Despite the turmoil in traditional markets, the loss of value in cryptocurrencies was compensated and the price of Bitcoin (BTC) gained 4.3 percent on May 12.
BTC price reverses its direction
According to data from Cointelegraph Markets and Tradingview, the BTC / USD pair recovered nearly all previous losses as of Wednesday, hitting $ 57,500 at the time of this post.
In Taiwan, where the stock index suffered the biggest daily loss in history, the crypto money market was revived during the destruction of technology stocks.
Bitcoin and altcoins sold more compared to tech stocks earlier in the week, but they came to the advantage after the recent macro move.
On the other hand, the crypto sector that diverged from the traditional market saw the rise of most major coins.
Popular Twitter commentator Rekt Capital said on Tuesday that the US Federal Reserve has empowered the cryptocurrency industry. argued and “BTC is bouncing and altcoins are recovering strongly.”
Previously, there were concerns that Bitcoin could drop to $ 50,000 under current conditions and even see the $ 40,000 bottom.
Ethereum is moving at an all-time high
Meanwhile, during the “altcoin season 2.0”, Ether (ETH) once again set a record. It reached an all-time high while turning the psychological $ 4,000 level into support. However, Gas charges are taking the hair of Ethereum network users.
Other altcoins are also breaking records after record. The Cardano (ADA) price was just four cents away from its all-time high of $ 1.83 at the time of this writing.
While Dogecoin (DOGE), produced through the internet joke, moved horizontally, Shiba Inu (SHIB), defined as the “DOGE killer”, saw a 23 percent loss from its position among the top 20 cryptocurrencies. Still, the weekly increase in the SHIB price is around 1,500 percent.