Bitcoin (BTC) has experienced a remarkable surge of nearly 2,000% since its COVID-19 lows, marking the fourth anniversary of its crash to $3,600.
On March 12, 2018, BTC began a steep decline to levels that have not been seen since, as risk assets plummeted globally.
Bitcoin enthusiasts are now celebrating four years since the COVID-19 crash, as BTC/USD surpasses $70,000. However, some are using this occasion as a somber reminder of the challenging times.
Exactly four years ago, the COVID-19 cross-market crash wreaked havoc on risk assets and beyond, causing Bitcoin to tumble by over 50% in a single day.
As the coronavirus was just starting to trigger lockdowns and other reactionary measures by governments, the markets sensed the economic upheaval that was about to unfold.
Starting at $7,960 on March 12, BTC/USD closed at $4,830, reaching a low of $3,860 the next day, according to data from Cointelegraph Markets Pro and TradingView.
The subsequent recovery was equally impressive, with Bitcoin reclaiming the $10,000 mark just a month and a half later.
“Everyone who bought the dip is now up 1,700%,” crypto journalist Pete Rizzo wrote in a dedicated post on X.
Those who made the decision to invest heavily in Bitcoin on that fateful day are not the only success stories of the COVID-19 era when it comes to diversifying their portfolios.
American citizens who used their first stimulus check, valued at $1,200 and distributed in April 2020, to purchase Bitcoin are now sitting on an investment worth $12,930, according to data from monitoring resource BitcoinStimulus.
A full deployment of the stimulus, originally worth $3,200, has now increased in value by 400%.
Bitcoin initiated a “paradigm shift” in March 2020
Analyst Joe Consorti highlighted that overall BTC balances on exchanges reached their peak following the March 2020 crash.
Since then, the balance of Bitcoin on exchanges, as tracked by on-chain analytics firm Glassnode, has been steadily decreasing.
“It has dropped from 17.6% of the total supply to 11.6% and is still declining rapidly,” Consorti explained in a recent commentary on X.
This article does not provide investment advice or recommendations. Every investment and trading decision carries a level of risk, and readers should conduct their own research before making any decisions.