Performance of Bitcoin and other cryptocurrencies in 2021 - A brief story!

Apart from the popularly traded cryptocurrencies like Bitcoin and Ethereum, there are a thousand other cryptocurrencies that have skyrocketed in the year 2021. With Cryptocurrency development taking a new leap, there are higher chances that the year 2022 will be fruitful for crypto investors and traders. The cryptocurrency market will remain volatile as the prices change very frequently and there will be constant changes in their value as well.

How did the popularly traded cryptocurrencies tread in the 2021?

With Blockchain development and cryptocurrency still in its infancy and is constantly evolving, it would be quite difficult to predict how and where things are headed for cryptocurrencies. However, with constant development, acceptance of crypto assets observed in the early part of the year will continue to grow in the coming year. To start the new year with cryptos, it is advisable to stay alert about the major changes happened to each and every digital currency, like –

·         Bitcoin (BTC)

Since its inception in the year 2009, this cryptocurrency stayed successful for long, and is still the first choice of traders. Bitcoin runs on blockchain technology and the ledger logging transactions are distributed across a network of super computers. With a market cap of over $1.08 trillion, Bitcoin’s price had skyrocketed in 2021 and the scale is showing an upward movement. The price of a Bitcoin five years ago was $500, and now it stands at a hefty $57,000 which states a growth percentage of over 11%.

·         Ethereum (ETH)

After Bitcoin, Ethereum is the second-best cryptocurrency that was accepted by many in the year 2021. This digital asset was mostly wanted because it offered smart contract-based applications that can automatically execute trades when conditions are met, and provided a platform for the creation of non-fungible tokens or (NFTs) as well. Over the last five years and in the year 2021, Ethereum has experienced tremendous growth with a market cap of $557 billion. The asset started its journey with $11 and touched the $4,700 mark with growth percentage of 42% as per recent market stats.

·         Binance Coin (BSC)

Mostly to make payments or trade fees on Binance, the Binance coin is a form of cryptocurrency that is traded in many exchanges across the world. After its launch in 2017, the coin now has a market cap of over $104 billion and is still expanding for facilitating trades on Binance’s exchange, and a Binance coin can also be exchanged for other cryptocurrencies as well. After its launch with a price tag of $0.10, its price has risen over $628 with a rise of over 62%.

·         Tether (USDT)

Counted in the class of stablecoins, Tether is one such cryptocurrency that can be traded for other cryptocurrencies. This digital asset is supported by fiat currencies like the US Dollar and the Euro. This stable coin now stands still with a market cap of over $73 billion, and its value is said to be more consistent as compared to other cryptocurrencies. The current price of a Tether in the year 2021 stood at $1 per coin and is favored mostly by investors who are concerned about the volatility of other cryptocurrencies.   

Cryptocurrency development companies specializing in the development of Crypto exchange in Kolkata say; being an unregulated digital currency, cryptocurrencies will always be subject to market risks. All the data is collected from the popular and trusted cryptocurrency trading platform, and it is suggested to carefully study market statistics before making any kind of investment or whatsoever.