Bitcoin rose early Tuesday, remaining stable during the recent collapse of fiat currencies against the U.S. dollar. The major cryptocurrency by market value rose more than 5% to $20,350. Ether, the second-largest cryptocurrency, rose 4% to $1,390.

The rise followed a period of extraordinary resilience to shocks in traditional markets. Over the past five days, bitcoin has traded in a range of $18,000 to $20,000, even as major fiat currencies such as the British pound, Japanese yen and Chinese yuan have fallen sharply against the U.S. dollar.

The pound in particular fell to an all-time low of $1,035 on Monday as the government’s plan to implement the largest tax cut in 50 years while increasing government borrowing and spending amid high inflation spooked investors. The Chinese yuan fell to 7 per dollar, its lowest level since May 2020, sparking fears of a sharp drop in global commodities.

If that wasn’t enough, the S&P 500, Wall Street’s benchmark index, ended Monday at its lowest level since 2022, continuing a 4.5% decline over the past week. The Dow index fell more than 300 points on Monday, finding itself in bear market territory.

Bitcoin has historically moved more or less in step with stocks. So the cryptocurrency’s recent resilience has raised hopes for its possible evolution as a safe haven asset.