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    Home / Press Releases / Shock, Hustle, and After-shock Predictions About Coronavirus

Shock, Hustle, and After-shock Predictions About Coronavirus

30 March, 2020
Post Views: 2,547

Along with the unprecedented effect that the coronavirus has had on global health, it’s also caused havoc to the global economy. After four months of spreading, there is not a single financial market that has not been affected by COVID and the cryptocurrency market is no exception.

The question now is where we are headed and what we can expect from the global economy in the next coming months. Whether you’re planning on benefitting from the turmoil using a cryptocurrency trading platform or you want to protect your investments from further losses, predicting what might happen should be a top priority.

On the following page, you can read more about our predictions based on our long experience trading and investing in cryptocurrencies. Just keep in mind that these are predictions and that nothing is written in stone.

Table of Contents

  • Global Instability On the Markets
  • Record-Breaking Drop in Market Capitalization
  • Prediction: Should We Expect a Bull Run?
  • How To Protect Your Portfolio

Global Instability On the Markets

At this point, there is no denying that the coronavirus outbreak has had a widespread negative effect on every market in the world, mainly the global stock markets and the cryptocurrency market.

On several occasions in the past few weeks, the US stock market has plummeted to record-breaking lows. Moreover, just a few weeks ago, the cryptocurrency market collapsed.

Subsequently, even though we’ve seen some growth over the last couple of days, the global economy is still very unstable and volatility is at an all-time high. Naturally, this makes it a lot harder to make and predictions on where the cryptocurrency market is headed.

To try and get a better idea, we must take a look at what’s happened so far.

Record-Breaking Drop in Market Capitalization

In mid-February, the cryptocurrency market was flourishing, and at the time, it seemed like it would not be affected by the spread of corona. Around February 12th, the price of Bitcoin closed in on $10,300, which was the highest value recorded since September 2019.

Shortly thereafter, things took a turn for the worst and between March 12 and March 13, after already having lost over $1,000 in value over a week, the price of Bitcoin plummeted, dropping 40+% in just 24 hours (from $7926 to $4402).

Similar patterns can be seen across most of the market. For example, between March 7 and March 13, the price of Ethereum dropped 55+% (from $248 to $110). During the same time from, Bitcoin Cash dropped 56+% (from $343 to $151).

As you can see, it was a total blood bath and investors and traders from all over the world were panicking and started selling, which most likely, increased the decline. Although, since then the market has recovered slightly, and based on the latest data, we’re able to make a quite accurate prediction about the future.

Prediction: Should We Expect a Bull Run?

Now to the million-dollar question: what will happen to the cryptocurrency market now?

Well, as always, there is no sure way to tell. What we can say based on how the market has behaved previously, there is a high likelihood that we will experience a major bull run during 2020. The market has also already shown that it has the potential to grow to new heights this year considering that January was one of the best months for cryptos since mid-2019.

With that said, there is an obviously strong correlation between the cryptocurrency market capitalization and the coronavirus so we shouldn’t expect any major changes until the virus has been defeated. A number of financial experts are also worried that we have entered a major recession and it would be the first-ever to hit the crypto market, making it extremely difficult to predict what will happen.

All things considered, we are confident that the market will turn eventually and that we will probably experience a bull run with similar characteristics as the famous bull run of 2017. At the same time, more losses and plummeting prices should be expected until the coronavirus is under control.

How To Protect Your Portfolio

Due to this, many cryptocurrency investors are looking for ways to protect their portfolio for further losses, and that is another problem. Since all markets, including the stock and commodity markets, are struggling even worse than the cryptocurrency market, there aren’t so many options to pick from in terms of diversification and portfolio protection.

Therefore, our advice is to hold on your investments until we can paint a better picture of where we’re headed. As mentioned, the cryptocurrency market will likely bounce back and the investors with patience enough to wait will be able to reap the benefits.

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About the author
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Alice Lynx
Alice is an advocate of free speech and privacy. She has spent the last 5 years writing professionally for various websites and in 2018 started the Cryptalker blog to give voice to underrepresented groups of crypto-enthusiasts.
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