What is New and How Far We’ve Come
The introduction of blockchain technology is set to revolutionize the world. Millennials love the dynamics of block-chain transactions, and it seems as though the boomers are joining in too. With its sudden rise in popularity, cryptocurrency may as well be the primary mode of transaction in some countries.
You will find evidence of cryptocurrency endorsements in countries from the Scandinavian regions. The idea of a cashless society is now becoming popular among the youth and becoming the new symbol of progress.
Ever since its rapid rise in popularity, cryptocurrency and blockchain technology manages to make leaps and bounds in the market. Plenty is emerging in the Crypto industry, from the rapid emergence of potential Altcoins to the record-breaking rise of the Bitcoin. The crypto market presents you with an exciting and happening platform, which promises a successful future. Therefore, it isn’t late to jump on the bandwagon!
Bitcoin Price Rise to a Record-Breaking High
It was in 2017 when the price of Bitcoin peaked at an all-time high. Currently, it is approaching a new record high and gained a 9 percent increase in November. Currently, it is sitting at approximately $38,000 USD. This rapid increase in price amidst the Coronavirus pandemic suggests that the people are turning towards Bitcoin as a safe investment in the time of crises.
When compared to other assets, Bitcoin has been thriving in the year 2021. Ever since it dropped its value last in March, the value for Bitcoin rose a staggering 200 percent in recent months. This only goes to show the profitability of Cryptocurrency.
Experts suggest that the sudden rise in Bitcoin value is due to the fiscal stimulus of the global economies. Therefore, the devaluation of global currencies due to the businesses shutting down could mean a great deal for crypto currency’s future. Even though this may be a hard pill to swallow for the centralized banks, it provides a great opportunity for the people to recover their losses.
Furthermore, geopolitical and economic uncertainty has also resulted in other cryptocurrencies to experience significant gains. Cryptocurrencies like Ethereum and Ripple have also increased in value by 4 to 10 percent.
Steve Wozniak’s Cryptocurrency Takes the Market by Storm
Steve Wozniak, the co-founder of Apple introduced his crypto-currency, WOZX on December 3rd on HBTC. Since the introduction of his new coin, it increased emphatically in value in just a week, displaying an increase of a whopping 1400 percent. This phenomenon left people in awe and showed people that the volatile nature of Cryptocurrency can help make a fortune, in very little time.
A Glance at the Future
This incredible rise in the value of the coins tells us plenty about the future of blockchain and cryptocurrency. The gain in the value of cryptocurrencies is a result of the community involvement in a specific coin. Furthermore, it also declares the demand for a specific coin in the market. Therefore, the sudden rise in cryptocurrencies is an indication that more and more people are endorsing it as a legitimate investment.
Billionaires such as Steve Wozniak and others help in bringing more traffic into the Blockchain ecosystem. Throughout the years, we have seen the blockchain and cryptocurrency industry take a steady rise to the top. According to the trends discussed above, the year 2021, appears to be the most promising of them all.