Why is 2021 the most important year since the birth of cryptocurrency?

2021 is the most important year in cryptocurrency history. Almost the entire crypto industry has had some success, including high data rates, technological advancements, mobile broadcasts, and breaking news. Let's take a look at the major developments in the cryptocurrency industry in 2021.

First, we need to discuss the rapid rise of Mimicoins such as Dogecoin and Shiba Inucoin. At the start of 2021, Dogecoin was worth 0.5 cents and had a market value of $ 600 million. At the height of the bull market, Dogecoin had a market value of almost $ 100 billion, with each token value of 73 cents, up 146 times since the start of the year. Elon Musk, the richest man in the world, also backs Dogecoin on Twitter, calling it "the people's cryptocurrency". Some may think this is a big deal for crypto as it makes the market look like a joke, but there is no doubt that Dogecoin has drawn the masses in a way that Bitcoin has never seen before.

Like Dogecoin, the NFT craze sweeps across the public and becomes a Thanksgiving message. The first NFT series to gain more followers was Crypto Punks, a set of pixelated images of various characters, with a starting price of over $ 100,000. The second and most controversial NFT collection is the Bored Ape Yacht Club, where celebrities such as Post Malone, Jimmy Fallon, and Mark Cuban buy monkeys for millions of dollars. These have had a major impact on public perception of the cryptocurrency market as the large NFT bubble has yet to explode, and the priceless graphics add to their value for money as they are priced very. raised. However, the NFT boom did not have an impact and companies like Adidas, Pepsi and Budweiser recently announced their own NFTs, with all NFTs now costing over thousands of dollars. Crypto.com has decided to purchase the naming rights for one of the world famous stadiums, Staples Center.

The hype of NFTs and memecoins has spread to the cryptocurrency market itself, as nearly all of the top tokens hit all-time highs in 2021. More importantly, Bitcoin is worth around $ 65,000 USD, Ethereum exceeds $ 4,500 and the total cryptocurrency market is worth nearly $ 3 trillion. Other tokens include Solana, which was multiplied by 100, and Terra, which was multiplied by 114 last year.

While memecoins and NFTs have received the most media coverage, something big is happening behind the scenes of the global blockchain. For example, Ethereum has released the long-awaited EIP-1559 update, and part of all exchange rates will be burned across the product, making Ethereum a deflationary asset. Likewise, Cardano launched the mainnet with smart contracts in development for over 4 years. Internet blockchain dream Polkadot has also launched the mainnet and is adding cryptocurrency to the blockchain ecosystem through the Parachain launch auction.

By 2021, the adoption of cryptocurrencies will also increase rapidly. El Salvador has decided to make bitcoin a legal entity and plans to use electronic energy to build a bitcoin-powered city that will mine bitcoin. This can also be seen in Miami, United States. Mayor Frances Suarez promoted Bitcoin and offered employees digital payment options. In New York, "the capital of the world", the new mayor Eric Adams has always hailed Bitcoin as a valuable asset of the future and hopes to make it famous in New York. In addition, Deutsche Bank, Goldman Sachs, JPorgan Chase, and other well-known banks around the world have also released announcements and rated the digital gains. Not everyone is good, but the importance of cryptocurrencies is enough to grab the attention of some of the world's biggest financial firms, and it's a step to the right.

2021 is without a doubt the most important year since the birth of Bitcoin and cryptocurrencies. By 2022, cryptocurrencies could be in the spotlight for a longer period due to the adoption of big tech companies, the announcement of Ethereum 2.0, or the announcement of dApp.