Bitcoin drops amid climate concern

Elon Musk’s recent tweets renouncing Bitcoin as sub-optimal in terms of its environmental impact has sent the Bitcoin market tumbling and altcoins surging.

Bitcoin currently stands at around 40.3% of total crypto market capitalization – the lowest percentage reported over the past three years, according to data gathered by CoinMarketCap’s tracking software.

The last time the currency saw its lowest market cap was in June 2018, following a price surge to nearly $20,000 in December 2017, which sparked a significant decline in the value of BTC over the next year.

Meanwhile, the combined capitalization of altcoins has managed to hit $1.25 trillion, lower than the record amount it hit last week with $1.5 trillion worth of altcoins in circulation.

Ethereum recently turned its creator Vitalik Buterin into the youngest billionaire in the world. Ethereum is the second largest currency per capitalization right now. It’s roughly one-half of Bitcoin’s own market share. Third is Binance Coin, which has seen strong endorsement, but represents only 4% of total market capitalization.

Based on a tweet from earlier today, Musk and Tesla may actually end up offloading Bitcoin holdings, which has already caused a 15% crash over the past 20 hours.

Bitcoin is presently at $45,138 which is the currency’s lowest in the past several weeks. Nevertheless, not everyone is offloading their assets, regardless of what Tesla’s CEO is thinking.

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Updated: 17.05.2021 — 11:20