The cryptocurrency market staged a dramatic recovery on March 19, 2020, with major altcoins posting double-digit gains just days after the devastating crash that wiped billions off market valuations. Bitcoin Cash (BCH) led the charge with a 20.5% gain, followed by Tezos (XTZ) at 20.3%, Binance Coin (BNB) at 20.27%, and Cardano (ADA) at 18.3%, signaling that the worst of the Black Thursday sell-off may have passed — at least for now.
TL;DR
- Altcoins posted massive gains on March 19, with BCH (+20.5%), XTZ (+20.3%), BNB (+20.27%), and ADA (+18.3%) leading the recovery
- Bitcoin bounced 15.5% to trade around $6,233, while Ethereum gained 16.0% to $136
- The recovery comes just one week after Black Thursday (March 12), when BTC plunged over 40%
- Kraken reported $545 million in total trading volume across all markets on the day
- MakerDAO adjusted multiple risk parameters and opened USDC vaults on this date to stabilize DeFi
The Road to Recovery
On March 12, 2020, the cryptocurrency market experienced what would become known as Black Thursday. Bitcoin crashed from approximately $7,900 to a low of $4,150 on March 13 — a decline of over 47% — as global financial markets went into freefall amid the rapidly spreading COVID-19 pandemic. The crash shattered the narrative that Bitcoin was an uncorrelated safe haven asset, as it fell in lockstep with the Dow Jones, S&P 500, and other major equity indices.
By March 19, however, the market was showing signs of life. Bitcoin had recovered to approximately $6,191, representing a 15.5% gain on the day according to Kraken’s daily market report. But the real story was in the altcoin market, where multiple tokens significantly outperformed Bitcoin itself.
Bitcoin Cash surged 20.5% to $220.80, with $15.7 million in trading volume on Kraken alone. Tezos posted a 20.3% gain to reach $1.66. Binance Coin climbed 20.27% to $12.28, and Cardano jumped 18.3% to $0.0307. Chainlink (LINK) gained 18.03% to trade at $2.246, while EOS advanced 17.11% to $2.29.
DeFi Under Stress
The altcoin recovery was not without its complications, particularly in the decentralized finance (DeFi) sector. MakerDAO, the protocol behind the DAI stablecoin, had been under immense pressure since Black Thursday. On March 19, the project took decisive action by opening vaults that accept USDC as collateral — a significant departure from its ETH-only collateral model. The move was designed to stabilize DAI, which had lost its dollar peg during the crash.
MakerDAO also adjusted multiple risk parameters on this date and lowered the Sai stability fee as part of broader efforts to restore confidence in the DeFi ecosystem. These emergency measures underscored just how severely the March 12 crash had impacted even the most battle-tested DeFi protocols.
Volume Tells the Story
Kraken reported total trading volume of $545 million across all markets on March 19 — an extraordinary figure that reflected the intensity of market activity during this period. Bitcoin alone saw $409 million in volume on the exchange, while Ethereum recorded $73.5 million. Even smaller assets like Litecoin ($5.31M), Tezos ($9.59M), and Cardano ($1.69M) saw significant trading activity as investors scrambled to reposition.
The broader market data from CoinMarketCap painted a similar picture. Ethereum’s market cap stood at approximately $15 billion with a price of $136.59, while XRP traded at $0.165 with a market cap of $7.2 billion. Tether (USDT) maintained its peg at $1.00 with a market cap of $4.65 billion — a crucial lifeline for traders seeking stability during the chaos.
Altseason Hopes Amid the Carnage
For altcoin investors, the March 19 bounce offered a glimmer of hope after a brutal week. Many of the top-performing altcoins had actually suffered heavier losses than Bitcoin during the crash, making the recovery even more significant on a percentage basis. BCH, which had surged over 23% on the day, was still down approximately 34% over the previous seven days according to CoinMarketCap data. BSV, despite gaining 31.65% on March 19, was down nearly 36% over the same weekly period.
The divergence between daily gains and weekly losses illustrated the extreme volatility that characterized this period. Traders who bought the bottom on March 13 were seeing substantial returns, while those who had held through the crash were still deep in the red. Market sentiment remained deeply uncertain, with the COVID-19 pandemic continuing to disrupt global economies and financial systems.
Why This Matters
The altcoin recovery of March 19, 2020 demonstrated a crucial characteristic of cryptocurrency markets: their ability to bounce aggressively from oversold conditions, even in the midst of a global crisis. The fact that altcoins outperformed Bitcoin during the recovery phase suggested that risk appetite was returning to the market, even if tentatively. The emergency measures taken by MakerDAO also highlighted the growing pains of DeFi — a sector that would eventually emerge stronger and more resilient from the Black Thursday stress test. Within months, DeFi would enter its first major boom period, proving that the crisis had been a catalyst for innovation rather than a death blow.
Disclaimer: This article is for informational purposes only and does not constitute financial advice. Past performance is not indicative of future results. Always do your own research before making any investment decisions.
BCH leading the recovery at 20.5% is wild. that coin usually gets ignored during rallies. guess the March 12 liquidation cascade wiped out so many shorts everything bounced hard
Kraken doing $545M in volume that day tells you everything about the panic buying. Everyone who sold the bottom was scrambling to get back in.
MakerDAO opening USDC vaults during all this was honestly one of the most important DeFi moments. Saved DAI from completely depegging.
watched my portfolio go from +40% on the year to -60% in two days. this bounce felt like a relief rally but man those were dark times