Crypto Market Update on COVID-19 Crash-iversary

It’s been one year since the COVID-19 pandemic really took hold and sent global markets into a tailspin. Things have largely recovered since, but the crisis has caused many to seek out alternative investments — particularly in cryptocurrencies.

This increasing demand for cryptocurrencies is evidenced by the explosive rise in prices across the crypto markets. While some have done considerably well, not every asset is seeing a seamless transition.

Bitcoin (BTC)

Exactly one year ago, Bitcoin was briefly trading below $4,000 after freefalling from the $8,000 level.

Its steady increase in adoption price over the past year can be attributed to a number of factors. As workers were sent home due to the lockdown from the Coronavirus, many started dipping their toes into the markets. In the United States, this was compounded by many receiving stimulus checks.

Institutional investors began growing concerned over the dollar’s potentially shrinking leverage. At the same time, the U.S. Federal Reserve continued pumping money into the economy to stave off a COVID-induced recession.

Many investors, both large and small, began turning to bitcoin as a hedge against inflation. This philosophy has been expounded by MicroStrategy CEO Michael Saylor. His company first started acquiring bitcoin in August 2020, and currently holds 91,064 BTC. Since then, high-profile acquisitions from Elon Musk’s Tesla, and Jack Dorsey’s Square have strengthened its prospects.

Ethereum (ETH)

Although bitcoin saw greater momentum, it was only natural that the rally would spread throughout the crypto markets. This obviously also helped to boost the second-ranked Ethereum. However, it also had help from the growing popularity of ETH applications, in particular, decentralized finance (DeFi) and non-fungible tokens (NFTs).

According to DeFi Pulse, the total value across all DeFi protocols was a mere $680 million at the beginning of 2020. By the end of the year, it had reached $15 billion — a 2,100% increase.

Last year, the total value of transactions in the NFT sector surged by 299% on a year-on-year basis. This value reached more than $250 million, according to a joint study by NonFungible.com and foresight company L’Atelier BNP Paribas. Fast forward to the present day, and we can see multiple instances of NFT art selling for millions of dollars apiece.

Ripple (XRP)

Meanwhile, XRP hasn’t fared as well as its former crypto podium pals. Its reputation took a significant hit when the U.S. Securities and Exchange Commission (SEC) formally indicted Ripple Labs Inc. and its former and current CEO.

The company and its executives have worked hard to combat the charges, but the damage seems to have already been done. While XRP is no doubt doing better than it was a year ago, its comparative market cap has fallen significantly. It currently ranked number in terms of market cap at $20 billion.

A brief overview of the three shows that while BTC has increased roughly 1,000% year-to-date, ETH has actually performed even better, at over 1,500%. Meanwhile, XRP shows a “mere” 232% increase to show for the past year.

Source: TradingView

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All the information contained on our website is published in good faith and for general information purposes only. Any action the reader takes upon the information found on our website is strictly at their own risk.

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bitcoin
Bitcoin (BTC) $ 33,333.00 1.50%
ethereum
Ethereum (ETH) $ 1,944.81 0.88%
tether
Tether (USDT) $ 0.998161 0.66%
polkadot
Polkadot (DOT) $ 15.38 0.61%
cardano
Cardano (ADA) $ 1.22 2.71%
binance-coin
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xrp
XRP (XRP) $ 0.626909 6.69%
litecoin
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chainlink
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bitcoin-cash
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stellar
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usd-coin
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dogecoin
Dogecoin (DOGE) $ 0.222450 14.79%
wrapped-bitcoin
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uniswap
Uniswap (UNI) $ 17.54 3.46%
aave
Aave (AAVE) $ 203.10 4.37%
cosmos
Cosmos (ATOM) $ 9.55 2.81%
monero
Monero (XMR) $ 214.41 3.13%
eos
EOS (EOS) $ 3.60 2.94%
bitcoin-sv
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tron
TRON (TRX) $ 0.054400 4.30%
nem
NEM (XEM) $ 0.107971 7.50%
iota
IOTA (MIOTA) $ 0.773222 4.92%
vechain
VeChain (VET) $ 0.073450 2.88%
tezos
Tezos (XTZ) $ 2.62 7.67%
theta-token
Theta Network (THETA) $ 6.64 3.26%
havven
Synthetix Network Token (SNX) $ 6.54 0.50%
avalanche-2
Avalanche (AVAX) $ 11.08 1.42%
neo
NEO (NEO) $ 32.28 2.49%
terra-luna
Terra (LUNA) $ 5.11 4.64%
dash
Dash (DASH) $ 123.75 0.87%
huobi-token
Huobi Token (HT) $ 9.85 3.58%
okb
OKB (OKB) $ 9.71 2.18%
elrond-erd-2
Elrond (EGLD) $ 64.01 4.70%
crypto-com-chain
Crypto.com Coin (CRO) $ 0.094598 4.31%
the-graph
The Graph (GRT) $ 0.568289 10.19%
compound-ether
cETH (CETH) $ 38.81 0.55%
solana
Solana (SOL) $ 29.41 8.06%
maker
Maker (MKR) $ 2,268.85 3.32%
filecoin
Filecoin (FIL) $ 56.50 11.91%
cdai
cDAI (CDAI) $ 0.021632 0.50%
dai
Dai (DAI) $ 1.00 0.42%
ftx-token
FTX Token (FTT) $ 26.01 3.04%
celsius-degree-token
Celsius Network (CEL) $ 5.68 4.95%
sushi
Sushi (SUSHI) $ 6.92 4.59%
kusama
Kusama (KSM) $ 195.28 0.47%
compound-governance-token
Compound (COMP) $ 236.56 3.61%
zcash
Zcash (ZEC) $ 107.64 0.30%
ethereum-classic
Ethereum Classic (ETC) $ 39.55 3.36%
decred
Decred (DCR) $ 109.65 5.72%
binance-usd
Binance USD (BUSD) $ 1.00 0.22%
compound-usd-coin
cUSDC (CUSDC) $ 0.022169 0.42%
zilliqa
Zilliqa (ZIL) $ 0.072507 1.93%
uma
UMA (UMA) $ 8.80 0.32%
yearn-finance
yearn.finance (YFI) $ 30,723.00 4.95%
leo-token
LEO Token (LEO) $ 2.44 3.58%
pancakeswap-token
PancakeSwap (CAKE) $ 13.22 5.87%
waves
Waves (WAVES) $ 12.73 0.49%
near
Near (NEAR) $ 2.06 6.30%
amp-token
Amp (AMP) $ 0.061718 3.77%
0x
0x (ZRX) $ 0.623456 4.81%
huobi-btc
Huobi BTC (HBTC) $ 33,118.00 0.96%
algorand
Algorand (ALGO) $ 0.800647 3.04%
digibyte
DigiByte (DGB) $ 0.042086 3.70%
icon
ICON (ICX) $ 0.761577 4.69%
hedera-hashgraph
Hedera Hashgraph (HBAR) $ 0.176814 4.33%
nexo
NEXO (NEXO) $ 1.43 3.49%
xsushi
xSUSHI (XSUSHI) $ 7.97 6.07%
ethos
Voyager Token (VGX) $ 2.05 4.29%
loopring
Loopring (LRC) $ 0.215972 5.08%
thorchain
THORChain (RUNE) $ 5.47 0.87%
ontology
Ontology (ONT) $ 0.610337 1.82%
renbtc
renBTC (RENBTC) $ 33,112.00 0.69%
nano
Nano (NANO) $ 4.57 2.06%
basic-attention-token
Basic Attention Token (BAT) $ 0.549992 11.15%
omisego
OMG Network (OMG) $ 3.59 3.77%
republic-protocol
REN (REN) $ 0.342203 3.66%
zencash
Horizen (ZEN) $ 63.11 8.67%
bittorrent-2
BitTorrent (BTT) $ 0.002298 4.77%
swissborg
SwissBorg (CHSB) $ 0.516217 3.39%
ravencoin
Ravencoin (RVN) $ 0.052003 5.47%
iostoken
IOST (IOST) $ 0.017999 7.40%
qtum
Qtum (QTUM) $ 5.59 6.69%
paxos-standard
Paxos Standard (PAX) $ 1.00 0.01%
venus
Venus (XVS) $ 19.32 0.75%
blockstack
Stacks (STX) $ 0.623967 3.56%
matic-network
Polygon (MATIC) $ 1.15 4.22%
curve-dao-token
Curve DAO Token (CRV) $ 1.44 0.04%
siacoin
Siacoin (SC) $ 0.009996 5.95%
quant-network
Quant (QNT) $ 66.55 7.78%
bancor
Bancor Network Token (BNT) $ 3.04 1.37%
reserve-rights-token
Reserve Rights Token (RSR) $ 0.022251 0.36%
fantom
Fantom (FTM) $ 0.236786 5.62%
mdex
Mdex (MDX) $ 1.66 1.78%
enjincoin
Enjin Coin (ENJ) $ 0.986759 4.81%
energy-web-token
Energy Web Token (EWT) $ 5.89 5.67%
lisk
Lisk (LSK) $ 1.91 1.92%
ampleforth
Ampleforth (AMPL) $ 0.842952 4.67%
balancer
Balancer (BAL) $ 16.43 2.67%
terrausd
TerraUSD (UST) $ 1.00 0.14%
ocean-protocol
Ocean Protocol (OCEAN) $ 0.400154 4.50%
husd
HUSD (HUSD) $ 0.996722 0.92%
nxm
Nexus Mutual (NXM) $ 74.62 1.37%
1inch
1inch (1INCH) $ 2.56 2.87%
bitcoin-gold
Bitcoin Gold (BTG) $ 36.90 3.56%
kyber-network
Kyber Network Crystal Legacy (KNCL) $ 1.30 3.87%
verge
Verge (XVG) $ 0.021556 0.15%
decentraland
Decentraland (MANA) $ 0.483053 5.64%
alpha-finance
Alpha Finance (ALPHA) $ 0.366785 6.21%
flow
Flow (FLOW) $ 8.62 19.16%
band-protocol
Band Protocol (BAND) $ 5.23 6.70%
status
Status (SNT) $ 0.040936 3.37%
dodo
DODO (DODO) $ 0.951413 2.47%
bitcoin-cash-abc-2
Bitcoin Cash ABC (BCHA) $ 17.37 7.27%
compound-usdt
cUSDT (CUSDT) $ 0.021272 1.32%
xdce-crowd-sale
XDC Network (XDC) $ 0.055496 0.31%
staked-ether
Lido Staked Ether (STETH) $ 1,934.92 0.43%
arweave
Arweave (AR) $ 11.57 7.73%
polymath-network
Polymath Network (POLY) $ 0.123703 1.30%
safepal
SafePal (SFP) $ 0.717546 0.08%
true-usd
TrueUSD (TUSD) $ 1.00 0.31%
zkswap
ZKSwap (ZKS) $ 0.840697 5.79%
polkastarter
Polkastarter (POLS) $ 1.01 0.10%
ethlend
Aave [OLD] (LEND) $ 2.12 0.84%
helium
Helium (HNT) $ 12.10 17.54%
civic
Civic (CVC) $ 0.184950 7.51%
pundi-x
Pundi X [OLD] (NPXS) $ 0.001657 42.99%
kava
Kava.io (KAVA) $ 3.30 3.70%
golem
Golem (GLM) $ 0.219482 1.96%
harmony
Harmony (ONE) $ 0.058291 5.95%
nucypher
NuCypher (NU) $ 0.224948 1.61%
holotoken
Holo (HOT) $ 0.005781 0.29%
nusd
sUSD (SUSD) $ 1.01 0.70%
electroneum
Electroneum (ETN) $ 0.006101 1.59%
nervos-network
Nervos Network (CKB) $ 0.011916 1.80%
derivadao
DerivaDAO (DDX) $ 2.34 5.40%
district0x
district0x (DNT) $ 0.126975 2.57%
bitcoin-diamond
Bitcoin Diamond (BCD) $ 1.94 3.95%
trust-wallet-token
Trust Wallet Token (TWT) $ 0.293595 0.67%
rif-token
RSK Infrastructure Framework (RIF) $ 0.153986 9.03%
swipe
Swipe (SXP) $ 1.81 3.23%
gnosis
Gnosis (GNO) $ 145.68 1.16%
numeraire
Numeraire (NMR) $ 27.81 0.41%
rook
KeeperDAO (ROOK) $ 122.78 1.95%
kucoin-shares
KuCoin Token (KCS) $ 6.64 3.97%
btc-standard-hashrate-token
BTC Standard Hashrate Token (BTCST) $ 19.88 3.76%
aragon
Aragon (ANT) $ 3.49 0.97%
fetch-ai
Fetch.ai (FET) $ 0.201049 4.33%
litentry
Litentry (LIT) $ 2.38 4.51%
funfair
FUNToken (FUN) $ 0.016800 2.24%
chiliz
Chiliz (CHZ) $ 0.236090 1.25%
seth
sETH (SETH) $ 1,941.00 1.25%
oasis-network
Oasis Network (ROSE) $ 0.053081 6.89%
injective-protocol
Injective Protocol (INJ) $ 5.74 0.32%
vethor-token
VeThor Token (VTHO) $ 0.006140 16.40%
saffron-finance
saffron.finance (SFI) $ 285.92 0.04%
augur
Augur (REP) $ 11.39 2.09%
the-sandbox
The Sandbox (SAND) $ 0.186152 5.13%
singularitynet
SingularityNET (AGIX) $ 0.148590 4.45%
secret
Secret (SCRT) $ 0.968661 0.53%
telcoin
Telcoin (TEL) $ 0.022600 2.08%
serum
Serum (SRM) $ 2.85 2.93%
gatechain-token
GateToken (GT) $ 2.93 3.78%
mainframe
Hifi Finance (MFT) $ 0.005549 0.43%
sbtc
sBTC (SBTC) $ 33,333.00 0.26%
compound-uniswap
cUNI (CUNI) $ 0.346107 2.36%
ardor
Ardor (ARDR) $ 0.104510 1.13%
vai
Vai (VAI) $ 0.919264 0.38%
utrust
UTRUST (UTK) $ 0.211662 0.90%
prometeus
Prometeus (PROM) $ 11.32 1.05%
reddcoin
Reddcoin (RDD) $ 0.001946 4.23%
monacoin
MonaCoin (MONA) $ 1.37 0.33%
noia-network
Syntropy (NOIA) $ 0.165777 1.63%
compound-0x
c0x (CZRX) $ 0.012670 2.97%
wink
WINkLink (WIN) $ 0.000364 4.75%
ankr
Ankr (ANKR) $ 0.074286 31.38%
bytom
Bytom (BTM) $ 0.059714 0.66%
rocket-pool
Rocket Pool (RPL) $ 9.03 10.61%
origintrail
OriginTrail (TRAC) $ 0.218715 6.16%
steem
Steem (STEEM) $ 0.229341 2.96%
maidsafecoin
MaidSafeCoin (MAID) $ 0.641147 1.97%
tomochain
TomoChain (TOMO) $ 1.53 4.89%
edgeware
Edgeware (EDG) $ 0.005919 2.45%
skale
SKALE (SKL) $ 0.238839 17.23%
stratis
Stratis (STRAX) $ 1.16 2.11%
hegic
Hegic (HEGIC) $ 0.076596 3.66%
komodo
Komodo (KMD) $ 0.614780 8.17%
bitshares
BitShares (BTS) $ 0.042208 5.04%
unibright
Unibright (UBT) $ 1.02 11.25%
coinmetro
CoinMetro (XCM) $ 0.267661 6.63%
ark
Ark (ARK) $ 0.708726 4.16%
mirror-protocol
Mirror Protocol (MIR) $ 4.81 0.77%
keep-network
Keep Network (KEEP) $ 0.263915 1.08%
neutrino
Neutrino USD (USDN) $ 1.00 0.33%
iexec-rlc
iExec RLC (RLC) $ 2.72 0.52%
harvest-finance
Harvest Finance (FARM) $ 46.51 3.52%
iotex
IoTeX (IOTX) $ 0.015565 1.99%
badger-dao
Badger DAO (BADGER) $ 8.48 2.92%
redfox-labs-2
RedFOX Labs (RFOX) $ 0.052499 11.06%
empty-set-dollar
Empty Set Dollar (ESD) $ 0.044458 26.50%
ultra
Ultra (UOS) $ 0.431445 1.62%
wanchain
Wanchain (WAN) $ 0.530729 3.62%
iris-network
IRISnet (IRIS) $ 0.066630 7.68%
perpetual-protocol
Perpetual Protocol (PERP) $ 5.02 2.65%
trustswap
Trustswap (SWAP) $ 0.735860 6.78%
tokenlon
Tokenlon (LON) $ 3.15 4.93%
orion-protocol
Orion Protocol (ORN) $ 5.66 0.64%
titanswap
TitanSwap (TITAN) $ 3.49 6.39%
tether-gold
Tether Gold (XAUT) $ 1,777.46 0.35%
wax
WAX (WAXP) $ 0.094591 2.39%
yfii-finance
DFI.money (YFII) $ 1,750.84 13.44%
aelf
aelf (ELF) $ 0.145261 7.83%
haven
Haven (XHV) $ 7.11 0.46%
pax-gold
PAX Gold (PAXG) $ 1,780.49 0.17%
defipulse-index
DeFiPulse Index (DPI) $ 232.48 1.76%
math
MATH (MATH) $ 1.18 0.61%
api3
API3 (API3) $ 2.02 3.57%
sora
Sora (XOR) $ 181.50 7.60%
dent
Dent (DENT) $ 0.002235 4.56%
loom-network
Loom Network (OLD) (LOOMOLD) $ 0.041745 9.86%
nftx
NFTX (NFTX) $ 40.72 16.87%
gala
Gala (GALA) $ 0.006446 0.63%
axie-infinity
Axie Infinity (AXS) $ 3.65 7.95%
beefy-finance
Beefy.Finance (BIFI) $ 1,143.21 1.71%
swingby
Swingby (SWINGBY) $ 0.064800 12.65%
parsiq
PARSIQ (PRQ) $ 0.558828 14.21%
akropolis
Akropolis (AKRO) $ 0.016465 3.21%
nest
Nest Protocol (NEST) $ 0.009858 2.13%
stakehound-staked-ether
StakeHound Staked Ether (STETH) $ 3,719.75 0.00%
akash-network
Akash Network (AKT) $ 2.92 7.56%
cream-2
Cream (CREAM) $ 145.54 11.08%
auto
Auto (AUTO) $ 933.45 0.68%
storj
Storj (STORJ) $ 0.643138 7.60%
e-radix
e-Radix (EXRD) $ 0.123858 7.59%
hive
Hive (HIVE) $ 0.226427 7.54%
chainx
ChainX (PCX) $ 4.01 12.24%
wrapped-nxm
Wrapped NXM (WNXM) $ 54.13 15.62%
hathor
Hathor (HTR) $ 0.329164 6.07%
gemini-dollar
Gemini Dollar (GUSD) $ 0.995286 0.10%
frontier-token
Frontier (FRONT) $ 0.545236 5.37%
everid
Everest (ID) $ 0.237269 9.15%
lto-network
LTO Network (LTO) $ 0.175384 7.76%
power-ledger
Power Ledger (POWR) $ 0.118220 1.57%
livepeer
Livepeer (LPT) $ 24.17 3.70%
xdai-stake
xDAI Stake (STAKE) $ 8.73 8.17%
rari-governance-token
Rari Governance Token (RGT) $ 4.89 14.33%
cashaa
Cashaa (CAS) $ 0.020627 3.96%
energi
Energi (NRG) $ 1.72 11.99%
bytecoin
Bytecoin (BCN) $ 0.000412 0.94%
duckdaodime
DuckDaoDime (DDIM) $ 10.65 0.81%