Analysing Bitcoin’s revival: CoinMarketCap notes cautious optimism amid Covid-19 – as ha…

The most recent quarter has been turbulent to say the least across all global economies – but while Bitcoin’s performance naturally fell, according to CoinMarketCap’s most recent analysis, it still outperformed global benchmarks for equities.

In its Q1 assessment of crypto market and user trends, CoinMarketCap argued that, amid the Covid-19 pandemic, crypto markets have ‘regained a good portion’ of their March losses, but warns there was ‘still some way to go’ before they fully recover.

Bitcoin reached a high of $10,500 and total market cap of $305 billion in February, before touching a low of $3,900 on March 12, dropping 43%. Its year-to-date performance – based on January 2 to March 31 – saw a drop in price of 10.52%. This was better than the MSCI World Index, which fell 20.65% over the quarter, and the S&P 500 Index (-19.42%).

Since March 31, where Bitcoin’s price was at $6,445, there has been a gradual revival, with many seeing it…