The first quarter of 2020 has yielded some very mixed momentum for the cryptocurrency industry. A new report issued by CoinGecko quickly recaps what all happened, as a lot of things may have gone by unnoticed.
When looking at the bigger picture, it is evident that Q1 2020 wasn’t all that great for cryptocurrencies.
Q1 2020 Wasn’t too Great for Cryptocurrencies
There has been a serious decline in overall market capitalization, including the near 40% market crash a month ago.
Interestingly enough, the overall trading volume is still doing quite well.
Recovering from this particular setback will be challenging in many different ways.
The coronavirus crisis is still making its mark on the industry every single day.
The negative sentiment toward cryptocurrencies is also notable in terms of outflows.
A lot of crypto holders have converted their holdings to US Dollars again, primarily due to financial uncertainty.
In terms of derivatives trading, things have gotten very competitive during Q1 2020.
Although the overall volume has decreased in the quarter, companies such as OKEx are certainly gaining traction rapidly.
Whether or not Q2 will look better moving forward, is a different matter altogether.
There is still ample of market volatility and no real support to maintain any sort of price uptrend at this stage.