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The impact of COVID 19 on the performance of Bitcoin

Bitcoin is unstoppable

physical bitcoin on table
Image: Unsplash

Coronavirus brought a deadly pandemic along with its entry, declared by the world health organization. It brought panic in the life of investors and impacted the financial markets all over the world, counting cryptocurrency in.

The emergence of Covid smashed the immunity of a human being but gave respect and help to the immune system of the market of cryptocurrency. Bitcoin, one of the leading cryptocurrencies, can be used to buy and sell goods and products, services online. There was a hedging role of the digital money in this uncertainty brought by the coronavirus.

Another valuable purpose of Bitcoin is to buy it in the aim of investment in the hope of increasing its value in future as others may want to buy it later on. There was a positive correlation between the number of deaths and coronavirus cases and bitcoin. Bitcoin is said to be the biggest chance of opportunity in the world of lockdown, as for example no need for banks for the cause of transaction as blockchain technology was already adopted by the bitcoin department. It is used to track the transaction activity.

Bitcoin before Coronavirus:

This e-money is although volatile in nature, but always tries its level best to sustain a great temperament in its nature. This is the kind of Bitcoin who helps in increasing the levels of dopamine and adrenaline rushes to make investors feel euphoric. The world before corona hosted bitcoin with less attention, as more people relied on banks and paper currency, until sops of corona knocked their doors.

In October 2013 Bitcoin price in US dollars was 196.02, this consistency was maintained till October 2016. While February of 2019 brought good news of $ 1189.95 and farewells December 2019 with $ 13062.15, it was the maximum rise according to statista.com before Covid arrived. This line chart will help you in analyzing the statistical comparisons in order to form objective contrast of before and after Corona.

When Bitcoin met Covid-19:

2019 was a remarkable time to invest in Bitcoin. You know you are lucky and richer than before because you chose 2019 as the year of your bitcoin boom, and those who didn’t are luckier in my perspective because you are reading the content related to Bitcoin as it helps your mind makeup, you are following the path to gain success and financial assets simultaneously. The ease provided by bitcoin system adds the aid in using Bitcoin more in late 2020, as does an auto trader where you sit back and relax while it trades on your behalf.

Coronavirus is leaving behind the concept of use banks useless, while accelerating the importance of cryptocurrencies like Bitcoin. There is an increasing interest in digital assets due to the lifestyle shaped all because of the outbreak of coronavirus. A total of almost 18.5m bitcoins were circulating around the world during the second last quarter of 2020.

Bitcoin held a 66 percent share of the total cryptocurrency market in 2020. On late Friday Bitcoin reached $18,600. The Bull Run in 2020 is the fastest of all, encouraging investors to trust blindly on Bitcoin. In Feb 2019 Bitcoin was at $3,772.94 till June 2019 it was at the peak of $ 12,024. Bidding farewell to 2020 at $ 28,768 in December. And now in January 2021 new jaw-dropping peaks are formed by the Bitcoin performance.

This vertical constant rise was becoming a routine of bitcoin prices, as you can see from September 2020 to December 2020 it was only a rise from $10,764 to $ 28,786. On, January 4th, 2021, was $ 33,002. Forming a new peak on January 9th, 2021, of $ 40,519. And the mid of January lies on $ 38,435 and latest on January 18th it was $ 36,375.

Market share of Bitcoin ATM producers worldwide;

·   Genenis coin – market share  37.8 %

·   General Byte – market share  27.6 %

·   BitAcess – market share 10.1 %

·   Coinsource – market share 7.1 %

·   Lamassu – market share 4.3 %

·   LightningXchange – market share 2.8 %

·   Bitshop – market share 2.7%

·   Others – 7.7 %

As shown above, Genenis coin is taking the lead, with nearly more than one third of global market share of Bitcoin ATM producers.

Take home notes:

·   Bitcoin will reach $ 50,000+ in the mid of 2021

·   The high peaks will reach more height

·   The lows will go high too

·   China’s GDP grew 6.5 % in the end of 2020, this expansion in such uncertainty was only possible due to crypto currency

·   Mr.Swift predicts bitcoin price will hit $92K to $137K in October 2023

·   $ 3 trillion YES ‘I repeat- $ 3 trillion total valuations in 2025

·   The future is crypto currency, a new alternate to gold assets that is open to debate

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