On Wednesday, Bitcoin (BTC) posted 4.3% gains as cryptocurrencies recovered losses despite mounting turmoil in global stock markets.
Reversal up for BTC price
BTC / USD wiped out almost all of the previous day’s losses on Wednesday and is trading above USD 57,500 at the time of writing. This showed data from Cointelegraph Markets Pro and TradingView. Amid concerns over idle talk of tech stocks fueled by troubles in Taiwan, the move came. For example, the country’s stock index suffered its greatest loss in history in a day. Indonesia Crypto is popular.
Earlier in the week, Bitcoin and altcoins along with Tech had sold stocks across the board. Still, the latest macro dip has not degraded their performance. Conversely, most of the major cryptocurrencies have broken the trend and returned to growth. As has become a hallmark of an increasingly asymmetrical market.
Rekt Capital, the popular Twitter commentator, summed up on Tuesday that BTC is bouncing here and Altcoins are strongly recovering. At the same time, the US Federal Reserve has boosted the crypto cause by refusing to suggest that economic interventions could be diminished. Under the current circumstances, concerns had previously arisen that Bitcoin could eventually drop by $ 50,000. And that this would open the way to as low as $ 40,000.
All-time highs of Ether stick
Meanwhile, in a continuation of alt season 2.0, Ether (ETH) led gains again, hitting new all-time highs while the coin held support at $ 4,000. However, Gas fees remain a headache for merchants and Ethereum network users. Other altcoins also challenged record highs, including Cardano (ADA). It was only $ 0.04 at the time of writing from the all-time highs of $ 1.83. Crypto Netherlands is popular.
Dogecoin (DOGE) was flat amid ongoing controversy over meme coins. At the same time, tribute coin Shiba Inu (SHIB) suffered a 23% loss, dropping out of the top 20 cryptocurrencies by market cap. Weekly gains for the coin were still close to 1,500%.