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Bitcoin (BTC) and Ether (ETH), the top two cryptos by market capitalization, suffered price declines in the recent crypto market correction. Surprisingly, some smaller-cap altcoins not only managed to remain unscathed, they even bucked the trend and went on to establish new all-time highs during the weekend.
Bitcoin dropped to below $43,000 at one point on May 17. The crypto’s price drop shortly came after Elon Musk’s tweet that many interpreted to be hinting that Tesla might be planning to sell or might have already sold its Bitcoin.
Previously, many were irked over Musk’s May 13 announcement of Tesla’s decision to cancel Bitcoin as a payment option. One Twitter user joked that Tesla might decide to sell its BTC with all the hate Musk received.
“Bitcoiners are going to slap themselves next quarter when they find out Tesla dumped the rest of their #Bitcoin holdings,” Twitter handle @CryptoWhale wrote on May 17. “With the amount of hate @elonmusk is getting, I wouldn’t blame him…”
Musk later replied with “Indeed,” which started speculations that Tesla just might be selling its Bitcoin stash. “To clarify speculation, Tesla has not sold any Bitcoin,” the Tesla CEO later clarified as BTC’s price plunged.
Ether (ETH), the world's second-largest crypto by market cap and the native crypto of the Ethereum platform, did not escape the market correction. The crypto dropped to as low as $3,224 on May 17, based on data from Coinmarketcap.
Surprisingly, some smaller cap cryptos not only bucked the trend but even managed to set new all-time highs over the weekend. One of these is MATIC, the native token of the price of scaling solution Polygon Network.
MATIC posted a new all-time high at around $1.87 on Sunday, May 16, according to Coindesk. While it dipped to $1.5 on Sunday, its price has recovered and is trading at around $1.73 at the time of writing.
Another crypto that managed to set a new ATH is Cardano (ADA). The crypto soared to as high as $2.43 on Sunday. However, ADA retracted slightly to $2.13 at the time of writing.
