In the past couple of years, Crypto-Currencies created enough buzz that it is almost impossible to ignore. Bitcoin, the “First ever cryptocurrency” has captivated the public’s attention and challenged the very ways that businesses run. The way businesses conduct business has been transformed. The quarter that ended in 2021 has seen a significant amount of Crypto Millionaires. Get more info?
Cryptocurrencies such as Bitcoin, Ethereum, Solana are hitting all time highs, indicating that another bull run. But the average conventional investor is still very skeptical of these gains. With the numerous stories that are in circulation about people becoming rich with crypto The average investor is equally enthralled and exhausted.
Let’s face it, Bitcoin was in deep waters just a couple of months back. Why? because Tesla was adamant about not accepting Bitcoins as a type of payment due to environmental concerns. A move which Tesla had agreed to a few months ago. As a consequence, Bitcoin fell and the whole cryptocurrency market. Massive amounts of money were removed from the market. China also did its part, by placing a harsh restriction on mining and the use of any cryptocurrency’s for the foreseeable future. However, the announcement of the Bitcoin ETF on the New York Stock Exchange, has seen the market resurge. Bitcoin as well as other popular currencies are soaring for all time highs.
Outperforming the Elites
Bitcoin
How can we ignore Bitcoin when it comes to performance? Bitcoin has grown thousands and thousands of percent since its beginning. If you had invested $1000 in Bitcoin ten years ago, your investment would be over $15 million. That being provided you never sell your Bitcoin in the interim. Bitcoin’s growth has been 372% despite the dramatic increase and decrease in the past year.
Ethereum
The next on the list Next on the list is Ethereum as the 2nd biggest cryptocurrency in the world. Seldom called the next big trend, Ethereum with its smart contracts and dApps (Decentralized Application building ecosystem) is surely a technology that is worth observing. With over 500% growth over the last year, Ethereum might soon dethrone Bitcoin as the leading cryptocurrency.
Dogecoin
Dogecoin is a unique coin that was introduced in 2015 as a satire, in response to the enthusiasm for cryptos of 2015. The idea was fun for the creators who created it to make fun of themselves. Dogecoin might not be the most appropriate choice for everyday use. Investors in Dogecoin this year enjoyed a gain of 19000% on their investment. Besides, Dogecoin is one of the most favored crypto currencies, due to its community enthusiasm and commitment. Elon Musk is among the most prominent figures who have often been a proponent of the meme currency through his social media, which has caused a significant rise in the price.
With this high percentage of gains, a few financial analysts believe that the Crypto space is either exaggerated or has reached its potential limits. We all know that Cryptocurrency is dependent on speculation and general demand. That’s why it’s difficult to estimate “What price is right for a specific crypto-currency. While only a handful of crypto-currencies have achieved success in the crypto-currency market, most have lost their capital during the most recent bull market. What, then, has happened to the crypto train? Have we seen the crypto-currency industry reach its finest times?
Crypto is in its early days of a boom
The Crypto industry has already hit the trillion dollar valuation and it’s only recently that institutions have started looking into the subject. It’s true. Crypto boom is at its baby stages, eyeing a long and sustained upward growth. Several Financial institutions have already included crypto-currencies in their portfolios. The tech companies are also not far behind in their efforts to profit from this technological marvel. A further aspect to consider for Cryptocurrencies is regulation. El Salvador was the first nation to recognize Bitcoin as a legal currency. Since then, the regulatory bodies have been working tirelessly on making a framework that can allow the use of Bitcoin. A number of other countries are in the process of or trying to find ways to regulate this innovative kind of technology.