• Stacks (STX) is the worst performing cryptocurrency amongst the top 100 by market cap, losing 9% of its value in 24 hours.
• Investors await the Consumer Price Index (CPI) readings as volatility in the market is low.
• Bitcoin continues to trade just below $28k and the total cryptocurrency market cap stands at $1.14 trillion.
Stacks (STX) Performance
Stacks (STX), a native token of the Stacks ecosystem, is currently the worst performing cryptocurrency amongst the top 100 by market cap. Over the last 24 hours, STX has lost more than 9% of its value, dropping from a weekly high of $0.81 to its current price of $0.6442. If bearish trend continues, STX could fall below $0.6 in the near term after having lost more than 20% of its value over the past month when it reached a high of $0.9819.
Await CPI Readings
Cryptocurrency investors are awaiting today’s Consumer Price Index (CPI) readings before making their moves as volatility in the market is low at present. The CPI will give insight into inflation situation in United States which will decide if Federal Reserve should continue its interest rate hike or not after increasing rates by 25 basis points earlier this month taking US interest rates to 16-year high mark.
Bitcoin & Total Cryptocurrency Market Cap
At press time, Bitcoin continues to trade just below $28k level while total cryptocurrency market cap stands at around 1 trillion dollars down by less than 1% on day-on-day basis .
Investors should keep an eye out for today’s CPI readings as it could have an impact on Stacks’ performance in near future while Bitcoin and other major cryptocurrencies remain stagnant ahead of today’s announcements.
The short-term performance of Stacks largely depends upon how markets react to CPI readings later today and further bearish trend can be expected if markets take negative cues from them leading STX prices towards lower levels than current ones..