The two leading cryptocurrencies together have been experiencing new all-time highs this week. In addition, there is a fresh bullish pattern in all of the altcoins since the sell-off that took place this week. Moreover, on Wednesday, Bitcoin has made a gain of 4.3%.
On the other hand, cryptocurrencies had recovered their losses even though there was a growing turmoil in the stock markets on a global level.
Upward Journey Of Bitcoin
According to the reports of TradingView, the price of Bitcoin USD has almost erased all the losses of the earlier day on Wednesday. Bitcoin traded at a price of more than $57,500.
This move of BTC/USD happened during the concerns regarding tech stock frothing. This issue was further aggravated in Taiwan when the nation witnessed the largest 1-day loss ever for the equities post index.
The value of BTC along with the other altcoins had already sold off their tech stocks in a broad manner at the beginning of the week. However, the recent macro decline across the cryptos had failed to become worse in their performance.
On the contrary, most of the significant cryptocurrencies had bucked the pattern and reclaimed growth. This happened to the hallmark aspect of the increasingly asymmetrical sector.
Earlier the concerns had re-emerged that BTC might finally drop under $50,000 during this present condition. This may open up new lows including $40,000.
Meanwhile, Ethereum prices had made huge gains and successfully managed to hit a record high of $4,000. Nonetheless, gas fees remained a problem for the network users and traders of ETH. Cardano fell short of $0.04 from a $1.83 all-time high. Dogecoin made a massive gain of almost 1,500%.