When we first hear “coronavirus” and “lockdown” we immediately start thinking about the disappointments we felt through 2020. The markets around the world have experienced the most failures since oil started historically getting low covering that it was really getting negative in some of the exchanges, the dollar currency strengthened to other currencies, and honestly, a lot of analysts started to predict the failure of Bitcoin. Getting the borders opened in the summer predicted the end of coronavirus, but this didn’t mean that the financial assets could repair the damages that were made through this year and it really took time. At that time, the only thing in the market that was showing stable growth was gold which went to $2000 for the first time in 2020. Moving to the part where Trump lost, it was a real stimulation for traders, and afterward, Biden’s victory opened up the markets. And the cheery was the COVID-19 vaccines, indeed.
The Cryptocurrency Market: BITCOIN, ETHEREUM, XRP
These currencies showed the fastest recovery and achievements in the history of the cryptocurrency market.
Bitcoin STORM currency, going below $5000 in Q1 made a lot of analysts taking things very seriously and made them confess a lot of predictable thoughts on the end of the crypto market industry. Then happened the quickest recuperation and this changed the analysts’ point of view. Bitcoin started to get compared with gold and as we mentioned above gold has huge growth. Bitcoin became important not only in the cryptocurrency zone but on traditional exchanges also. In the beginning, when BTC was growing and it achieved $10000 in Q3, the investors wanted it to stay and not to exchange the currency. While 2020 was on the edge, the amount reached the record becoming $28.000. And now, in 2021, it is expected to stay between $25.000 to $50.000.
Ethereum in 2020 was growing kind of equally as Bitcoin. 2020 for Ethereum was a well-spent year getting ready for a transition for the PoS agreement program. The best influence that is on the second row of the cryptocurrency was the popularity of DeFi that was growing, tokens that were created on the Ethereum program. Therefore, the traders weren’t confused by news on the network platforms or anything. The ETH/USD started to grow time by time, but it was in going in safe steps. Ether got into the new year with $730, that is how CEX.IO claimed. Ethereum will most probably continue to grow more and more every day and will go towards $1000 in the year 2021.
Coronavirus has caused a dramatic drop in XRP, as far as we have the information it caused over 40% damage, to the SEC lawsuit at the end of 2020 when it added some bad notes to crypto’s picture. The traders of crypto changed the market even though it was really hard for them to do that. This put the XRP on the blacklist of 2020 and it happens that it was not such a good year for them. We are waiting to see whether the XRP can recover in 2021.