In 2020, while the pandemic was wreaking havoc on economic systems around the world, the crypto market experienced a boom. Bitcoin surged in spite of the things that would normally make investors risk-averse. Here’s a look at its dynamics during the first year of the pandemic.
Incredible Surge
In mid-March, when the pandemic was declared, Bitcoin was at its year-low (US$4,748). By the end of 2020, it had risen to almost US$30,000. This spectacular growth was making headlines daily and pushing the prices of altcoins up. So, what drove this impressive appreciation? Is it any different from the bubble of 2017, when the price grew 20-fold to under $20,000 and subsequently fell back to $3,000?