Cryptocurrency Market Worth More Than One Trillion Dollars
The cryptocurrency market in 2021 is estimated to be worth nearly half as much as Apple Inc., mainly thanks to Bitcoin’s unstoppable price hikes. Even legendary investors and experienced traders believe Bitcoin’s bull market will push the cryptocurrency to surge by possibly one hundred percent. Blockchain has undeniably become the fiscal future of digital currencies and anonymous transactions. The cryptocurrency market is estimated to be worth more than one trillion dollars, with very few signs of slowing down in value hikes.
As of mid-January, Bitcoin crushed nearly forty thousand and began to descend slowly. Bitcoin’s popularity and value have been credited to 2020’s COVID-19 pandemic that left several global markets in turmoil. The economic crisis drove buyers to invest in alternative assets, which proved cryptocurrency trades as less volatile as initially perceived. Since December 2020, Bitcoin’s value has yo-yo-ed up and down like a rollercoaster on forex crypto trading platforms.
Bitcoin Up Twelve Percent With Rival Cryptocurrency Fighting Back
Bitcoin has undoubtedly achieved the most substantial success as a digital currency, but Ethereum’s Ether tokens are giving Bitcoin a run for its money. Bitcoin and Ether have remained bitter rivals from the crypto market’s inception, but Bitcoin’s success has outperformed Ether on the majority of platforms. However, Bitcoin’s twelve percent spike upon entering the second week of January 2021 has also driven up Ether’s value.
Ether tokens surpassed previous value highs for the first time in two years. Ether has obtained highs of around twelve hundred dollars with plenty of forwarding momentum as Ether and Bitcoin enhance the crypto market’s potential for success without third-party centralization. Despite lawsuit proceedings scheduled for February 2021, Ripple’s XRP experienced small spikes beside other altcoins traded on viable platforms. Most crypto platforms delisted XRP after learning about the Securities and Exchange Commission’s investigation into Ripple Lab’s trading activities.
Unprecedented Investor Interests in Bitcoin and Other Cryptocurrencies
Within one year, Bitcoin has increased in value by four hundred percent and proved the digital market’s sustainability. Bitcoin and Ethereum have experienced massive increases of interested investors to fuel further expansion of the cryptocurrency market. Market analysts fear the U.S. Treasury’s recent indications to impose regulations making digital currencies reportable to the Financial Crimes Enforcement Network’s Report of Foreign Bank and Financial Accounts form.
Regardless of ranging predictions, many traders have started buying gold and digital currencies to hedge against impending inflation rates. The cryptocurrency market is under fire from legal authorities and financial commissions’ attempts to enforce regulations, but analysts label the regulations as nonsensical attempts because of digital currencies’ uncontrolled platform.
What About Altcoins?
Altcoins have soared in worth alongside Bitcoin and Ether, but because traditional currencies typically back them, altcoins aren’t operating on the same playing field as Bitcoin and Ether. Litecoin and Cardano involve less volatility and risk than alternative cryptocurrencies, but altcoins primarily ride the success train of larger digital currencies. In the last year, Tether has soared in value, but not to the same magnitude as Bitcoin and Ether.
Bitcoin’s stability is questionable, especially during today’s economic climate. New stimulus packages and outside interference has presented sustainability fears amongst trading experts. Bitcoin is blazing the way for a digital fiscal future, with the COVID-19 pandemic adding fuel to power its momentum. After Ripple Lab faces SEC’s lawsuit, XRP is still expected to bounce back on the digital market.