Bitcoin was up well over 10% in the last 24 hours. Other coins, which included ETH and even XRP are also much higher. The market capitalisation, or in other words, the entire value of the currency market has risen by over $14 billion in the last 24 hours. The currency market suffered a somewhat violent sell-off earlier in the month and this is because global marketers tanked. A lot of this is being put down to the Coronavirus.
Prices are Rallying
Cryptocurrency prices have rallied and now even equity markets are coming under some degree of pressure. This comes down to the fears about the coronavirus and it is weighing on the investor’s sentiment. Bitcoin was up well over 10% when you compare to how things were previously and ETH was up by 7%. A lot of casino sites are still functioning even though there has been a coronavirus outbreak. One of them includes the SlotsHeaven UK website. The rise in Bitcoin could be down to the fact that people are investing in online markets and they are still continuing to spend online as well. Of course, Bitcoin wasn’t really a hit when it first started out. In fact, it took a while to catch on. As time went on, it’s safe to say that it really took off and this helped the market to rally. The rise of Bitcoin then led to even more markets starting up, including Ethereum and even Ripple. If you have never heard of, or invested in cryptocurrency before then it should be noted that it is a very unique market and that more and more efforts are being put into making sure that it is being given the overall support required to carry on functioning at a high level.
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Market Capitalisation
It should be noted that cryptocurrencies took a severe beating earlier on in the month. On March 8th, the entire market sold off and this is because oil prices plummeted. On March 12th various currencies saw over $93.5 billion wiped off their total value in well under 24 hours. Bitcoin crashed by over 48% as well. A lot of the selling off came down to the fact that there was a lockstep in the equity market. Over the last couple of years, Bitcoin has been linked to being digital gold. It has even been seen by some as being a safe asset to invest in. This is especially the case if markets are under pressure right now. Bitcoin, which is priced way lower than where it stood at the start of the year looks to be behaving much more like a risk asset.
Stocks in the US
Stocks in Europe and the US have also lowered again. Currencies are bucking the trend as well, which is not good to say the least. Take Asia for example, the stocks were way higher on Tuesday morning and this is after the Federal Reserve announced that they were going to have an open-ended purchase system that would be released in the near future. In Asia, the Federal Reserve announced an asset program which would support markets as the number of cases for coronavirus looks to be on the rise. Some experts agree that they are now seeing some very bullish price action today along with various other asset classes. The FED have announced that they are going to be taking measures which will help them to shore up the economy. The head of business development over at Luno, which is a cryptocurrency exchange has stated that this has given a lot of investors some degree of confidence and that it could be just what the market needs.
Of course, only time will tell what the future holds but right now it looks like more and more is being done to try and make sure that people are given the support and information they need to make wise investments. Experts are saying that the future is looking bright and this is a very positive step towards the market in general. If things carry on as they are then this could really bolster the industry as a whole.