When Covid-19 struck, the whole economy tumbled and bleed as all the production was halt which means there were no more exports and imports which led to the fall in stock market but it strengthened the US currency so it means investors liquidated their stocks and converted to cash. That’s the nature of financial markets you dispose and acquire simultaneously.

Bitcoin; The preferred safe have

On 13 March 2020 Bitcoin hit the lowest $3770 but on 15 march it was on the road to recovery against the US, from there it was just soaring and closing higher day by day so in about 70 day it managed to recover by almost 157% and it now trading at $9700 which showed that Bitcoin was the most preferred safe haven than gold which recovered by only 16% and it was 144% behind Bitcoin.

Is the crypto market overtaking?

Just to make it clear that the crypto market in now the safe haven we can see what happened with Litecoin, on the same 13th of March it went as low as $23.33 per coin and then it started recovering now it’s trading at $47 per coin so it recovered by about 100%.

Ripple (XRP) on the 13th of march traded at $0.10 per coin but it managed to recover and now its trading at $0.2 which is a 101% recovery

Lastly let’s look at Ethereum, on the 13th of March it traded at $89 per coin then on 17th of March it rampaged its way to the top and now it is trading at $240 per coin which is 169% up.

Conclusion

So just to wrap it up we can now clearly see that the crypto market is now the safe haven because considering the numbers it has recovered by more than 100% yet the previous safe haven gold has only recovered by just 16%, so there are higher chances that people prefer crypto now than gold and fiat.