Will any of the cryptocurrencies thrive because of the corona virus?

[hellcat]

The cryptocurrency market, like the stock market, precious metals, and basically any other asset across the world currently, are struggling to maintain valuations during a panic-induced selloff stemming from a global pandemic and sudden recession.

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This month, all markets have been bleeding out, with Bitcoin dropping from $10,000 to $4,000 in less than a month, the stock market setting records for the worst trading sessions since 1987, and the valuations of precious metals have had years of growth eliminated in mere days

Even safe-haven assets like gold have been suffering as a result of the extreme fear across the globe.

It seems as if no assets are safe, however, stablecoins have continued to do what they do best: provide a stable value and flight to safety during cryptocurrency market volatility.

Stablecoins are cryptocurrency assets typically tied one-to-one with real-world assets, such a real estate, however, its most commonly backed by fiat currencies like the US dollar.

Because values are pegged to the US dollar, valuations rarely fluctuate, and when they do, it is minimal. It’s given them an extremely helpful use case in acting as a flight to safety for investors to avoid losses during economic downturns or market-wide selloff.

Stablecoins can continue to function like other cryptocurrencies, acting as a cross border payment, digital currency, and contactless payment – yet another major benefit during the coronavirus outbreak

[ShadowCrypto]

no, gold-backed cryptocurrencies will not suffer with this pandemic since the gold is becoming more and more valuable during this crisis.

[tinakoya]

Cryptocurrency will thrive during this pandemic and many more to come. Blockchain is evolving and the reliable ones will succeed. I mentioned this before that stock market is what we should be worried about.