On the last day of 2021, the crypto market is trading in the green. According to Indian exchange, CoinSwitch Kuber, Bitcoin experienced a gain of 0.73% and kept its trading value at $51,007. Besides, on international exchanges such as CoinMarketCap and Binance, the world’s largest cryptocurrency is trading at around $47,209 per token. Recently, Bitcoin was having a rough time as it dropped from its all-time high of $69,000 last month and since then failed to maintain steady growth.
Following Bitcoin, Ethereum also registered a gain of 1.61%. According to NDTV’s Gadget 360’s crypto price tracker, each token of Ethereum is currently trading at $4,060.
Apart from these two major cryptocurrencies, Cardano, Ripple, Polkadot, Dogecoin, Shiba Inu and Polygon also experienced gains.
On the contrary, a small bunch of digital coins such as Tether, USD Coin, and Bitcoin Cash suffered losses on the last day of the year.
Experts in the world of cryptos predicted that as Bitcoin is witnessing strength in its dominance little but continuous gains, altcoins will experience growth shortly.
“The largest cryptocurrency by market capitalisation, Bitcoin, stayed above the $47,000 (roughly Rs. 35 lakh) mark and Ether hovered above $3,700 (roughly Rs. 2.75 lakh). Most of the top altcoins remained range-bound following the cues from the two largest cryptocurrencies. Bitcoin dominance signals that the altcoins could likely have a better session over the coming days,” Edul Patel, CEO, and Co-founder of crypto investment firm Mudrex.
Meanwhile, 2021 emerged as a milestone for the crypto world.
El Salvador adopted Bitcoin as legal tender in September, thus validating the crypto space. On the other hand, in October, the first Bitcoin futures exchange-traded fund (ETF) was launched at the New Year Stock Exchange (NYSE) which enabled Bitcoin to reach an all-time high price record.
Also, crypto-based companies managed to gather over $80 billion from venture capital funds, quadrupling from 2018.
Besides, the Bank of America in a report stated that the industries backed and based on cryptocurrencies have witnessed a huge global explosion, making the space “too large to ignore.”
In the US, memecoins like Shiba Inu and Dogecoin have been adopted as payment options in terms of movie tickets and gift cards.
