In the last month, we see that crypto market is on pump. In this situation, many of the cryptocurrencies has experienced their high levels.
But the question is that, why this pattern has happened?
Which factors caused this situation?
In this article of the hardworkingworld.com, we will talk about these matters. Please be with us.
Why Crypto Market Is on Pump?
Before analyzing the reasons of this pump level, we are going to watch some major cryptocurrencies of the market.
For example, bitcoin hit the 18 thousand limit and already nearly for one week, it is on the 18 thousands dollar channel.
Also, the other cryptocurrencies like ethereum is on pump. Now, its price is above 600 hundred dollars. Beside that the chainlink also has a good situation in the crypto market. Chainlink price already is above 15-dollar limit.
Bitcoin cash either is on pump; its price is above 350-dollar limit. These situation is very well for bitcoin cash. It has not experienced this price level, for so many long durations.
At last, we can say that, litecoin also had a geat jump in its price.
Now the crypto market is on pump and every day the prices are increasing.
Afterwards we are going to find the reasons which has a great role in this pumping level. To find these reasons, please be with us in the next section.
Main Reasons
Corona virus and Bad Economy Situation
One of the biggest reasons of this pump situation is corona virus pandemic. Because of this pandemic the economy of many countries is in a very bad situation.
Most of the people are fired from their work and many people are in difficulties to earn money. So the situation is very bad.
by considering this situation, people has changed their economic plans. Instead of investing in fiat currencies or gold or bank accounts, they invest in cryptocurrencies.
Because nowadays, crypto market is known as a safe place to investment. Not only it maintains the value of investment, it also is able to make some great profits for its investors.
