Crypto has been a lot in its short history. 2021 was the year it became part of the mainstream.
Elon Musk tweeted about it many times. It was parodied on “Saturday Night Live”. The Collins Dictionary is called “NFT”, the acronym for non-fungible tokens, the word of the year.
Institutional investors looked for entry-level opportunities and the first Bitcoin ETF began trading. Individual traders were buying crypto on their phones when they launched GameStop Corp.
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About 16% of the US population owns or has had cryptocurrencies, according to the Pew Research Center. In 2015, Pew found that only 1% of Americans owned or had owned cryptocurrencies. According to crypto.com, the number of people owning cryptocurrencies worldwide has doubled to around 220 million this year.
Crypto prices remained as volatile as ever. Bitcoin price doubled from January to April. It decreased by more than 50% from April to July. It doubled again a few months later, hitting a record of nearly $ 70,000 in November. It’s currently around $ 50,000, which is still around 70% above its price of around $ 29,000 at the start of the year.
In percentage terms, Bitcoin’s earnings actually represent one of its weaker years. In 2020, the digital currency has risen by more than 300%. In terms of dollars, however, 2021 was by far the biggest year for cryptocurrency.
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The total value of cryptocurrencies more than tripled at its peak this year, rising from less than $ 1 trillion in January to as high as $ 2.98 trillion, according to CoinMarketCap. (It has dropped to about $ 2.4 trillion recently.)
To read on in the Wall Street Journal click here.