A Blessing In Disguise For Cryptos Despite The Economy Recession and Pandemic
It was one of the highlights in 2020, and a historic year for Bitcoin despite the pandemic. As its price skyrockets and hitting new all-time highs over and over. Similar to Bitcoin, the second most popular cryptocurrency: Ethereum(ETH) also jumped above $1,000 at the time of writing this. According to CoinGecko, the market cap of Ethereum is now over $100B.
It looks like a promising start of the year for both Bitcoin and Ethereum, and now it raises the question; Will 2021 be the year for Bitcoin, Ethereum, and other cryptocurrencies?
How the pandemic shaped the crypto world
The COVID-19 pandemic has impacted countless individuals and crippled the global economy around the world. With global economic uncertainties, inflation, and traditional assets are also affected, people have looked into other sectors to invest in, and one of them is cryptocurrency. This has driven the crypto market to new heights and poised Bitcoin/crypto to enter the mainstream world. Last year, the interest in cryptocurrencies continued to rise amongst traditional investors, signaling growing institutional interest in crypto. This gives hope that Bitcoin and other cryptocurrencies will continue to rise and be at the pinnacle of a positive change.
Starting the year strong
It’s amazing to see that cryptocurrencies are getting bigger and growing at a fast pace. Bitcoin began 2021 by stepping on the gas pedal, breaking through the $30,000 (£22,000) mark for the first time, in less than three weeks after first trading above $20,000.
Fun fact: right now, 0.1 of BTC is worth more than one whole Bitcoin when it was back in December 2018.
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Getting more popular
Q4 of 2020 has also been a popular year and a milestone for cryptocurrencies, as Southeast Asia’s biggest bank: DBS announced that it has set up an exchange for digital assets, including cryptocurrencies, that will provide tokenization, trading, and custody services to institutional and accredited investors. The DBS Digital Exchange will use blockchain technology to provide a platform for fundraising through asset tokenization and secondary trading of digital assets.
In November 2020, PayPal has also announced that they will join the cryptocurrency market. With this announcement, now PayPal customers will be able to buy and sell Bitcoin and other virtual currencies using their PayPal accounts.
Ethereum and other cryptocurrencies
While we have been busy watching bitcoin’s rally, other cryptocurrencies are having a moment as well. Ethereum (ETH) climbed past the $1,000 mark earlier this month to hit its highest level since February 2018. Ether was last trading at $1,038, up 30% in the last 24 hours, according to data from crypto news site CoinDesk.
We are also pleased to announce that ETH and the CREAM ETH Market are now available in NOBI Savings. Now you can grow your ETH through CREAM ETH Market with a minimum join of only 0.20 ETH and earn up to 3% of interest or even more!
The Dogecoin (DOGE) also increased by 25% in value after the second richest man in the world mentioned it on Twitter. DOGE is a cryptocurrency derived from Litecoin created in December 2013. It is based on the famous Internet meme “doge”, a dog of the Shiba Inu breed also known as ‘Cheems’. While it was originally a joke coin, netizens were quick to adopt it.
That simple mention from Musk increased the value for DOGE by 17% in an instant, going from 0.0039 to 0.0046 dollars. In the following hours, it reached a gain close to 25% , which “fell” to 15% about 12 hours after Musk’s tweet. The last time Musk alluded to the DOGE was in July 2020, when he said that he envisions a “standard future for Dogecoin” and at that time it was up 14%.
After an explosive start to the year that’s seen the broad Bitcoin and cryptocurrency market add a staggering $100 billion in just a few short days, we can only guess what’s going to happen in the next 11 months. But we have a feeling that 2021 looks set to be a big one for crypto. So, what do you think 2021 will bring?
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