Bitcoin Suddenly Soars Toward $60,000 Price—Roaring Past $1 Trillion As Fear Grips Tech Stocks

Bitcoin has surged back this week after its early 2021 bull run slowed, with the 18.6 million bitcoin tokens in circulation again worth over $1 trillion.

The bitcoin price has added almost 10% over the last 24 hours, taking it within touching distance of its all-time highs. Bitcoin reached $54,500 on the Luxembourg-based Bitstamp exchange—just shy of the $58,000 high it hit in February.

However, the surge comes as the world’s biggest technology stocks, including Tesla TSLA +1.5%, Apple AAPL +0.9%, Amazon AMZN +0.5% and Netflix NFLX +1.3%, lost ground and the tech-heavy Nasdaq Composite fell into a technical correction—meaning it’s fallen more than 10% from a peak it hit last month—on hopes of a faster-than-expected economic recovery from the coronavirus pandemic.

This article originally appeared on Forbes