The crypto traders are very eager to return to the days of weekly gains in the market, even if some analysts think the bull run that made BTC and other assets hit their new highs is unsustainable.
However, BTC and the majority of other cryptocurrencies are recovering from the massive crash that happened last week steadily. But some coins like DOT (Polkadot) and DOGE (Dogecoin) are taking a long time to start the recovery journey.
The 40% drop of BTC to $30,000 is caused by many factors, but the carbon footprint of the mining operations of the leading asset is beyond doubt on top of the list. When the Tesla CEO, Elon Musk revealed that his automobile company added BTC to its balance sheet, it aided the historic price rally, but at the same time, when Tesla announced that it would stop accepting Bitcoin as a form of payment, the reaction was almost the same as the price rally. Subsequently, the announcement from China contributed to the crash.
Once again, the Tesla CEO rejuvenate the markets after tweeting about his meeting with the BTC miners in North America, which he called “potentially promising.” The meeting with the miners from North America was coordinated by Michael Saylor, the CEO of MicroStrategy, and it births an unexpected BTC Mining Council that seeks to explore the use of renewable energy for mining Bitcoin.
That kind of news, of course, looks like the exact news needed by the market bulls to get their vibes going again. Currently, BTC is trading slightly below $40,000, which is about 1.3% lesser than the previous week’s close. The trend of the price still remains bearish, but this is the first time since the month began that there will be a promising bullish possibility.
The majority of the Alts are Following Bitcoin’s Lead
There is a similar look on the rest of the market top 10 assets by market cap, with a couple of exceptions. Ethereum went up by about 1% from the previous week, and UNI ran up to 10%, but tokens like Dogecoin and Polkadot are not doing so well.
Of course, Dogecoin is a meme-coin that won the attention of the Tesla CEO in the past two years. Last year, he increased his tweets on the token sending the price soaring. Altogether, DOGE has seen a 5,690% increase in just a year.
However, DOGE investors have suffered the most since the crash in the previous week. The coin has dropped to sixth from third per market cap following a 17% drop in the past seven days. Another one like it is Polkadot, which is currently trading at $24 after crashing from $48. In the past week, it has dropped 18.45% and 32% in the past month.