Bitcoin’s price (BTC) rose 4.3% on May 12: Despite increasing turbulence on the global stock markets, cryptocurrencies again recorded losses.
The price of BTC is reversing upwards
Data from Cointelegraph Markets Pro and Tradingview® showed this BTC / USD erased almost all of the previous day’s losses on Wednesday and was trading above $ 57,500 at the time of writing..
The move came amid concerns about foam in technology stocks fueled by issues in Taiwan This resulted in the country’s stock index posting the largest one-day loss in history.
Bitcoin and altcoins, alongside technology stocks in general, had been sold earlier this week, however The latest macroeconomic downturn has not deteriorated its performance.
On the contrary, since it has become a defining feature of an increasingly asymmetrical market, Most of the major cryptocurrencies bucked the trend and rose again.
“BTC is recovering and altcoins are recovering strongly”, summarizedOn Tuesday, popular Twitter commentator Rekt CapitalWhile the United States Federal Reserve was promoting the cause of cryptocurrencies by refusing to suggest that economic inventions might wear off.
Before There have been concerns that Bitcoin could drop below the $ 50,000 mark under current conditions.This adds up to only $ 40,000.
Historical aether heights remain
In the meantime, the “Altcoin 2.0 season” continues. Ether (ETH) returned to profit, making new all-time highs while support was at $ 4,000. However, gas fees continue to be a headache for traders and users of the Ethereum network.
Other altcoins also challenged their all-time highs, including Cardano (ADA)., which at the time of this writing was just four cents away from its all-time high of $ 1.83.
Amid the ongoing meme coin controversy, Dogecoin (DOGE) was flat while Shiba Inu ‘tribute’ coin (SHIB) lost 23% to break out of the top 20 cryptocurrencies by market cap. However, the coin’s weekly gains are still close to 1,500%.