Bitcoin being the eldest of all cryptocurrencies in use to date has experienced almost everything in the crypto market. The ups and downs and many new characteristics are completely witnessed by this market which is still in operation. Thus, bitcoin can be considered the most experienced of all the cryptocurrencies available and thus needs to be studied and discussed. Bitcoin, when launched in the year 2010, was just an alternative to payment fiat currency. The main motive behind introducing this currency was to make an economic entity that has no control over the government. For more information you can visit Bitsoft360
The previous year was a rocking year for the world of crypto. Many new additions were made and a few deletions were also there. As a result, the crypto market witnessed many new advancements in the group. As the previous year has ended completely, we can make review the highs and lows of the bitcoin market in the same year. In this article, we are going to discuss the highs and lows of the crypto market. So, let us start the journey!
In February last year, no other than Elon Musk came up with an idea for a new cryptocurrency named Dogecoin. Rhyming with the dog, and having the token image to be a dog, this was launched originally as a competitor to bitcoin. He even referred Doge to be the crypto for the people to make it a success. But, luck didn’t favor Musk and soon after its launch the whole chain was saturated and the price variation came to a standstill.
Referred to as the largest trading platform in the world, coinbase was introduced in April last year. This not only made an option for the customers but also added an opportunity of making the crypto zone famous. The symbol of trading is COIN and it managed to collect a capital of a whooping $86 billion in its first run. Thus, its launch was a success and this helped crypto to gain popularity among the masses.
The fall of bitcoin
In July last year, the value of bitcoin fell below $30,000. At that time, this was an all-time low for the crypto market. The fall was s drastic at that time that many investors lost about 50% of their valued investments. This was just the trailer for the whole time that proceeded after that in the present year!
The first country to make bitcoin as important as fiat currency was El Salvador. The country legalized the bitcoin tender making it first in this segment. Taking El Salvador as a benchmark many countries followed the same and more came in the pipeline for legalizing bitcoin and other crypto assets. Since, its adoption, the flow of bitcoin is smooth in the country and they are enjoying the perks and benefits of bitcoin and its derivatives.
China banning the mining process
When the whole crypto market was enjoying getting legalized in El Salvador, China had some different plans in its mind. In late September, last year, China banned cryptocurrency mining and erased its name from the map of crypto-producing countries. The rigs and tools producing china pulled his hands out of the crypto game and switched to their digital currency named digital yuan.
$3 trillion market cap
In November 2021, bitcoin and other crypto markets switched to ultra mode and managed to raise a market capitalization of over $3 trillion. This was a first for the crypto market and seemed to be the start of the bull market for bitcoin and other crypto assets. It surpassed Apple at that time which had a market cap of $2.6 trillion at that time.