New Hope in Crypto Space with Sudden Bullish Revival of Top Players
While equity and shares continue to plunge and struggle to recover creating a global atmosphere of economic tension amidst the ongoing novel coronavirus crisis, there has been a sudden revival of the crypto prices. An approx. 29.11 percent rise in digital asset prices has instigated new hope in the virtual currency market.
Since Tuesday major cryptos have been rallying and showing signs of revival from the recent price crash.
Bitcoin experienced an approx. 10 percent hike currently trading at $6,709.32 according to CoinMarketCap.
The same trends followed with ETH which was up by 7 percent and XRP which saw a more than 5 percent price jump. (Source: coinmarketcap.com)
Similar rallying patterns were noticed in cases of other cryptocurrencies like Tezos and Chainlink with an 18 percent surge within 24 hours. (Source: coinmarketcap.com)
As against the market plunge in the last weeks, the crypto market has shown positive signs of revival in the last 24 hours, kindling hope among the market investors.
However, the USA and the European stocks and equity markets have hardly shown any signs of recovery owing to regular plunges, as the number of COVID-19 cases increases every day.
The Corona Induced Market Crash
March started on a catastrophic note, globally as the novel coronavirus progressed aggressively transcending borders, affecting thousands in a day, as well as raining down hard on the overall world economy. To contain the virus, lockdowns were initiated by governments around the world.
The precautionary lockdowns of economies due to the COVID-19 pandemic took a toll on the worldwide markets. Major market indexes in Europe, the USA, and Asia have been plummeting since, without showing much sign of early revival, as the world goes through the global health crisis.
As governments struggled with the novel coronavirus crisis, a massive sell-off was seen in the equities market. Experts blamed the whole situation to be pandemic induced panic among the population that led to market sell-off and crashes. However, the random lockdown situations leading to the temporary closure of major industries played its part in this as well. (Source: www.cnbc.com)
Crypto market took its share of a hit during the second week of March, when Bitcoin experienced its worst sell-off in seven years, plunging to a 48 percent low inducing a $93.5 billion wipe off in a single day. (Source: www.cnbc.com)
As per market experts, Bitcoin is experiencing an ascending mode, and it might be a short-term bull trend. One can expect a rise if the price stays steadily above the $6700 mark. The bullish revival has to maintain stability across the crypto markets, especially among the top digital assets for any long term recovery amidst the overall bearish global economy.