Cryptocurrency Market is Not Fully Recovered From Covid-19 Crash

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Steve Anderrson
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain. Join the official channel of thecoinrepublic, For the latest news updates: https://t.me/thecoinrepublic
  • March 12, 2020, also known as the ‘Black Thursday’ was a very bad day in the history of the crypto market.
  • However, three months have passed since the Black Thursday, things are getting back to how they were.
  • Other digital assets like Bitcoin Cash (BCH) and Litecoin (LTH) are still falling behind. 

March 12, 2020, also known as the ‘Black Thursday’ was a very bad day in the history of crypto assets. It was one of the worst crashes in the past of the cryptocurrencies. Several cryptocurrencies like Bitcoin (BTC), Ether (ETH), Tezos (XTZ), Ripple (XRP) faced a steep decline in their prices. It has been estimated that during that period a total of $15 billion market capital was lost. 

However, three months have passed since the Black Thursday, things are getting back to how they were. Bitcoin and Ethereum have managed to recover rapidly from their recession. But this is not the generalized case, many cryptocurrencies in the market are still facing hurdles and challenges to get back to normalcy. Other digital assets like Bitcoin Cash (BCH) and Litecoin (LTC) are still falling behind. 

Recovery Of The Crypto Market

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Bitcoin (BTC), Ether (ETH), Bitcoin SV (BSV), Bitcoin Cash (BCH), Litecoin (LTC), Ripple (XRP), Tezos (XTZ), Cardano (ADA) and Stellar (XLM) are nine major crypto assets that have been growing in the market since the previous year. All nine assets have one thing in common. Before the Black Thursday, all of them showed a spike in their market capitalization in February. 

Crypto Market
Source: coinmetrics

On February 14th, 2020, BTC’s market capital amounted to a total of $188.76 billion. So far, it is at its highest point in the year. And in the first week of June 2020, the market capitalization is somewhat $187.58 Billion, a little bit short of its highest spike. Similarly, ETH’s market peaked at $31.25 Billion, also on the 14th of February. Also, the Ethereum market capital recovered to $27.69 Billion, also on the first of June. Other than BTC and ETH, cryptocurrencies like Cardano( ADA), Cryptocoin.com Coin (CRO), and the recently rebranded OMG Network are also performing pretty well. 

But we cannot ignore that different cryptocurrencies have different recovery rates. ETH’s market capital worth on the 8th of April was around $4.92 billion, a lot less than it’s February peak of $9.01 billion. The same goes for Litecoin (LTC), Ripple (XRP) and Bitcoin SV (BSV), they haven’t been able to recover fully and often looked down on other assets in market. 

In addition to this, the stablecoin market has exploded, with Tether (USDT) taking over third place in terms of market capitalization. The addresses holding small amounts of Bitcoin and Ether has also increased considerably. With many assets lagging behind and high volatility of the price, it is very uncertain whether the crypto market will go upwards or downwards.

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