2021, despite the pandemic and market shutdown, has been a great year for the overall Cryptocurrency market. The year saw a surge of young investors, the highest price evaluation, and increased adoption.
Despite the recent bearish trends, the prices of most Cryptocurrencies have soared massively. This shows Cryptocurrencies’ potential of being a great digital asset and current for online transactions.
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Bitcoin Added 70% To Its Value In 2021
According to the market expert meta profit, the total market evaluation of Cryptocurrency has crossed $3 trillion. Out of which 70% of total capital belongs to Bitcoin, making Bitcoin still the most dominant Cryptocurrency of the market.
Now that 2021 has ended and 2023 has begun, expecting the same thing to happen would be just too much to ask. But, Cryptocurrency traders and investors are expecting the Cryptocurrency trend to continue.
2021 was not only the year for Cryptocurrency to grow and become a $3 trillion company but also marked the year for the Cryptocurrency infrastructure maturity.
The Crypto infrastructure has grown exponentially. Because of these technology companies adapting to Blockchain technology, people today have many onramps platforms to buy Bitcoin and altcoins.
While the Cryptocurrency market was surging in 2021, Bitcoin was not the only Cryptocurrency that hit the triple-digit mark. Altcoins like Litecoins and Bitcoin cash also provide a double-digit return.
The Rise Of Bitcoin Competitors
If we are talking about Bitcoin, it is for sure Bitcoin is the king of the Cryptocurrency market. But, that doesn’t mean others are not as good as Bitcoin in terms of matching the market pace.
For instance, Bitcoin might have more than 70% of the market share, but Ethereum outpaced Bitcoin in terms of returns.
2021 was the year when new concepts were coined in the Cryptocurrency market. Elements like NFTs, Defi 2.0, and Olympus helped marketers look at Cryptocurrencies in more different ways.
The technological aspect of Ethereum has made it a tough contender for the next kind of Cryptocurrency market. Yes, Bitcoin will enjoy the advantage of being the firstborn, but the question is – For how long?
Gamifying The Crypto Industry
In 2023, the industry introduced a new concept called Metaverse. For most people reading this article, Metaverse might be a new subject.
To ensure we all are on the same page, here is a little definition.
Metaverse is a virtual universe that exists in the digital space. Like we have a real world where we live, Metaverse is a digital world where you can live digitally.
We know the concept might seem confusing, but it is not. Just think about how you play an MMORPG game. You have an avatar that explores the dungeons and completes missions.
The same concept applies in the Metaverse; the only difference is that it will be a virtual reality instead of a game.
Now, what is the relationship between Crypto, Metaverse, and gamification?
We need all three elements together to create a virtual environment for the people to live in. When you create a world that works similarly to the world we live in, what is the first thing you need – A Financial system?
This is where the concept of Crypto helps. Metaverse supports the digital world to create a digital environment where users can play and earn, and the earnings will be in the form of Cryptocurrencies.
What Will Bitcoin Be Worth In 2023?
Now comes the main question – What Will Bitcoin Be Worth?
If you are a Crypto investor and trader, you most probably know from what phase the Cryptocurrency market is going, especially Bitcoin.
2021 was the year when the price of Bitcoin reached its all-time high, crossing the $60,000 mark. The pace at which it was moving ahead of the other traditional and digital assets was certain to reach the $100,000 mark by the end of 2023.
But unfortunately, the price has dropped below $40,000.
So, does that mean, finally, the Crypto bubble is deflating?
We doubt that.
There have been many instances where the pieces of Bitcoin have dropped significantly and giving investors and traders a hard time. But, with experience, we can say that it is just one step back to take three steps forward.
Who knows this setback is necessary for Bitcoin to reach $100,000 by the end of the year.
What Are Your Thoughts On That?
This is what we believe and have predicted with our experience. We know many of you reading this article might be more into Cryptocurrency with more experience than us. If that is the case, we would like you to share your experience with us.