Cryptos Continue Speedy Recovery

by Marvin Dumont

The cryptocurrency market has gained 56% since the March 13 crash that brought total market capitalization to $133 billion. As of Tuesday afternoon, the industry’s market cap rose to $208 billion with 64% Bitcoin dominance and $160 billion in 24-hour trading volume.

Year to date, cryptos are up nearly 4%.

The U.S. financial markets also made a big rally after the federal government passed a $2.2 trillion stimulus to counter the economic effects of the coronavirus pandemic.

According to CoinDesk:

The S&P 500, Wall Street’s equity index, has pulled off a strong 21.5 percent rally from lows near $2,190 reached on March 23, but even so it’s still down 17.5 percent for the year.

Bitcoin plummeted from $8,000 to $3,867 on March 12 and March 13. The crash also brought an attractive buying opportunity for long-term investors.

In March, the Federal Reserve announced a policy of unlimited quantitative easing to support the U.S. and global economies. In the last two weeks of March, 6% of the U.S. labor force filed for unemployment. A record 6.6 million Americans filed for unemployment during the last week of March.

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