The cryptocurrency market has grown stronger than other areas in recent months. For example, the price of bitcoin has increased by almost 150%, to the current level of $9700. While the S&P 500 index rose 46% from March lows to 3,200 points.
In any crisis, some investors panic, sell off assets and go into the cache — this is psychology and will always be the case, said financial analyst of the investment company Raison Asset Management Nikolai Klenov. If we consider the March collapse of the bitcoin exchange rate as the result of such a panic, then in the case of a new pandemic, this behavior will repeat.
“However, I tend to believe that the March collapse of bitcoin is more the result of manipulation by large holders, rather than a natural market movement.
It is impossible to predict now what to buy in the next pandemic — bitcoin or altcoins. It is unknown when this new crisis will happen and what the situation in the cryptocurrency market will be. Perhaps a new pandemic is waiting for us in 15-20-30 years, and during this time a new coin will appear, which will be more popular than all known today, ” Klenov said.
At the moment, bitcoin is the largest cryptocurrency by capitalization. Its share in the digital money market is 64.8%. At the same time, there are currently more than 5560 altcoins, according to The coinmarketcap portal.