The diamond hands reference was construed to be a desire not to sell Tesla’s
Bitcoin (BTC) holdings even in the present adverse market conditions.
The tweet also earned him the wrath of several in the cryptocurrency community with the author and entrepreneur Timothy Kim calling him the “most hated person in the world right now.”
While the diamond hands tweet did support the price of BTC temporarily, the downwards momentum is still strong. BTC traded 10.38% lower at $37,369.63 on a 24-hour basis at press time on Wednesday night.
On an intra-day basis, the apex coin hit a low of $30,681.50 and a high of $41,286.79.
Analysis
As the second-largest altcoin by market capitalization, XRP is hardly far from consideration during periods of significant bullish enthusiasm in the cryptocurrency market. Despite being 85% down from its January 2018 high, recent price spikes have sparked noticeable interest in XRP as investors consider viable diversification candidates for their crypto portfolios.
Any discussion about XRP often includes criticisms of Ripple, a blockchain payments firm that originally created the XRP token. Furthermore, XRP critics argue that Rippleâs ownership of the majority of the token supply, as well as its penchant for dumping âcoinsâ on the market, is likely to erode any significant value for XRP holders.