Lol and who said that altcoins were not affected by the pandemic? When the price of Bitcoin fell from $10,000 to a very low of 3k to 4k, a lot of altcoins were also affected, especially those of them that correlate with Bitcoin in price, they even got divided by half. So, don't say that altcoins were not affected by the pandemic, it's just a few that were able to stand.
But despite that Bitcoin was affected by the pandemic, it still recovered within a short time and still shows signs that there is going to be further increase as time goes on. In my opinion, bitcoin somehow managed to defeat the pandemic situations but gold and bitcoins must need to boom when stocks are not performing well. It means we can expect more rapid growth for bitcoins in coming days.
But despite that Bitcoin was affected by the pandemic, it still recovered within a short time and still shows signs that there is going to be further increase as time goes on. In my opinion, bitcoin somehow managed to defeat the pandemic situations but gold and bitcoins must need to boom when stocks are not performing well. It means we can expect more rapid growth for bitcoins in coming days.
Altcoins were negatively affected in price just like Bitcoin. After all, they have much more volatility than the pioneer cryptocurrency itself. They tend to follow Bitcoin's footsteps on the market. When Bitcoin experiences a dip in price, so will other altcoins. The only difference is that altcoins' prices fall at a faster rate than Bitcoin. Since COVID-19 has encouraged people to practice social distancing measures, crypto interest/demand has sparked like never before.
I believe that the current pandemic will turn out to be more beneficial to the entire crypto market, than anything else. Online e-commerce and digital payments have been on the rise since COVID-19 took the world by storm. The more people become interconnected, the more crypto and Blockchain technology will be discovered. Compare the current crypto market vs the traditional stock market, and you'll notice that the former is the true winner. Considering that crypto is decentralized, it seems that negative events in the mainstream world have little to no impact on its price. With the third Bitcoin taking place last week, things will be exciting for the whole Blockchain industry in the upcoming months. Just my thoughts
