The year 2020 was one of the biggest years for BTC (Bitcoin) in the past few years. The price of BTC (bitcoin) surged to unexpected levels in 2020, reclaiming its position, unlike the past three years, which attracted many investors.
At the moment, BTC (bitcoin) and the crypto community are anticipating making more developments in 2021. These include the much-awaited bitcoin’s launch inspired by Facebook and the significant impact it will have on the regulations set by the US concerning cryptocurrencies. Thus, it is expected that there will be more discussions about digital assets in 2021.
The cryptocurrencies including BTC (bitcoin) have been on the upward trend for the past 12 years, gaining about $560 billion of the market capital. In addition, Elon Musk has sparked speculation that there is a likelihood Tesla will buy BTC (bitcoin). As we roll into 2021, BTC (bitcoin) is gaining popularity, with more investors talking about the digital space and assets
Besides, cryptocurrencies, including BTC (bitcoin), have made a 170% increase in 2020 compared to the 90% gain in 2019. Thus, BTC (bitcoin) is thriving through speculation. As speculations move on, altcoins and BTC (bitcoin) have gained more popularity compared to established companies such as PayPal. This popularity is still expected to impact 2021 as it majors on the improvement of the expected cryptos to go through rapid growth. This is basically due to higher adoption and since crypto forms the basis for most crypto assets.
BTC (bitcoin) is highly volatile, and that was experienced when its price against the dollar suddenly decreased during the March COVID-19 crash. But it soon recovered after sharply rebounded to regain and surpass its position. However, it could hardly outdo the ‘’Summer of DeFi”, which had its first coin in 2017.
ETH (ethereum), which is the second most popular crypto after BTC (bitcoin), has risen by 300% in the last year. Thus, people are likely to embrace crypto technology more since it can be used to recreate traditional financial instruments. These include insurance and loans with the DeFi products built on the Ethereum network. The trading perspective has yielded more structured products. Also, a significant number of products are likely to follow in the future. Crypto is becoming mainstream, and it is expected to continue in the future.
Despite the COVID-19 pandemic at the start of 2020 and the unpredictable responses by governments, the global markets are responding in a significant way. The crypto market has also responded positively, and thus the market continues to grow in the equities market. The prices of the digital asset are also on the rise, and BTC (bitcoin) is likely to outperform them all as it happened in 2020. This leads to an acceleration of bitcoin and increased adoption around the globe. There is an increase in the number of people who are buying BTC (bitcoin) via the Cash App. This is an indicator of its continuous popularity promoting the sudden growth of the Cash App. PayPal on the other hand has been compelled to fast track its crypto rollout. It is now eligible for interested customers from the United States to buy, sell, or hold cryptocurrencies. As the crypto market continues to heat up, there is a surge in the retail and institutional buyers interested in chasing that momentum. The continued increase in demand is likely to rise in prices as it happened in the past years.
Unlike in the past, BTC (bitcoin) has surpassed all its previous and all-time high prices since it quickly recovered after the price crash. Thus, for anyone interested in buying BTC (bitcoin), the historical price data tells it all. Even though BTC (bitcoin) has had many peaks and recessions in the past ten years, it could outdo the all-time highs. Also, it is also likely to surpass the same again. Therefore, cryptocurrencies continue to be a reliable asset class worth storing in 2021.