After the last selling debacle, Bitcoin (BTC) is finally showing some bullish signs of recovery. This Monday, it surpassed $40,000 per coin for the first time since almost a month ago. Meanwhile, some other cryptocurrencies followed suit. In the last week, Polkadot (DOT) has increased by over 26%, Monero (XMR) by over 21%, and Litecoin (LTC) by over 17%.
May wasn’t kind to the first cryptocurrency. Tesla rejected the payments with it due to environmental concerns, while China started to ban Bitcoin mining in some provinces. The price suffered for it, getting further and further away from its last All-Time-High (ATH) in April. However, June is being more bullish for Bitcoin. In a historical twist, El Salvador became the first country to officially adopt it as legal tender.
They’re also going to mine BTC with geothermal energy. For its part, an alliance created by Elon Musk himself with Michael Saylor (MicroStrategy CEO) and other companies is aiming to promote mining with renewables. Even more recently, Musk assured that Tesla will resume the BTC payments once “there’s confirmation of reasonable (~50%) clean energy usage by miners with positive future trend.”
Beyond this, MicroStrategy has announced a soon Bitcoin purchase of over $488 million. Additionally, inside the blockchain, the miners finally approved the activation of Taproot and Schnorr scalability solutions for the November update. These will make Bitcoin a faster and more private currency.
Besides, according to Glassnode, Bitcoin holders are still resisting.
“A very large volume of coins was purchased in the early bull market, and have remained largely unspent. The current rate of maturation is over 400k BTC/month which is much larger than the ~160k BTC we estimated were sold during the May capitulation event.”
Not only Bitcoin is bullish
Some altcoins are also showing hopeful signs. Probably, the more remarkable of them right now are Polkadot, Litecoin, and Monero. Polkadot lets the users create their own chains with their own unique characteristics. Besides, Polkadot works with Proof-of-Stake (PoS) instead of traditional mining. So, everyone can stake the native token and receive proportional rewards.
Last May, Polkadot was listed on Alfacash and had an ATH of almost $50 per coin [CoinMarketCap]. It wasn’t the only one. Monero made it too, with $517 per coin, likely due to an important adoption growth worldwide, and new improvements inside its blockchain. This June, their General Fund even received a donation of 1,711 XMR (around $500k).
Litecoin (LTC) reached a new peak as well on May 10, with over $412 per coin. The amount of new LTC addresses has been growing by over 177% since January, and the Mimblewimble Extension Block (MWEB) upgrade is currently on reviewal process. This update will improve fungibility and privacy for Litecoin. So, we can say that the Bitcoin and cryptocurrency market seems to be turning bullish again. Summer is coming.
Featured Image by Collin Weaver / Pixabay
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