A lot has happened this year, from Joe Biden being the president of the United States, the last leg of Brexit, the Tokyo Winter Olympics and many other turns of events, likewise with the crypto industry. Cryptocurrency started strong for this year, but still like it if other industries did not dodge hindrances that came along the way. Cryptocurrency got its high and lows for this year, but it is still standing strong and stable as of the moment. To trade all of these various cryptocurrencies on one platform, visit Bitcoin System.
Here’s what happened to some of the Top Cryptocurrency for 2021
Bitcoin reigns supreme as it is also the first of all the cryptocurrencies to exist now, created back in 2009 by Satoshi Nakamoto. Bitcoin also became a household name for all cryptocurrencies or digital coins. As of now, it has a total market cap of almost $1.17 trillion. Five years ago, you could purchase a single Bitcoin for just $500 dollars, but as of October 2021, one Bitcoin’s price is a whopping $62,000, which means its value grew over about 12,300%.
With Ethereum it is a cryptocurrency made way back in 2015; it also has a blockchain system of its own. Ethereum is also being fancied by program developers since it offers smart contracts that automatically carry out every transaction, same with non-fungible tokens. Being the second on the list, Ethereum had a lot of growth in just over five years in the system. Its value went from $11 way back, and now to over $4,400, it has an increase of almost 40,000%. Ethereums market capacity as of the moment is over $52 billion.
- Binance Coin
Binance Coin just started recently; compared to the other cryptocurrency, it was introduced last 2017 and since then has expanded. Binance Coin is the type of cryptocurrency where you can use it in trading and paying its fees on Binance, which is also the largest crypto exchange in the system; rest assured that you can still use it to trade with other types of cryptocurrency such as Bitcoin or Ethereum. When it was launched, its initial price was just $0.10, which hiked its price to over $530, gaining more than 530,000%, with a market capacity of over $88 billion now.
Unlike other cryptocurrencies, Tether is backed by fiat currencies like Euros and US dollars; it keeps value with the same amount of those denominations. Theoretically, its price is expected to be more consistent than other types of cryptocurrency, which is attracting more investors who are aware of how the other type of cryptocurrency is volatile. Tether now has a market capacity of over $70 billion.
Another type of cryptocurrency that is considered late in the scene is also known for its early use of proof of stake validation to its transactions. That method lessens transaction time and energy usage as well, unlike with Bitcoin and other cryptocurrency’s transactions. Like Ethereum, Cardano was also able to do smart contracts in decentralised applications, which was made possible by ADA, its native coin.
Compared to other major cryptocurrencies, Cardano has had little growth in its history. Cardano’s initial price was $0.02, but as of October 2021, it now has a price of $2.01, which is still an increase of $10,000% and has a market cap of almost $66 billion.
With the age of technology, cryptocurrencies are now part of the trend. It gets featured on the news, a lot of famous people and even celebrities invest in it, some make it their business. For a year, a lot could happen with this industry considering its volatility. This year, amidst the pandemic, it continues to be stable and even get a bigger value. That is why many investors still choose to trade in their money since it stands through time and even shows its capabilities.