Bitcoin gained more than 4% to $57,500 amid the growing decline across global stock markets. Tech stocks have been recording losses as Taiwan posted its biggest one-day loss in history. Bitcoin, on the other hand, is climbing.
Formerly, Delta Exchange CEO Pankaj Balani had said that Bitcoin could fall to $40,000. At press time, however, BTC is trading at $54,924.
On the 11th of May, Rekt Capital posted a chart, , “BTC is bouncing here and altcoins are recovering strongly.”
Ethereum has followed Bitcoin’s increase and hit a new high of $4,350 on the 12th of May. ETH is currently up 1.28% to $4,095.79.
As the alt season continues, other cryptocurrencies apart from BTC and ETH are also increasing. Cardano (ADA) traded as high as $1.82 in the last 24 hours, 0.01% away from its all-time high of $1.83.
Dogecoin and Shiba Inu were recently in the spotlight as the tokens pulled in gains amid increasing trading volume. However, the meme-coins are currently on a decline. DOGE has fallen nearly 10%, and SHIB is down 36.51% at press time. In addition, Shiba Inu also fell off the top 20 crypto asset list ranked by market cap. SHIB is now in the 26th position according to CoinMarketCap.
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