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Experts say the cryptocurrency market is less affected than the traditional stock market because of the crisis resulting from the coronavirus pandemic. So, the S&P 500 index fell by 20%, which is the worst quarterly indicator since 2008; and the Dow Jones index showed the maximum quarterly drop since the year 1987: -23.2%. Meanwhile, the cryptocurrency market dipped in the first three months of the year by only 5% — from $ 190.8 billion to $ 180.9 billion.
The maximum value for this year — more than $307 billion —the crypto market cap reached in February. The minimum was recorded during a rapid fall on March 13 — 131.8 billion dollars.
Fig. 1 Dynamics of cryptocurrency market capitalization in the Q1 2020
The total value of all altcoins also decreased by 5%, from $63.4 billion to $ 60.4 billion.
How the market share of key cryptocurrencies has changed
Bitcoin lost 3.5 percentage points in the first quarter - its share decreased from 68.3% to 64.8%. Ethereum, in contrast, managed to increase its market share by 0.77 percentage points.
Table 1. Change in market shares of key cryptos
How Bitcoin Value Has Changed
Fig. 3 Bitcoin value and capitalization dynamics
In the first quarter, bitcoin fell by 10% from $7,184 to $ 6,451, the capitalization of the key cryptocurrency decreased by 11.5%.
Proponents of cryptocurrencies believe that further volatility in traditional stock markets can increase the demand for cryptocurrencies and thereby positively affect the value of bitcoin. There are predictions that in the near future the world can see BTC for 20 thousand dollars. Bitnewstoday will follow developments.
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