Cardano, Solana and Polkadot are on the rise
May 18, 2021Project Rundown Interview with Bitspawn.
May 18, 2021
Last week, Elon Musk brought another surprise to the market. This time he started to criticize Bitcoin instead of praising the cryptocurrency. On May 13th, the Tesla CEO announced that they had stopped vehicle purchases using Bitcoin:Source: TwitterMusk underlined that the reason behind the decision is because Bitcoin is heavily energy-consuming, and this needs improvement.The market reacted immediately to this news, and most of the top cryptocurrencies started to decline.One day later, on May 14th, another surprise came when Musk wrote on Twitter he is starting to work with Dogecoin developers to improve DOGE transaction efficiency:Source: TwitterOn the next day, he hinted that Dogecoin would become more scalable than Bitcoin by increasing 10x the block size and speeding up 10x the block time:Source: TwitterLater, Musk underlined that the cryptocurrency of Earth has to be scalable and with lower fees and higher transaction throughput, thereby criticizing Bitcoin once again:Source: TwitterThe biggest surprise came when on Sunday, the former Bitcoin bull hinted that he might sell all his Bitcoins and go all-in on Dogecoin:Source: TwitterThe cryptocurrency market reacted negatively to Elon Musk’s criticism of Bitcoin. This past week most of the leading cryptocurrencies recorded price declines in the range of -10% to -20% on average. And although many cryptocurrency enthusiasts believe that Elon Musk is insignificant for the crypto market and the effect of his criticism will fade very soon, the sell-off continues on Monday. At the time of writing, according to Coin360.com, one Bitcoin costs €37,045.98 (-8.47%), one Ethereum — €2,875.41 (-9.39%), one DOGE — €0.4132 (-5.88%), and one UNI — €28.86 (-9.82%):Source: Coin360.com (Daily crypto market performance)Now, let us analyze the price charts of the top cryptocurrencies against the euro in the most significant time frames.BTC/EURIn the daily chart (1D), BTC/EUR has dropped below the 30-day Moving Average (MA 30),…
