The ongoing coronavirus pandemic is continuing to affect economies in the world. The benchmark indices in the US and other major economies are in a totally devastated state. Take, for instance, NASDAQ which showed some promising gain on Monday by rising 2% in the day but as the closing time approached, the benchmark index plummeted and closed at a loss of 2%. This decrease marked its worst performance in more than two weeks. Similar behavior was shown by the S&P 500 which reported a loss of 0.94%. Moreover, the Choe volatility index had breached a new high, indicating the sentiments of high uncertainty among the business environment.
Crypto Market Scenario
The picture on the cryptocurrency front, on the other hand, is quite different. The total market capitalization of the digital coins recorded a decline of 1.5% over the day; however, the dominance of Bitcoin which is 61.5% went up by 0.4%. The data from the CoinGecko showed that despite the drop in the total market cap, Bitcoin has shown a positive momentum and expected to rise in its value further in the future. On Monday, Bitcoin’s price surged to $9,342 although it fell later aligned with the developments of the stock market. The next day Bitcoin dropped to $9,149 but then bounced back to the level of $9,200.
Another interesting factor that critics have been able to identify is that other digital coins underperformed via-a-vis Bitcoin. Specifically, some altcoins which performed strongly against Bitcoin showed reverses in their fortunes. For example, ChainLink (LINK) hit the highest mark of $8.50 initially although it dropped to $6.86 before recovering to the level of $7.20 later on. Ethereum (ETH) also fell by 1.83% though this fall is lower than what other altcoins have faced recently.
It’ll be interesting to witness how the future will unfold for both equity and crypto market. The expectations are high for Bitcoin and experts are predicting the bull run for the crypto market. The future of the equities market, however, is not very optimistic as indices across the globe showing little signs of revival in the wake of worsening impacts of Covid-19. If you want to invest or trade-in Bitcoin for-profit purposes then you should know about Crypto Robo and platforms that allow you make a good profit even in the worst situation.