The 2020 Pandemic’s Influence on Ethereum Popularity
2020 will go down in the history of mankind as one of the most tough years in recent history. Nobody could predict such catastrophic events that were directly related to the COVID-19 Virus which obliterated the way we live our daily lives. Global population suffered and people were under lockdowns, which prompted some serious economic strains for all people of the planet. The jobs were lost, businesses closed down and all the popular Safe Haven assets were severely devalued. But there was one commodity in the world of finance that absolutely thrived, and that asset was Bitcoin, together with other cryptocurrencies among which was the Ethereum.
Safe Haven Assets vs Crypto
One of the most surprising things in 2020 was the extreme drop in price for all safe haven assets such as oil and even gold. In the beginning of the year, when the Pandemic was forcing governments of the world to shut everything down and keep people in the lockdown, the price of the Gold plummeted like never before. Even though at this point in time, it has returned to normal, this devaluation caused major concern and people started looking towards the other alternatives to save money. In a meantime Cryptocurrencies were massively rising in value, which in term solidified their status as truly the best instrument of investment available in the world.
Why did Cryptocurrencies Rise in Price?
There are many various reasons and aspects to why the price of crypto kept rising, but we’re going to focus on the most prominent of them all. First and foremost, everything is interdependent in the global economy. Cryptocurrencies like BTC and ETH are completely independent from all the aspects that make FIAT-based assets fluctuate. There was a major point in 2020 when yet another “halving” of Bitcoin happened, which skyrocketed its price to the unbelievable heights. Because of such a strong increase of value, people started to invest and believe in the concept of cryptocurrencies, in term making others like Ethereum stronger. The Price of a single ETH was around $200 in the beginning of the year. Today it’s more than $1100, which is an insane growth.
Ethereum Gambling as an investment
Another concept that experienced massive growth is the Ethereum Gambling. Although playing with Bitcoin is a more popular solution at this moment, ETH Gambling is gaining some massive traction in the community of enthusiasts. Simple fact is that Ethereum Gambling can be even more beneficial and advantageous than Bitcoin and if a player is skillful enough, ETH Gambling can be an amazing tool for investment. Simple fact is that while you play, your deposit automatically increases in price. The Ethereum Gambling websites like FortuneJack are a perfect fit if you’re an enthusiast of gambling and an avid supporter of cryptocurrencies.