“What saddens me is the way the weak hands and recent buyers see Elon Musk as a prophet, powerhouse and decisive figure in bitcoin,” said one trader.
“The crypto market is primarily focused on Ethereum and the catapulting DeFi sector right now,” said one analyst.
The DeFi-related assets have grown by double digits so far this year.
Atcoins are rising, ether hits another all-time high and bitcoin’s correlation to gold drops to zero.
Ethereum Classic pops 53%, while bitcoin recovers and ether pushes back toward its all-time high.
Some see ether and bitcoin now behaving as very separate assets, which normally isn’t the case.
The ether market is experiencing record numbers for spot, futures and DeFi. Bitcoin is in the backseat for now.
The last time bitcoin traded at this level was almost two weeks ago, on April 17.
Bitcoin’s dominance is less than half of the crypto market as assets like ether and binance coin captivate traders.
Binance’s new venture has raised red flags as regulators investigate whether it violates securities rules.
Bitcoin’s stagnant market is due to investors continuing to explore other cryptocurrencies, says one trader.
Bitcoin's rise this week comes after a weekend where its price went as low as $47,272.
U.S. CEOs are now regularly discussing inflation during quarterly earnings conference calls. Bitcoiners saw this coming.
Bitcoin’s recovery may spark momentum that should persist this week, said one trader.
Analysts pointed to the Biden proposal to double capital gains taxes on high-income individuals as the catalyst.