The cryptocurrency market has hit record lows amid the coronavirus outbreak. Bitcoin (BTC) and Ethereum (ETH) have dropped in price by 50% over the last two weeks – falling from $8,500 and $220 on March 1 to $4,200 and $98 on March 13. Despite the bearish market, on Friday the 13th, traders' interest in cryptocurrencies started to grow again with the number of “buy Bitcoin” Google queries having increased by 200%.
Does the growth of investors' interest in cryptocurrencies have anything to do with the popular trading approach when people invest in stocks after they drop in price? Probably yes, as the bearish market may give people a good option for preserving personal capital, given the current situation in the world economy. As such, this could be the reason why the cost of BTC and ETH increased to $6,000 and $150 respectively, with some people getting a chance to double their capital in just a week.
To date, however, BTC and ETH have not regained their values, which are still smaller than at the beginning of the month. The majority of other digital assets are following these fluctuations, with some exceptions, though. There are few coins that are now being traded at a higher price than at the beginning of the month.
Steem (STEEM), created by Dan Larimer who also co-founded Bitshares and EOS, saw its price growing three times from $0.18 on March 1 to $0.41 on March 21. Though its current price is one cent higher than at the beginning of the month, the overall growth can be considered significant compared to other cryptocurrencies that have lost tens of percent of their value.
The cost of the STEEM token rose amid the announcement of the Hive hard fork implemented on March 20. As a result, all STEEM holders received a similar number of Hive tokens as a bonus to their portfolio.
No hard forks and other tricks here. The reason behind the Tachyon (IPX) price growth in March is a product release. To be more precise, the project dealing with the problems of data privacy and online security has released a decentralized VPN application, which is now available for download on the AppStore and Google Play Market.
In early March, the price of the token was $0.05 and went up to $0.10 on March 20 after the release announcement was made. The price changes look especially significant given the current cryptocurrency market charts as IPX price didn’t fall even on Friday the 13th.
XeniosCoin (XNC) that was traded at $ 0.12 on March 1 is now having its price vary between $0.14 and $0.15. The fact is that the coin price not only remained at the same level but also grew by 20% since early March. Checking the information is easy – one can visit Coinmarketcap and try to find coins being traded at a higher price than at the beginning of the month. But my advice is not to waste time on it.
It should be noted that any cryptocurrency price fluctuations may result from the Pump & Dump scheme. Keep this in mind, be healthy and stay home!