What shall cryptocurrencies anticipate through the COVID-19 pandemic
When the World Health Organization (WHO) officially announced the pandemic, it resulted in a serious collapse of the global financial and investment markets. Cryptocurrencies remained stable for a quite some time, ignoring the COVID-10 related events. Bitcoin grew rapidly, stepping over the $10K line. Altcoins went along, with ETH touching a maximum of $200 in February 2020.
Nevertheless, general panic did not spare the digital currency market. In March, as the situation with the coronavirus worsened, investors began actively dumping their assets. As a result, one particular day saw BTC losing 50% of its value. But that where a distinctive feature of cryptocurrency proved itself real, which is the ability of crypto to quickly recover in price. This is what we are observing at the moment.
Exchanges gradually return to their normal operation mode, and blockchains keep functioning without failures. It is widely expected that the value for most tokens and coins will ramp up again. Therefore, crypto platforms are piling up on digital assets, preparing for an active sale. Experts note that such signs of market recovery may contribute to the recovery, which is a commonly known self-fulfilling prophecy.
One of the reasons for this piquing interest is the convenience of use of cryptocurrency, a factor so visible in the current conditions of self-isolation. For example, many digital asset projects and their clients interacted remotely from the very beginning of the quarantine. Therefore, the crisis did not cause serious disruptions to the labor processes in the industry of blockchain, since it is especially effective and safe for communication between countries, maintaining productivity and remote operations.