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A news agency report says that between December 2020 and April 2021, the price of bitcoin increased more than three times and reached its all-time high, ie the mark of $60,000 (about Rs 44,55,079), but after Bitcoin traded below $50,000 (approximately Rs 37,12,584) in the new year and till the last day of the year this cryptocurrency is wandering around this mark.
“The current temporary and unidirectional price pressure and the potential for further downside due to expectation of pressure has created a lot of uncertainty in the digital asset market,” said Lukas Lagoudis, executive director of cryptocurrency investment fund ARK36.
He further added that “however, the continued adoption of digital assets by large investors and their further integration into the financial system will be the main drivers of the growth of the crypto space during 2022.”
A big reason for bitcoin’s performance in 2021 is Wall Street’s growing appetite for cryptocurrencies. Cryptocurrency exchange Coinbase’s entry into the stock market was the biggest reason behind this coin’s record high in April.
Bitcoin had hit a peak of $66,000 (approximately Rs 49,00,020) in October just after the launch of the Bitcoin Futures exchange-traded fund (ETF) on the New York Stock Exchange.
Furthermore, according to some experts, there is a danger of increased competition when bitcoin enters 2022, especially with its closest rival, Ethereum.
In November, Twitter co-founder and CEO Jack Dorsey left the social media platform, and has since turned his entire focus on his digital payments firm to further expand into cryptocurrencies. .
According to CoinGecko, the total market cap of the cryptocurrency market is $2.36 trillion (approximately Rs 1,72,26,737 crore), with the total value of bitcoin at $900 billion (approximately Rs 66,804,75 crore). Currently, only Bitcoin is leading this market.
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