In a piece of analytical information targeted at comparing the market capitalization of cryptocurrency projects with countries’ GDP, it was obtained that Bitcoin, the largest crypto assets, has a market cap value that tallies with the GDP of Francophone country Angola.
As revealed by a research platform that gives updates on cryptos, CryptoDiffer, the value of Bitcoin’s market cap is the same as the GDP of Angola. While the economic crises brought upon the world by the COVID-19 epidemy continues to linger, the world’s economy is gradually being dragged into recession, leaving most countries in a dire situation.
Bitcoin was not left behind as the scourge also plagued the entire crypto ecosystem. Nevertheless, crypto assets, led by Bitcoin, are trying to display immunity with a recovery on the upside trend.
CryptoDiffer illustrated in a graph that the market cap of Bitcoin and the GDP of Angola are both valued $122 billion respectively. This gives analysts joy and hopes that Bitcoin will soon take over the finance market and become a global currency.
The illustration also identified that Georgia’s GDP is positioned with the same value as the market cap of Ethereum. XRP also tallies with Kyrgyzstan while Tether’ market cap presents a value higher than the GDP of Malawi by $0.1 billion.
— CryptoDiffer (@CryptoDiffer) April 2, 2020
Traders Refocus on Bitcoin, Reduce Activity on Ethereum
A graphical illustration presented by crypto research platform Skew confirms that traders seem to be reducing their activities on Ethereum, making them turn their attention towards Bitcoin.
As revealed, there has been a decline in the rate of trading activities on Ethereum compared to the increasing growth witnessed in February when the entire cryptocurrency market was bullish.
Skew claimed that the continuous rise in trading activities on Ethereum blockchain has stopped as traders shift their focus, turning toward Bitcoin and the global market.
The rise in ether trading activity seen in February stopped recently as traders refocused on bitcoin and global markets pic.twitter.com/gA78lO7jLr
— skew (@skewdotcom) April 2, 2020