Impact of The Black Thursday and COVID-19 was surely massive to the cryptocurrency industry leading to significant price drops . However exorbitant recovery trend was witnessed within the industry, with daily trading volume reaching massive $132bn in March against $67bn in January’FY20
Cryptocurrency markets have witnessed significant price falls and massive sells offs amidst coronavirus uncertainty. Industry lost about $145bn in market cap by the second week of March, falling from $264bn as on March 7th against $145n as on March 13th. Now that recovery has taken pace. Combined cryptocurrency market cap had jumped almost 80% reaching over $259bn by week ending May 15th. Whereas on the other hand, during the same period, the S&P 500 is up 24% and Dow Jones Industrial Average is up 22%.
Currently, bitcoin accounts for over 67% of total market cap in the industry with little more than $176bn, while Ethereum ranks second with $23bn value, followed by XRP with $8.9bn and Tether $8.7bn. Though after a failed attempt to test the resistance near $9,900, BTC dropped more than 7% in the last 24 hours.