Earlier this month, cryptocurrency suffered and took a major hit. Given the onslaught of the coronavirus, the market laid low. But in the last 48 hours, cryptocurrency has increased in value. It is a good sign. The value of cryptocurrency increased over $14 billion yesterday at 11:47 a.m. Singapore time and it reached $182.62 billion.
Most of the cryptocurrencies took a beating this month, on March 8th. And it was because of the descent in the oil prices. It was followed by another disaster that saw $93.5 billion wiped off their value in 48 hours. This led to a 48% decline in the amount of Bitcoin. However, the last 48 hours have been good for cryptocurrencies. Other than Bitcoin, Ethereum was up over 7%, while XRP also saw a more than 5% jump in its price.
According to cryptosimba, Bitcoin is now a safe bet for investors. It is so because whenever the market is at risk, it is better to invest in cryptocurrency because now it is digital gold. Many are unaware of the benefits of investing in cryptocurrency. But soon, it will take over the digital investments.
Given the decline in the assets in the market, people are afraid to invest. The scare of the corona virus has led to a fall in the market. However, the U.S. Federal Reserve announced an open-ended asset purchase program on Monday to give the investors some relief. That led to some improvement in Asia, where the stocks were broadly higher.
Cryptocurrency is a new type of investment for many people, but given the conditions, it is one that will reap many benefits compared to other kinds of investments.