THE STATE OF CRYPTOCURRENCIES IN 2021
Cryptocurrencies have had a very successful year so far. Not only did many of them managed to reach values like never before, but the size of the market has grown exponentially. Thousands of new users are registering to the crypto network with each passing day, while statistics show that the total number may exceed 7 million.
What’s even more interesting is the fact that experts think that the best of cryptocurrencies in 2021 is yet to come as they will likely rise again by the end of the year. With that being said, we wanted to take a look at the state of the crypto world in 2021 and see what the end of the year holds for them.
El Salvador Legalized Bitcoin
Ever since Bitcoin was created (back in 2008), many countries opposed it and deemed it an illegal asset. But, as time went on, more and more governments from around the world started becoming lenient towards it. Yes, some nations such as China and Russia still oppose it, but the main point is that Bitcoin managed to have a much wider acceptance rate.
That culminated when El Salvador’s Congress passed the law on Bitcoin back in June and became the world’s first country to completely legalize this cryptocurrency. According to the President of El Salvador, Nayib Bukele, the decision was made because with the legalization of this cryptocurrency, Salvadorans who are living abroad will be able to send money to their loved ones much faster and without paying extra fees.
Trading Sites Exploded in Popularity
As you may know, trading sites are the platforms where you can buy and sell cryptocurrencies. One of the most reputable sites of this character is crypto trading. you will even be able to use the site’s AI system which will help you determine when is the best time to sell your assets and maximize your profits.
Thanks to the fact that many new cryptocurrencies were invented in 2021 and many new traders signed up to trade crypto, trading sites like the one we just mentioned exploded in popularity. After all, they make the process of trading crypto very easy and secure.
Cryptocurrencies Sky-Rocketed in Value
After Bitcoin broke its own record value at the end of 2020, many traders started investing in many cryptocurrencies. That is why they sky-rocketed in value. Not only that, but a new trend called NFTs, or also known as Non-Fungible Tokens, appeared on the market. NFTs helped Ethereum grow as its platform was one of the very few that supported these tokens.
As for Bitcoin, this cryptocurrency managed to rise to over $63,000 after it had a fantastic rally. Many global brands decided to invest in it and accept it as a payment method. One investment that is worth a mention is the famous Tesla takeover. In February, Tesla announced that it had invested over $1.5 billion in Bitcoin and thus, helped the cryptocurrency break the $50,000 for the first time.
End of the Year Projections
As we stated at the beginning of this article, cryptocurrencies are set to have an amazing finish. Even though the crypto market experienced a downfall recently, all digital assets are on the rise. Bitcoin is valued at around $40,000, Ethereum is closing up on $3,000, etc.
Experts believe that these cryptocurrencies will continue to rise and Bitcoin will even make history. It is expected that it will reach the $100,000 mark in December. All that is left now is to wait and see. It is interesting to mention that the distant future projections of Bitcoin are also quite mesmerizing.
Bitcoin’s expected to reach $500,000 in 2030. After the halving event in 2032 ends, 99% of all Bitcoins will be mined and from that point on, Bitcoin will spike in value and possibly reach $1 million in 2037.
Read more: https://mcc.exchange/2021/08/30/the-state-of-cryptocurrencies-in-2021/
Text source: MCC.EXCHANGE
