COVID-19 has been affecting the entire world, and this challenging process has had an influence on the cryptocurrency market, too. Although the price movement, which is intrinsic to the market, has been continuing, we can see investors turning to cryptocurrencies more and more.
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- On March 16th, the total market value of Bitcoin decreased to 84 billion dollars, but while this article was being written, the market value increased to 127 billion dollars following the price movements.
- This increase is valid for the market value of all cryptocurrencies. According to the data provided by CoinMarketCap, the market value of 5296 cryptocurrencies decreased to 132 billion dollars on March 13th, but as of today it is over 194 billion dollars.
Cash has started to lose its functionality
Though price movements and changes in market value are intrinsic to the cryptocurrency market, the influence of Coronavirus is getting more and more evident.
- As mentioned in our earlier LogEditor articles, people showed more interest in online shopping during this process. The pandemic brought the use of cash to a standstill. The risks caused by shopping physically and the health-related doubts resulting from the use of cash in shopping were a reason for this interruption.
- The recent developments reveal that cryptocurrencies will become more popular for they are decentralized, offer transfer options at low costs and ensure financial freedom.
- As long as cryptocurrencies are used as a payment method in daily life, the growth in cryptocurrency market will continue.
Blockchain is a serious alternative
Cryptocurrencies have been the most attention-grabbing products of blockchain technology and some other developments in blockchain help us reach certain results.
- It is known that many countries, primarily China have already turned to blockchain technology. China’s huge transportation company SF Express has turned to blockchain technology in its services and engaged in research in this field, which once again has proven that this technology is a need.
- The fact that WHO is also working on blockchain to share the data about the pandemic has had press coverage, too.
- Another consequence of the pandemic is that some people have turned to blockchain-based games to spend time at home. For example, in TheSandbox, which is an Ethereum-based mobile game, a virtual land worth 450 billion dollars was sold.
Blockchain is used more and more in fields like transportation, data sharing and games. This technology is likely to facilitate developments in scaling, smart contracts, approval and notarial acts.
Toilet Paper Token, the new cryptocurrency has made a quick entrance to the market(!)
While all these things were happening, we witnessed an enjoyable “development” in the world of cryptocurrency.
- On April 1st, CoinMarketCap had a new “cryptocurrency” on its list, which overtook Bitcoin, the leading cryptocurrency: Toilet Paper Token
- The information that stocks have run out was added to the part, where the “cryptocurrency” amount in circulation is entered. Because of the panic triggered by the pandemic, people all over the world had already started to store toilet paper. This was, thus, turned into an April Fool’s Day prank.
All these developments from last week show that cryptocurrencies have become more preferable. This is a sign that people are placing more and more trust in cryptocurrency market. The technology projects in blockchain are also encouraging for users to adapt to this field more quickly.
Bu içerik en son 26 October 2022 tarihinde güncellenmiştir.
