The rise of cryptocurrencies like Bitcoin has been active and consistent for years now. It is a rise that has more than proven itself time and again to be exponentially impressive and incredibly exciting, an indication of what we can expect from finances in the future, if you will. This year, it seemed like Bitcoin and the market in general were going to enjoy a relatively strong year. Now, uncertainty is in the air, as the global market is finding itself in the throes of a struggle that is both rigid and unstable at once. There is a lot to be understood and acknowledged surrounding this truth, and much of it comes down to the fact that we simply are not in a position that is anywhere near as sure-footed as it was even two days ago, let alone three months ago as the beginning of 2020 was fast approaching. The impact on rising trends like cryptocurrency (and the rest of the world, of course) has been nerve-racking.
The rising cryptocurrency trend
Ultimately, the cryptocurrency trend is one that is gaining more and more traction all the time. Once thought to be nothing more than a passing trend that would not stick, this decentralised iteration of global currency has begun to make its mark and transform the way that modern consumers view their currencies and financial undertakings. For a long time (even despite the controversy that marred cryptocurrencies like Bitcoin since the dawn of their introduction to the world), cryptocurrency has been evolving and growing. This year, it was set for another year of excellent growth from the onset. Whether it was through exchanges or FX brokers to buy cryptocurrency, it looked promising.
Coronavirus impacts the market
And then a virus swept the globe. In the midst of the coronavirus and its impact on every aspect of the market, the value of practically everything available on the market has been impacted. As it turns out, this includes crypto giant Bitcoin. Last week, the “extreme market volatility” resulted in the Bitcoin price dropping below $4,000, a marker that was a solid indication that it would continue to fall with the rest of the market. However, this has not been the case (for now, at least). Slowly but surely, the Bitcoin price has risen to $5,000 later this week, an interesting rise considering the falling value of the rest of the market.
Bitcoin value takes a hit and perseveres
Today, Bitcoin price has risen to $6,000 once again, further fuelling the intricate debate surrounding its rise and the reasons behind it. Many individuals think that the rise is simply a result of Bitcoin being oversold in the market following a significant sell-off throughout the last week along with the rest of the market. At the end of the day, the defining characteristic of Bitcoin seems to be that regardless of what is thrown its way, it perseveres. Perhaps surprisingly, this is a notion surrounding the crypto giant that persists even (and especially) now in the midst of the global coronavirus outbreak and its impact on the market.