Altcoins – The green color dominated cryptocurrency trading at the beginning of today’s session. Bitcoin returned to shine again after reaching its highest level in more than two weeks and approaching the level of $40,000.
The combined market value of digital currencies jumped by 10.5%, gaining about $154 billion, after its total value rose from the level of $1460 billion in trading on Sunday to about $1614 billion in today’s trading, according to data from the CoinMarketCap website, which specializes in monitoring Cryptocurrency performance.
During today’s trading, “Bitcoin” rose by 11.4%, gaining about $4,110.4, after its price rose from the level of $39.02 thousand to about $39.30 in Monday’s trading. While its total market value jumped by 5%, gaining about $34.5 billion after it rose from $700 billion to about $734.5 billion.
Bitcoin price surged after Elon Musk indicated that Tesla would once again accept Bitcoin (BTC) payments once 50% of Bitcoin mining runs from renewable energy sources.
Late yesterday, June 13, Musk responded to a tweet saying that the CEO of Tesla Inc. is manipulating the price of Bitcoin and is responsible for pumping and emptying it.
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 a positive future trend, Tesla will resume allowing Bitcoin transactions.
This confirmation from Musk was enough for Bitcoin to raise its price.
However, the $40,000 level is critical resistance, and any move above it will confirm an action higher.
Last week, Michael Saylor of MicroStrategy and other people in the North American Bitcoin mining industry launched the Bitcoin Mining Council, which aims to drive the industry toward renewable and sustainable energy mining solutions.
Public sentiment towards altcoins turns negative
Altcoins fell after the decline of the bitcoin currency, but the recent rise of the bitcoin by more than 10% in the last 24 hours has not been matched by the altcoins, which also rose, but in modest proportions, except for some of them.
All of the top 10 cryptocurrencies recorded a 5-10% price increase.
Many of these altcoins are still trading below the major resistance.
Data from Santiment shows that public sentiment for some of the best altcoins, such as Ethereum, Cardano, Ripple, Polkadot, has turned negative.
But the data also indicates that this is the time for the movement of these coins to get more supplies.
Colin Wu, a well-known Chinese journalist on the crypto market, points out that the decline and recovery of Altcoins are equivalent to nearly half of the decline and recovery of Bitcoin.
Also, cryptocurrency trading volumes in decentralized finance protocols have been declining.
Wu points out that this could likely be the end of the altcoin season and the bull run’s end.
Ethereum, which rose today by 5.9%, gained about $139.5 after its price rose to $2.49 thousand.
Cardano rose by 5.5% and gained $0.08 after it rose to $1.53. Dogecoin increased 9%, to earn about $0.011, after rising to $0.319.