Bitcoin price bounces despite stocks rout as Ethereum hits new $4,350 high
May 12, 2021. Summarized by summa-bot.
Compression ratio: 34.6%. 1 min read.
Bitcoin and Ethereum bounce higher as stocks turmoil fails to spark fresh losses.
Bitcoin (BTC) gained 4. 3% on May 12 as cryptocurrencies recovered losses despite increasing turmoil on global stock markets.
Data from Cointelegraph Markets Pro and Tradingview showed BTC/USD erasing almost all the previous day's losses on Wednesday to trade above $57,500 at the time of writing.
In a continuation of "alt season 2. 0," meanwhile, Ether (ETH) led gains once again, touching new all-time highs while maintaining support at $4,000.
Amid continued controversy over meme coins, Dogecoin (DOGE) was flat, while "tribute" coin Shiba Inu (SHIB) lost 23% to fall out of the top twenty cryptocurrencies by market cap.