The Thriving Crypto Economy Amidst The Pandemic

The crypto economy has gradually outperformed the $1 trillion valuation mark. As people sat back home during the lockdowns, dependency on the internet grew and so did an interest in digital currency/crypto. Presently market capitalization of all the coins in existence is valued at $1.41 trillion. Just this week Bitcoin had arrived at a record-breaking high of $49,000 per unit.

This year has been a significant year for Bitcoin. It saw substantial gains this year and the digital asset has seen an overall increase of 149.6% since the all-time high in 2017. Bitcoin has captured 198% in gains in the last 3 months it’s dominance index is 61.1%.  Impliedly, despite the fact that Bitcoin has hopped enormously in worth, other unconventional crypto resources have seen greater price increments.

For instance, Dogecoin has seen extraordinary additions during the most recent three months bouncing 2,322.09% in incentive during that time period. Dogecoin is the second-largest gainer throughout the last 90 days. However, the Orion protocol token has expanded by an astounding 50,641.88% to date.

It would be hard for any crypto resources to match upto Orion’s jump. But there is a huge number of other alternate cryptocurrencies that have seen extremely huge 90-day gains. Followed by Dogecoin is Telcoin, which has acquired 2,281.63% in 90 days.

Various other prominent digital assets taking positions include Sushiswapat 1,446.24%, Torrential slide at 1,285.09%, and Cardanoat 1,226.06%. The greatest washouts in the last 3 months have been coins like Aced, Wavesgo, and Digitex Futures.

In terms of the US dollar, up till now Bitcoin has gained 301.46%. However, the largest top ten positioned crypto that has seen the biggest USD gain since the beginning of 2020, is Ethereum. It has jumped 463.55% from that point forward.

However, throughout 2020, the year of pandemic and up until now, various different cryptocurrencies have seen way greater gains. For instance, statistics on messari.io show that since the beginning of 2020, Game Stars expanded by 68,928.03%, while Zap has acquired 5,716.86%.

Some coins have even lost over 90% of their values since 2020. For instance tokens like JibrelNetwork, ThoreCash, Educare, Omnitudeand OrsGroup have lost between -94.98% to -98.49% in value.

Nonetheless, the crypto economy increased in worth considerably afterTesla revealed that it had bought $1.5 billion worth of Bitcoin (BTC). Also, Musk has avidly been sharing memes and tweets about the dogecoin, taking its value a notch higher.

What has also been the talk of the town is how payment and card companies have also started taking a keen interest in cryptocurrencies. Mastercard recently announced its support for cryptocurrency. Visa, after partnering with a few cryptocurrency platforms also announced that it would start facilitating banks in rolling out Bitcoin. In addition, the most seasoned monetary establishment in America BNY Mellon will offer cryptocurrency services.

Tesla’s latest news, BNY Mellon’s and Mastercard’s introduction to the cryptocurrency space indicates another price boom for bitcoin.

Jerry Dedmon

Author: Jerry Dedmon

Jerry Dedmon is a new writer on Cryptocoin Stock Exchange, his articles are cryptocurrency news, analysis and blockchain news based. We recommend tuning in for Jerry's daily posts as they are always a great and interesting read.

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