The crypto market stood strong for the first week of the month and slightly recovered some of the losses from February, with an overall gain of 7.4%.
Just before 12 March, the WHO declared COVID-19 to be a pandemic, and the magnitude of the outbreak became clear, as it started to affect the global economy. The crypto market was not sheltered from the economic turmoil; on the contrary, the case for Bitcoin and other crypto assets worsened, due to the high leverage used in the crypto markets.
The crypto market experienced a loss of 50% over the course of 24 hours. In the aftermath, the crypto market rebounded sharply, gaining over 45% in less than two hours, from its lowest point. However, the exorbitant volatility continued for the next few days. By the end of the month, the crypto market recorded one of the most volatile and worst-performing months ever.
Solidum Actio slightly underperformed in the crypto market in the past month. This was due to the fact that altcoins in particular exhibited higher volatility in March. Many altcoins lost between 30% and 50%, whereas Bitcoin lost 25%, and by the end of the month, Solidum Actio allocated 74.3% of the portfolio to altcoins and 25.7% to Bitcoin.