The overall cryptocurrency market is up 8% as of writing this story with Bitcoin (BTC) shooting 12% taking its overall market dominance above 45%. The Bitcoin price has shot up post-Elon Musk stating that Tesla will once again accept Bitcoin (BTC) payments once 50% of BTC mining turns on renewables.
Late Sunday evening, June 13, Musk responded to a tweet that alleged the Tesla chief of manipulating the BTC price and responsible for its pump and dump. Responding to it, Musk said:
“This is inaccurate. Tesla only sold ~10% of holdings to confirm BTC could be liquidated easily without moving market. When there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend, Tesla will resume allowing Bitcoin transactions”.
This assurance from Musk was enough for Bitcoin enthusiasts to take its price higher. However, $40,000 stands a crucial resistance and any move above it will only confirm a sustainable move northwards. Last week, MicroStrategy’s Michael Saylor along with other North American Bitcoin mining industry players kickstarted the Bitcoin mining Council that aims to drive the industry towards renewable and sustainable energy mining solutions.
Crowd Sentiment for Top Altcoins Turn Negative
Along with BTC today, even the altcoins have registered a good pullback. All of the top ten altcoins have registered a price jump of 5-10%. However, many of them are still trading under the key resistances.
On-chain data provider Santiment shows that the crowd sentiment for some of the top altcoins like Ethereum (ETH), Cardano (ADA), XRP, and Polkadot (DOT) has turned negative. But it also notes that this is the time for crypto bulls to scoop more supplies.
📊 With the #altcoin downturn continuing, sentiment toward top caps like $ETH, $XRP, $ADA, & $DOT have all turned negative. Historically, crowd fear is the time to scoop up more assets. In our weekly report, we touch on this, on-chain activities, and more. https://t.co/6wfWmOLSPL pic.twitter.com/GyNm5inkXf
— Santiment (@santimentfeed) June 13, 2021
Another popular Chinese crypto market journalist Colin Wu also notes that the altcoin pullback is nearly half that of Bitcoin. Also, crypto trading volumes at CeFi and DeFi have been on a decline. Wu points out that this could probably be the end of the altcoin season and also the end of the bull run.
The highest increase of Bitcoin today was 9.5%, but the whole market was only 7%. Altcoins rose lower than Bitcoin, proportion of Bitcoin returned to 43.6%. Both CeFi and DeFi trading activities are decline. The end of altcoin season mean the end of the bull market? pic.twitter.com/BGHJuPMzpx
— Wu Blockchain (@WuBlockchain) June 14, 2021
The presented content may include the personal opinion of the author and is subject to market condition. Do your market research before investing in cryptocurrencies. The author or the publication does not hold any responsibility for your personal financial loss.
Bhushan is a FinTech enthusiast and holds a good flair in understanding financial markets. His interest in economics and finance draw his attention towards the new emerging Blockchain Technology and Cryptocurrency markets. He is continuously in a learning process and keeps himself motivated by sharing his acquired knowledge. In free time he reads thriller fictions novels and sometimes explore his culinary skills.