The impact of Covid19 crisis over some cryptocurrencies by the end of the year

Following some traders at Investing.com App i reached a thread where they were discussing the future impact of the current crisis on crypto markets and talking about some stocks. :chart_with_upwards_trend:

Summarizing, they were saying that by the end of the year some cryptocurrencies may dissapear while others will be strengthened due to the effects of the Coronavirus Pandemic over the world economy. Cryptocurrencies like Bitcoin, Ethereum, XRP, ChainLink and Cardano that have real use cases will be the winners while others will completely disappear.

According to this article at Changelly Website the Pandemic will have an impact on crypto mining industry as well as on cryptocurrencies capitalization due to heavy demand of some of them, such as Bitcoin…

What’s your take on this matter? Do you think some cryptos will be strengthened by the end of the year and other will simply dissapear because the effects of the global pandemic over world economy? :thinking:

9 Likes

100% sure about that @deyner1984!
One of the first things i thought when i understood the impact of this pandemic, is that we could reach a point where people themselves ask for digital money. As we all know, phisical money is one of the first vectors of bacterias so…easy to think that way.

More than anything else i still believe that right after the Halving we could see the very last dip on the Crypto sphere washing away the majority of prjects without solid foundations and use cases.

I hope at that point in time to have liquidity to buy some more bag of my fav projects out there.:grin::fire:

5 Likes

@deyner1984 I hadn’t thougght about it. It makes sense to me that the cryptocurrencies with the most popularity and use across the public will come out strenghthened. As always resources are limited, and now more than ever; miners shifting their efforts to the cryptocurrencies with wide adpotion and use makes sense if the pandemic situation keeps hurting the capitalization of some cryptos.

5 Likes

I read an article on this subject. They discussed that very idea. Some are have difficulty mining right now because of CoVid so will not be able to survive this pandemic. There are so many crypto currencies out there now- too many- in my opinion. The strong will survive.

5 Likes

Excellent topic @deyner1984, it will start being more and more important I think :smiley:

I don’t think covid crisis is the one to “blame” for disappereance of some cryptocurrencies but it is affecting them right now for sure, most of them lost value against bitcoin.

The reason why they dissapear could be just the lack of need for some of them and not enough capital being put into them in the next bull run and later.
Institutional investors will come in play more and more in crypto space and retail investors will start looking where they are putting their money. This could lead to less money being invested or generally less interest in exotic and weird cryptocurrencies.

This period before the bitcoin bull run is already different than the ones before so we should expect surprises in the next cycle, surprises like not every coin going up like the last time.

3 Likes

I’ve already seen a couple of cryptocurrency projects just fizzle out because of this pandemic. One of such projects even shut down their website making many realise it had been a scam. Though I didn’t think it was, many projects are gonna slowly disappear from the crypto space like that. Sad but true.

3 Likes

Hey DeGem! @2priceless, glad to see you here again. Hope you’re staying safe. Was the crypto you’re referring to a scam? Or just couldn’t survive this pandemic? Hope you didn’t lose much, if anything from it. Would you care to mention the name?

3 Likes

Sorry for answering so late. I’m not so regular here. I was in the Telegram group only. I never invested. You sure know that project, CannaCor. We even performed lots of tasks on Crowdholding for it. At the moment, I only have shares in Pynk and you know I earned that organically.

1 Like

Stick around here @2priceless! The community is growing and many countries can now invest. In fact, it’s early bird investing thru Seedrs right now (a few more days).

2 Likes

I’ll try. I should be putting more effort here.

1 Like