Look back at these 5 big things happening in the cryptocurrency space in 2021

2021 has been an extraordinary year for cryptocurrencies, and in the past year the total market capitalization of the crypto market has doubled, from $766 billion at the beginning of the year to a maximum of nearly $3 trillion, quadrupling, and cryptocurrencies are gradually entering the mainstream investment market. Looking back at a series of positive events in the crypto field in 2021 may better help us to develop investment plans for 2022.

Positive event one: Musk supports Dogecoin

Tesla CEO Musk, who was the world's richest man, has repeatedly "shouted" Dogecoin (DOGE) in 2021, and there are statistics that at least 10 tweets released by Musk in the past year are related to DOGE, causing DOGE to rise from $0.0048 to a maximum of $0.68, an increase of more than 140 times.

In fact, the birth of DOGE, the original purpose is to satirize those Bitcoin speculators, and with exaggerated "dog head" emoji as its logo, became the earliest MEME coin. In the 2021 Google Global Hot Word of the Year, DOGE is even hotter than Ethereum, ranking fourth, and Ethereum is in tenth place.

Positive event two: El Salvador uses Bitcoin as a national fiat currency

In June 2021, the Legislative Assembly of El Salvador passed the Bitcoin Law by an absolute majority, approving Bitcoin as the country's legal tender, becoming the first country in the world to officially recognize Bitcoin as legal tender.

Positive Event Three: Ethereum London Upgrade

The Ethereum London upgrade was officially completed on August 6, 2021, when Bitcoin once again broke through the $40,000 mark, up 4.8% in 24 hours and 9.3% in 24 hours on Ethereum.

This upgrade is also the most important part of the entire Ethereum 2.0 upgrade, of which the EIP-1559 proposal involving the Ethereum Gas fee is the most high-profile, and the implementation of EIP-1559 makes the Ethereum Gas fee more stable. As the number of applications continues to increase, the number of ETH destructions will gradually accelerate, which is very beneficial to the long-term value of Ethereum in the future.

Positive Event Four: Bitcoin Futures ETF Goes Online

After years of waiting, on October 19, 2021, the first BITCOIN futures ETF in the United States was officially launched on the New York Stock Exchange, and the first day of turnover hit a record second high in history, and the bitcoin market price rose short-term due to this, up 6.34% in 24 hours, and the price broke through the $66,000 mark, a record high at that time.

The approval of the Bitcoin futures ETF has brought more traditional capital and funds to the crypto market, building a bridge between traditional finance and the crypto world, and may see more cryptocurrency financial derivatives in the future.

Positive Event Five: Facebook changed its name to Meta

Some people call 2021 "the first year of the century of the metaverse", have to admit that the metacosm is indeed one of the hottest and most concerned concepts in 2021, social giant Facebook also announced at the Connect developer conference on October 28 that the company will be renamed "Meta", and its founder Zuckerberg also said in an interview that in the next few years, Facebook will be transformed from a social company to a meta-universe company. Affected by this news, the meta-universe concept currency of the coin circle rose sharply, of which MANA rose by 50.9%, SAND rose by 23.85%, and AXS rose by 13%.

The implementation of the concept of metaversity is inseparable from the application of blockchain, artificial intelligence and 5G and other technologies, and cryptocurrencies based on decentralization make it possible to identify, circulate, monetize and authenticate virtual identities in the metaverse. In addition, NFTs are also a key link in the metaverse due to their unique and non-replicable properties. However, the metaverse is still in the basic stage of social + game scene application, and there is still a long way to go from the real parallel virtual world.

summary

In the past year, under the background of the global epidemic shock and the "big release" of central banks, large investment institutions and companies have begun to focus on the crypto market, and the nearly $3 trillion large market has made them aware of the opportunities everywhere. Now that the number of users has surged, all parties have entered the market and even central banks are also interested in the crypto field, how much will the total market value of the crypto market reach in 2022? Let's wait and see!