While Bitcoin has been the leader in the cryptocurrency world, Ethereum hasn’t been too far behind. In fact, the second most valuable cryptocurrency has been surpassing expectations recently, reaching a new $4,350 high today. That’s a roughly 6 percent increase from its previous high. While it’s unclear what caused the increase, most experts believe that it was a combination of positive developments in the industry and an overall increase in interest in cryptocurrencies. Reddit Post Link: https://www.reddit.com/r/CryptoCurrency/comments/7u0jk3/bitcoin_price_bounces_despite_stocks_rout_as/
The Bitcoin price is up 8.2 percent on Tuesday to $8,000 after a turbulent start to the day, as traders digest news that a major exchange has been hacked. The firm, BitFinex, said it was pausing withdrawals and deposits, amid speculation of a coordinated attack. The security breach is the latest in a series of problems for the cryptocurrency this year, as it struggles to shake off last year’s slump.
Bitcoin (BTC) rose 4.3 percent on May 12 as cryptocurrencies recovered losses despite mounting turmoil in global equity markets.
1-hour candlestick chart of BTC/USD (Bitstamp). Source: View of the shop
BTC price increases
Data from Cointelegraph Markets Pro and Tradingview showed that BTC/USD erased almost all losses from the previous day on Wednesday and was trading above $57,500 at the time of writing.
The move came after fears that unrest in Taiwan, which caused the country’s stock index to suffer its biggest one-day loss in history, could lead to a run on technology stocks.
Bitcoin and altcoins were trading alongside broader tech stocks earlier this week, but the recent macroeconomic slowdown didn’t hurt their performance.
Conversely, in what has become the hallmark of an increasingly skewed market, most major cryptocurrencies have followed suit and returned to growth.
BTC is rebounding and altcoins are actively recovering, popular Twitter commentator Rekt Capital summarized Tuesday, as the Federal Reserve backed cryptocurrencies and refused to suggest that economic invention could be reduced.
Earlier, there were concerns that bitcoin could fall as low as $50,000 in the current environment, paving the way for a drop to $40,000.
Ethereum holds steady at all-time highs
In the wake of Altcoin 2.0, Ether (ETH) has once again led the way, reaching new all-time highs and holding at $4,000. However, the gas tax remains a headache for traders and users of the Ethereum network.
ETH/USD (Bitstamp) 1-hour candlestick chart. Source: View of the shop
Other alts have also challenged the highs, including Cardano (ADA), which at the time of writing was just four cents away from its all-time high of $1.83.
Dogecoin (DOGE) is unchanged amid the ongoing meme currency controversy, while the Shiba Inu tribute coin (SHIB) has lost 23% and left the top 20 crypto-currencies by market cap. The coin’s weekly gain is still nearly 1,500%.
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Frequently Asked Questions
Will Bitcoin go up if stock market crashes?
According to Etherdale, Bitcoin has been in a long term bear market that has been causing a lot of people financial pain. In fact, Bitcoin has lost over two-thirds of its value since its peak at just over $20,000 in December of 2017. So, if the stock market should crash (like it did last week) will Bitcoin go up? The short answer is no. So, what’s going on with Ethereum and should you buy some? The stock market is starting to show signs of stress—and one major worry has been the bitcoin price. Given that most of the market has been in a slump, could we see a “bitcoin effect” happen, and could it push the stock market down further than it would have if bitcoin weren’t present? There is no way to know for sure. However, we do know that bitcoin is a popular asset that has become popular for a very good reason: it’s price has been rising astronomically, which attracts a lot of people to the market.
Why does Bitcoin price fluctuate so much?
The price of bitcoin changes every single day, that is because the value of bitcoin is determined by supply and demand. When demand for bitcoin increases, the price will also increase and vice versa. So what causes the price to go up or down? Let’s take a look at some of the factors. The cryptocurrency’s price can be affected by many things, such as changes in the laws, regulations and policies related to the cryptocurrency in a certain country or region, a large scale hack on the Bitcoin network, and even natural disasters that affect the mining conditions of the cryptocurrency. All of these factors will have an effect on a cryptocurrency’s price. There are many reasons why the price of Bitcoin fluctuates. It’s all about supply and demand. Bitcoins supply is limited so it’s easy to understand why the price might be high. But demand increases when the price does, which makes the price go up further. And the higher the price, the more miners want to mine bitcoins, and the harder it becomes to mine bitcoins. This is another reason for the price to go up.
Will ethereum outperform Bitcoin?
The cryptocurrency market is at an all-time low. Bitcoin is trading at $11,000, only a small fraction of the $20,000 it reached last December, and other currencies have done worse. Is this the end for the world of digital currency? While some may be looking for reasons to be optimistic, there are many others who believe the bubble has burst. However, one of the newest cryptocurrencies, called ethereum, has seen a huge growth in value over the last few months. It has opened up new avenues of innovation and has outperformed all other cryptocurrencies in the market in terms of growth and value. When it comes to cryptocurrency, there are a lot of arguments about which is the best. While some may consider Bitcoin to be the ultimate, there’s another cryptocurrency that investors are starting to take notice of: ethereum. There are many who claim that the technology has the potential to outperform Bitcoin, and it could be just a matter of time before it becomes the top dog in the currency world.
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