While we applauded all of the year’s major achievements, the most significant development is that the mainstream media now requires the term “Fiat” whenever comparing crypto to traditional currencies.
The inherent volatility of cryptocurrency is one of the reasons it attracts so much attention. It’s not unusual to see one of the biggest cryptocurrencies, such as Bitcoin, achieve a new high while losing 10% or more of its value in a single month or even a single week.
The major cryptocurrencies saw a number of booms and bust phases in 2021. This was usually because of third-party news. There have been a lot of news stories about Bitcoin this year. Elon Musk’s tweets made the stock market go down. Tesla accepts bitcoin, and El Salvador recognizes it as legal cash. In 2021, people searched online how to buy bitcoins rather than buying equities on Google.
Major 2021 Crypto Market Highlights
Here’s a quick rundown of the biggest market-moving events and headlines in the crypto realm in 2021, as well as the then-current price of Bitcoin, the largest and most well-known cryptocurrency, which raised some eyebrows:
Tesla Makes a $1.5 Billion Bitcoin Investment
Elon Musk’s enigmatic tweets and innuendo about Bitcoin were realised in February, when his business, Tesla, announced that it was buying $1.5 billion in Bitcoin. Later this year, the company also announced that it would begin accepting Bitcoin as a mode of payment for its services. This news became one of the major Crypto Market Highlights in 2021. Unlike some of Musk’s more cryptic remarks, crypto fans saw these moves as concrete support for Bitcoin’s future.
Bitcoin crossed $1 trillion in market value for the first time
Bitcoin’s market value surpassed $1 trillion for the first time on February 19. The achievement occurred after the cryptocurrency received support from significant institutional investors and well-known financial firms early this year. Tesla, Square, and MicroStrategy, for example, have begun to buy bitcoin using their balance sheets.