Cryptocurrency

Bitcoin and Ethereum are booming, while the GDP of the USA recorded the biggest slump in its history

The gross domestic product of the United States just had the worst slump of one quarter to the next in the story. But the economic slump has not had a negative impact on Bitcoin and the related Crypto-market, which has grown during the same period.

US economy is at a record pace decline

According to the report, the U.S. Department of Commerce for the second quarter, the U.S. GDP fell by 32.9%. This is the worst change from quarter to quarter in the history of the country. The second-worst slump came in 1921, when the GDP fell by about 28%. For comparison: The most dramatic fall in GDP during the Great recession was around 8%.

Source: bea.gov

This news comes along with 1.4 million new applications for unemployment benefits, bringing the total number of applications processed since the beginning of 2020 to 54 million. Although not all of these applications are active, said the Ministry of Commerce that currently about 17 million Americans are unemployed. A frightening number, which accounts for about 10% of the US workforce.

Bitcoin & Ethereum flourish in times of crisis

While this is a significant reminder of the economic turmoil, which has caused the Coronavirus pandemic in the United States and around the world, has developed the market for crypto-currencies in the same period considerably better.

Crypto experienced between Q1 and Q2 a growth spurt. Bitcoin, for example, has doubled its market capitalization during the second quarter and increased from 118 billion dollars to his current rating of 204 billion dollars.

Ethereum recorded a larger increase and was able to double its market capitalisation in the same period, from 14.8 billion to $ 36.4 billion dollars more than. The data also show that the total market capitalization of the crypto market from $ 178 billion dollars is increased at the beginning of April to today, 323 billion dollars.

On-Chain data to support the rate increases

If we look over the courses, we can detect the Expansion of the market also in the case of the On-Chain-metrics. The number of Ethereum addresses with at least 32 ETH high reached in June, an all-time high.

In may, the growth of the Bitcoin had been addresses since the beginning of the new year, a growth of 47%, while the number of Wallets with at least 0.1 BTC to an all-time reached, according to Glassnode data recently high. Also, the number of new addresses reached a new peak.

At the beginning of the third quarter, the Crypto can be in-market for a further boost as the government-led economy, some analysts claim the programs โ€“ which have proven to be for Bitcoin and its investors in the year 2020 as advantageous โ€“ no signs of slowing.

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About the author

Eve Manning

Eve Manning

A native Texan, Eve first started out as a Finance Analyst and later realized that her true passion wasย not in trading but in writing. She leverages her experience in the Finance industry to analyse and write in-depth news articles covering the Cryptocurrencies, Economy & Finance industries.

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