Bitcoin and Crypto market is roaring

Despite major world economies being disrupted by COVID-19, the cryptocurrency industry is rebounding strongly. When businesses were feeling the effects of the epidemic and their businesses were suffering, several crypto and blockchain startups sprung up to meet the soaring demand for Bitcoin and other cryptocurrencies.

Bitcoin, the world’s most valuable crypto-coin, boosted the cryptocurrency market by pushing its market capitalization beyond $1 trillion. For the previous few weeks, Bitcoin has been on the rise, accounting for 69 percent of the overall market capitalization. Bitcoin investors are ecstatic about this rebound, as the price of bitcoin fell during the crypto market meltdown and is only now beginning to recover.

But how did the market manage to repair itself so successfully?

Bitcoin, which was formerly seen as speculative, is now acknowledged by major institutions all around the world. Despite its volatility, the crypto coin is regarded as a secure asset, paving the path for other cryptocurrencies to follow suit.

Many public corporations, including Square, an American payments firm, and MicroStrategy, a publicly traded US corporation, have recently purchased Bitcoins to transform their money reserves into cryptocurrencies.

As more individual investors and institutions accept cryptocurrencies as a form of payment, more governments are stepping in to create cryptocurrency legislation. Countries such as Japan, the United States, Germany, and El Salvador have embraced cryptocurrencies. El Salvador was the first country to use Bitcoin as legal money.