Bitcoin has once again shot past the $7,000 mark. At the time of writing, the world’s top cryptocurrency by market cap has surged more than $300 and is now trading for approximately $7,150. Just yesterday, the asset was selling for about $6,800.
Bitcoin Is Once Again On Top
Bitcoin has been through the mill these last few weeks, dropping from about $10,350 in mid-February to roughly $3,800 in March. The currency has clearly recovered somewhat since then, but there’s still about $3,000 to go if bitcoin is going to reach its 2020 peak for a second time.
That said, it appears the fear and panic surrounding the coronavirus are dying down a bit as many nations, including the United Kingdom, Spain and even Italy – arguably the most affected nation in Europe – are reporting that the latest plans to keep their countries on lockdown are working, and new cases have shrunk to record lows.
In the U.K., for example, Professor Angela McLean offered graphs to viewers interested in the slowing rate of infection to show how social distancing has been effective these last few weeks. Everyone on the island is likely looking for piece of mind after prime minister Boris Johnson was recently admitted to the hospital after testing positive for the virus.
In a statement to Downing Street, McLean explains:
The first graph is about what we have all been doing to stay inside and how much change there’s been in the use of public transport. The whole country’s national rail usage has dropped below 20 percent across the whole country. The efforts all of us are making to stay home and save are working. The growth in the number of cases is not as bad as it could have been if we had not made these efforts.
In countries like Spain and Italy, the number of deaths has taken serious dives. Italy has been practicing hardcore social distancing measures during this past month; as a result, deaths have fallen to two-week lows, and authorities believe the lockdown currently enforced could be lifted by the end of the month granted this trend continues.
We Have to Keep This Up
Italy ISS national health institute director Silvio Brusaferro explained:
The curve has started its descent and the number of deaths has started to drop. If this data is confirmed in the coming days, we will have to start thinking about phase two.
Bitcoin isn’t the only asset doing well at press time. Ethereum has surged by more than $20 in just the last 24 hours alone. The world’s second-largest cryptocurrency by market cap is now trading in the $160 range for the first time in nearly a month, while other coins such as bitcoin cash (BCH), EOS (EOS) and bitcoin SV (BSV) have all jumped by close to ten percent each.