US, WASHINGTON (ORDO NEWS) — Cryptocurrencies switched to active growth this week, despite the fact that the situation on the stock market remains unstable: investors are concerned about the coronavirus pandemic.
Meanwhile, according to Coindesk, Bitcoin added 10% per day, trading in Singapore at the level of $ 6569.17. Ethereum added over 7% over the same period, and XRP – over 5 percent.
According to Coinmarketcap.com, market capitalization, or the total value of the cryptocurrency market, grew by $ 14 billion per day, reaching $ 182.62 billion.
In early March, cryptocurrencies, like other assets, fell victim to the panic that prevailed in the markets due to the coronavirus epidemic and the fall in oil prices. So, on March 8, the cryptocurrency market capitalization collapsed in a day to $ 93.5 billion. Bitcoin collapsed by 48%.
However, investors perked up, including encouraged by signals from the US Federal Reserve. “We are witnessing some really bullish price movement of bitcoins in parallel with other asset classes, after the Fed announced unprecedented measures to support the economy,” said Vijay Aiyar, head of the Luno cryptocurrency exchange business development department, to CNBC.”
“It will be interesting to see how bitcoins will feel in such conditions, given that this is the first test as an asset-refuge in a downturn in the market,” the expert added.
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