The cryptocurrency industry has managed to see a surge amid this ongoing worldwide Covid-19 pandemic that has devastated all major economies in the world. During this uncertain period of time, several crypto startups have appeared to meet the ever-increasing need for Bitcoin and other cryptocurrencies. The crypto market capitalization driven by Bitcoin’s rise has recently reached the $1 trillion level. And out of that, Bitcoin has been on a bull run for quite a while and is accounting for almost 69% of the overall market share. Here is why crypto prices have been rising even during a worldwide pandemic.
Crypto is easily accessible
Cryptocurrency basically represents digital money that can be used both as a currency trading tool and a store of value. While it has just begun to attract traction as a legit payment tool, it has developed itself as a new asset class over the last ten years.
The general public may refuse to use it for purchases, for now, but many prefer to exchange their cash into crypto. That’s because they feel that its deflationary existence renders it a great store of value and a buffer against inflation.
Crypto prices increasing during the pandemic
Another reason why crypto prices were increasing during the pandemic is linked to its institutional adoption. Cryptocurrencies, in particular Bitcoin, are now being used as a safe haven weapon against financial uncertainty and inflation. The new social and economic condition often creates an environment in which people keep less cash and remain protected from price fluctuations.
Lately, there has been a movement where public corporations are transforming their cash treasuries to crypto. Square, a US payment firm, has acquired $50 million worth of bitcoins. Subsequently, Microstrategy, a publicly-traded firm in the US, exchanged $425 million worth of cash deposits into Bitcoin, finding it to be a stronger store of value.
How to take advantage of this
If that prices in the crypto sector make you believe it’s too late to start investing in cryptocurrencies, realize that these are only the early stages. More and more countries are looking to control the industry, cryptocurrencies will definitely become a lot more common. In this case, you can always visit the official website of the online broker called Atmo360 and possibly find your new ally when it comes to crypto trading.
They make investments in global markets open to all traders with a clever, convenient, and user-friendly trading platform. You can also trade CFDs for forex, stocks, and, most importantly, cryptocurrencies.
Trading has never been simpler with their 100% free trading app, which helps you be ahead of the markets and never miss a potentially-great opportunity. With over 1000 downloads a day, this trading app is one of the most popular and used at the moment. Atmo360 conforms with the strictest standards and policies. The well-being of the traders is a primary concern for them.