23,000 over the weekend, but recovered slightly yesterday. However, the price was rejected at $23,700 and is looking for support around $23,400 this morning. This means that the BTC price is up 0.8% today. However, this analyst fears that bitcoin can still correct to USD 22,000.
📊 #Bitcoin & #Ethereum are both having more traders sell at a loss than at a profit this week, the first such week so far in 2023. Historically, once the crowd is exiting their positions more frequently at a loss, bottoms are more likely to form. https://t.co/maEg5sDHM6 pic.twitter.com/0kvPUzbTQm
— Santiment (@santimentfeed) February 26, 2023
Ethereum seeks traction at $1,640
Ethereum (ETH) held up noticeably stronger overnight and this morning. The ether price just missed $1,650, and has been trying to find a footing around $1,640 ever since. This puts ETH up 2.2% and is today the best performing price from the top 10.
For the first time, layer twos are taking the lead! The daily transaction count on Ethereum’s mainnet has been gradually declining over the past year, and the emergence of @arbitrum and @optimismFND has helped layer twos surpass it. Exciting times for #Ethereum and #L2 solutions! pic.twitter.com/zh0KE3pPjE
— IntoTheBlock (@intotheblock) February 25, 2023
Polygon hardest descender crypto top 10
Binance coin (BNB) was rejected around $310 yesterday and is down to $304 by this morning, about the same price as 24 hours ago. The same can be seen with okb (OKB) falling back to $52 this morning.
Cardano (ADA) was rejected at $0.37 and is currently falling towards $0.36, dropping 0.5%. Dogecoin (DOGE) is also down 0.5% but re-enters the top 10 while binance usd (BUSD) falls out of the top 10.
Ripple (XRP) made a dive this morning, so that the price is already 1.1% down and is around $0.373. However, Polygon (MATIC) seems to be in a major correction and is falling sharply again. The MATIC price is losing 2.8% of its value and currently stands at around $1.24.
Stacks hardest climber crypto top 100
The rest of the top 100 is also pretty quiet. At the top of the red side today, we find quant (QNT) down 3.8%, hedera (HBAR) losing 4.7% of its value and wemix (WEMIX) falling 5% to $2.28.
On the green side, we have a notable outlier today: stacks (STX). The price of the smart contract platform on Bitcoin started to rise sharply again last night and currently stands at around $0.96. This means that the STX price is up no less than 27% today and even up 220% compared to two weeks ago.
Accumulated spot position in $STX last 2 weeks as well
As an investment, it hits the sweet spots of good supply schedule, strong marketability, cheap relative valuation, important catalysts ahead, proven bear market resistant builders https://t.co/wtA1DAxHLD
— Andrew Kang (@Rewkang) February 27, 2023
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