We can say that such crisis periods create a positive effect on the stock markets. At this time, people are seeking to make new investments and earn income by improving themselves and this stimulates the market.
I do not entirely agree with you. The reason the markets are rising so much is because a lot of money is being printed. All the world's central banks flood the markets with money to prop up the economy in the pandemic. This is the reason why all assets such as stocks, real estate, gold and also crypto are rising sharply. Just like all kind of art and other investment assets. The stock markets also predict that there will be higher inflation soon, so this is already being priced in.