March 2020 Crypto Market Roundup
While the market did show bullish gains at the beginning of February, we did see a significant correction through March in response to the COVID-19 pandemic. There was some upside toward the end of March after the US Federal Reserve announced they would print an unlimited amount of money beyond US$700 billion. But realistically this has not made any gains on the devastation of Coronavirus. For many right now, there is uncertainty, but for the investor opportunity awaits.
As we enter April, it is important to look back at last month to figure out what effect an unprecedented catastrophic event can have. Here’s how the top five crypto fared amid the ramp-up of the global COVID-19 pandemic.
What started as a gain of $500 in the first week of March, quickly fell in response to the global financial system. By the 12th March, the price fell almost $3000.
However, the bulls soon brought the price back from a $4,600 mark to a more reasonable $6,400 level. This rise was certainly no match to February’s gain of 21%. Still, this correction can be linked to the scare that the Coronavirus outbreak has caused, and the moves Governments made with stimulus packages.
Even with Bitcoin currently sitting around the $6,400 price, there is a great opportunity for investors to get their hands on some Bitcoin at a very low price. Thus, helping them when the markets go back up.
Ethereum was considered to be the crypto that would see a decrease in value after the hard fork that was executed in January 2020. However, that wasn’t the case in February, but certainly was the case for March. Like all popular crypto, Ethereum fell void of growth, dropping in value over 40%.
At a current value of $132, Ethereum is still a steal. Remember it wasn’t all that long ago when the price was at an all-time high of $1,432.88 in January 2018. Even with the market retreating, Ethereum is still to reach February’s low at $182 making it a good sign for investors to purchase some Ether at a discounted price.
Currently ranked number 3 on CoinMarketCap, Ripple wasn’t immune to the downturn – even if it was only a 26% loss of value for March. The price started at $0.23 as we entered February and went on to reach $0.34 when the entire crypto market was on the rise. Fast forward to March 8th, and there was a downside to $0.20. However, March 12th was the nail in the coffin when the price plunged to $0.139 – it was a very dark day for those who had invested this year.
While Ripple is still very far away from reaching its all-time high of $3.4, the month’s little push in its value to $0.17 is a welcome sign for investors.
Even though Ripple saw a loss in its value, the price seems to have stabilised in the last week with a $0.01 fluctuation. With the coin currently trading sideways, we might see a new bull run in the upcoming months.
While March was extremely negative for almost all of the crypto, Bitcoin Cash was no different. As the bear made its run in early March, most of the crypto, including Bitcoin cash, saw the gradual decrease in value. In Bitcoin Cash’s case, the devastation ripped nearly 30% of the pile.
Bitcoin Cash entered February with a modest value of $374. This value did react when the rest of the market started to experience the bull run. However, the percentage gain of the value of Bitcoin Cash was 18% during this bull run. Turning the coin to the other side, March was drastically different. Again, the response to the coronavirus scare was immense. Bitcoin Cash lost more value than what it had gained during February.
Hence, resulting in an actual decrease in the overall value of Bitcoin Cash since the start of the month.
Currently ranked number 7 on CoinmarketCap, Litecoin gained a lot of value in February before the crypto plummeted in March. Litecoin entered the month of March having a value of $58 and saw the price reach the bottom of the barrel by 12th March before rising to $39 at the end of the month.
Hopefully, this momentum continues in April, and we see an increase in value by 34% to make up March’s dismal difference. While the momentum was definitely with the bulls earlier, we can only hope for a second round, possibly something to rival Pamplona’s famous bull run.
What does the future hold?
As many of us are in lock-down, stuck in our homes due to the Coronavirus, the timing might be a perfect storm for reaching the masses. With everyone spending less cash and interacting more and more online, we may well see an adoption like never before. With the Bitcoin halving only days away we may well see another big bounce back.
While the entire crypto market has started to crawl back in the last week of March, it is a slow pace. The Coronavirus may well have the upper hand at the moment. Still, you should look for the advantages in our current climate. These are the times where buying into a crypto at a low price can pay off.