The coronavirus pandemic has had a devastating impact on capital markets, and ultimately, this impact is also felt in other asset classes, such as cryptocurrencies. Although this did affect the world’s largest cryptocurrency, Bitcoin has achieved an amazing recovery in the past 24 hours.
BTC has risen by 10% in the past 24 hours, and the total value of the entire crypto market has soared by US$14 billion. In Singapore this morning, Bitcoin was trading at $6,580. Today, this cryptocurrency seems to be the focus of traders’ attention.
It should be noted that in the past 24 hours, Bitcoin has not been the only major gainer in the crypto market. In addition to BTC, Ethereum (ETH) is up 7%, while Ripple (XRP) is up 5%. In terms of market capitalization, Ethereum is the second largest cryptocurrency in the world, while XRP is the third largest cryptocurrency. This move indicates that the trend may be shifting to the entire cryptocurrency field.
At the beginning of March, due to the oil price crisis, the cryptocurrency field suffered a destructive sell-off, so the cryptocurrency field suffered a huge blow. As early as March 12, due to the above-mentioned sell-off, the entire cryptocurrency market lost $93.5 billion in value.
Surprising things for many people Crypto analyst Facts have proved that Bitcoin (which eventually became the vane of the crypto market) has suffered along with the stock market. In the past, BTC was regarded by many experts as a “digital gold” and “hedging” against the stock market, and it is a safe-haven asset if they wish. However, BTC has not shown this performance in the past few weeks, and even after the recent rebound, its trading price is still lower than at the beginning of this year.
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