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Market Holding Up Well Despite Bitcoin Sell Off

As we all know by now Elon Musk sent a grenade through the markets when he announced that his company, Tesla will no longer be accepting payments made through Bitcoin. This sent the markets down and honestly, we will forgive almost anyone for thinking that this signaled some sort of an apocalyptic event for crypto.

At the time of writing the price of Bitcoin is below $38k and many are hoping the low is either here or very close. If this is the case though, the outlook for altcoins looks bright as many are holding their own and only need one green day to return to where they were, where others have indeed surged.

Cardano has taken a fall in the past few days but the price of the coin is still up 13% for the week. While two other coins in the top 10, XRP and Polkadot are also in the green over a seven-day period. This is remarkable considering that the market is believed to be bleeding money, left-right, and center.

Solano is up 25% for the week while the real winner of this crash is undoubtedly Polygon (Matic) whose price has risen by over 100% in one week. This is actually continued momentum as the coin was performing well before the crypto crash. Aave is also up 36% for the week.

Providing Bitcoin doesn’t go towards $30k it is likely that this will be an almighty profitable few months for altcoin holders. Bitcoin doesn’t have to perform that well for altcoins to flourish, it just needs to remain stable enough not to trigger all-around panic selling. The dream scenario is that Bitcoin has a 10% day around the corner and finds some level of resistance which will allow our favorite altcoins to flourish further.

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