Some Popular Altcoins Are Outperforming Bitcoin In Growth Rates
Earlier this week, news broke that Tesla sold about 75% of its bitcoins in the second quarter. Against the background of this news, the growth of the world’s most popular cryptocurrency slowed, which allowed some altcoins, such as Ethereum and Avalanche, to overtake Bitcoin in this indicator.
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Bitcoin is up 0.99% in price over the past day, according to the CoinDesk platform. At the time of writing, the world’s most popular cryptocurrency is worth around $22,923 per coin. Over the same period, Ethereum is up 6.51% to $1,563/coin, Avalanche is up 10.06% to $25.03/coin, and Binance Coin is up 5.26% to $264.23/coin.
This week, Tesla announced its financial results for the second quarter, revealing that Elon Musk’s company sold $936 million worth of bitcoin during the period (about 75% of the automaker’s total bitcoin holdings). Musk himself commented on this topic, saying that selling cryptocurrency does not mark the verdict on the entire digital asset market and is situational.
In the past, Elon Musk has shown interest in Bitcoin as well as the meme cryptocurrency Dogecoin. For a period of time, Tesla allowed its customers to pay for purchases with bitcoins, but the company later ruled this out, citing fears that the cryptocurrency mining process would have a negative impact on the environment.