The past 24 hours were once again filled with considerable volatility, although it failed to result in any significant directional change for Bitcoin and the majority of altcoins. The market is pretty much where it was yesterday, but there were some notable events.
Bitcoin volatility fails to produce a change in direction
Bitcoin price may have calmed down to around $39,000 – at the time of this writing – but that doesn’t mean there was no volatility.
Yesterday – March 10th – the US Bureau of Labor Statistics released the numbers for the Consumer Price Index, and it clocked in at 7.9% – the highest in decades. The CPI is widely used to gauge inflation, although many claim that actual numbers are much higher. In any case, the report usually ends up causing serious volatility in the markets, and this time was no exception.
As CryptoPotato reported, BTC price surged from $39,000 to $40.3,000 and then crashed to $38,500 within minutes, creating a vicious hourly candle.
While the move left over $44 million liquidated positions in less than an hour, it failed to result in any considerable directional change. Bitcoin’s price is still chopping around $39,000.
Batteries (STX) skyrockets 33%
Overall, the broader cryptocurrency market is where it was yesterday, and there are no major moves by major altcoins, as seen in the heatmap below.
However, STX – the native cryptocurrency of the Stacks ecosystem – skyrocketed by more than 30% in the past 24 hours. This came as a result of the news that OKCoin will provide considerable financial support to the project. It also made STX the best performer in the past 24 hours, followed by Kadena’s KDA (22%) and RUNE (16.4%).
At the other end of the spectrum, we have AR down 9% and SNX down about 8%.
