• 02 November, 2024
News

STX Faces Challenges Amidst Bitcoin Dominance but Remains Promising

STX Faces Challenges Amidst Bitcoin Dominance but Remains Promising

According to analysis by CryptoBusy, an analyst on X, Stacks (STX) has recently dipped below the $2 mark, raising concerns among investors. Despite this downturn, there is potential for a rebound, particularly when Bitcoin (BTC) experiences a strong bullish trend. 


At press time, STX is trading at $1.98, with a 24-hour trading volume of $91,965,904.87. This represents a 4.41% price increase over the last 24 hours but a 1.04% decline over the past week. With a circulating supply of 1.5 billion STX, the cryptocurrency’s market cap stands at $2,900,958,490.

Historically, STX has shown strong performance during periods of significant Bitcoin price surges. However, with Bitcoin currently consolidating and maintaining high dominance in the market, altcoins, including STX, are experiencing a downtrend. 

Over the past week, the global cryptocurrency market has declined by 0.70%, with STX underperforming even within this context, registering a 1.10% decline. In comparison, similar cryptocurrencies in the GMCI 30 Index have remained stable.

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Bitcoin’s price is $68,933.39 at press time, with a 24-hour trading volume of $26,892,293,160.65. Despite a slight 0.14% decline over the past 24 hours, BTC has seen a 0.61% price increase over the last week. The cryptocurrency market leader, Bitcoin, has a circulating supply of 20 million BTC, resulting in a market cap of $1,358,511,174,523. This modest weekly increase highlights Bitcoin’s relative stability compared to the broader market’s decline.

While STX is currently at a 50% discount from its previous highs, analysts suggest that it could experience a significant rise when bullish momentum returns to the market. However, potential investors are advised to wait for a clear reversal pattern before entering the market. This cautious approach is essential given the current volatility and the influence of Bitcoin’s performance on altcoin movements.

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