Cryptocurrency has gone via quite a few bull and bear cycles because the trade’s inception in 2009. Whereas 2017 noticed the crypto trade boom around initial coin offerings and a rising Bitcoin (BTC) value, 2020 and 2021 have seen the crypto house increase round decentralized finance (DeFi) and nonfungible tokens (NFTs). This time nonetheless, retail and institutional curiosity in crypto have ushered in higher adoption than ever earlier than, in line with one crypto firm CEO.
“Cryptocurrencies have been rising steadily in recognition over time, however 2017 left a bitter style in lots of people’s mouths when the market took a swift downturn,” StormX CEO Simon Yu mentioned in feedback despatched to Cointelegraph. “However quick ahead to 2021 and it’s clear to see instances have modified.”
Yu crafted his quotes in response to current findings from the Monetary Conduct Authority, or FCA, of the UK, which revealed 2.3 million U.K.-based adults personal cryptocurrency, based mostly on a survey.
In 2017, Bitcoin’s value rallied to heights just shy of $20,000 per coin. In 2021, BTC reached prices of nearly $65,000, based mostly on TradingView.com data.
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“The combination of cryptocurrency into features of each day life permits for room to develop and solidify itself as extra than simply an asset — it’s turning into a critical various monetary system to fiat foreign money and persons are beginning to take discover,” Yu mentioned, including:
“Now not are corporations popping up with arbitrary use instances, however they’re as an alternative now thriving by including advantages to customers’ lives outdoors of the cryptocurrency realm. This all comes at a time, amidst a world pandemic, the place individuals have had time to evaluate their funds, and now search various routes to not solely make investments cash, but in addition generate profits.”
Following the 2017 crypto bull market, the trade fell right into a bear market in 2018. So far as the current market goes, Bitcoin sits within the $30,000-$40,000 vary as of time of publication, down considerably from its all-time excessive. Time will inform whether or not or not the crypto market is headed for further bearishness ahead.