- The bitcoin value surged by almost 70% so far this year
- Various smaller cryptocurrencies are witnessing even stronger gains
- Experts of the Bitcoin and cryptocurrency market argue that Bitcoin price rise is the potential reason
Bitcoin is smashing all its previous records since the beginning of 2021. It soared to highs that only a few managed to predict.
The historic rise in Bitcoin Price
Bitcoin price surged by almost 70% so far this year. Moreover, it exceeded the historical mark of $50,000 per bitcoin, reaching closer to the total value of $1 trillion. Elon Musk’s support with the Tesla TSLA’s hitting +0.2% along with Bitcoin-purchaser MicroStrategy MSTR striking -1.4%, and conventional Wall Street giants are the major agents responsible for the respective records.
Meanwhile, various smaller cryptocurrencies, including meme-based dogecoin, are witnessing even stronger gains. The fine example would be Ethereum, Polkadot, and Binance coin documenting triple-digit benefits since the beginning of 2021.
The huge Bitcoin and cryptocurrency ecosystem, constituted by various digital tokens, is now worth an astounding $1.6 trillion. However, Bitcoin supremacy, in an investigative comparison of Bitcoin’s worth to the remaining crypto market, seems to have plunged in this year. As smaller tokens ascended, the value of Bitcoins dropped from 70% to 60%.
Ethereum breaks all records
As in this month itself, Ethereum, the next prominent cryptocurrency after bitcoin with a total worth of about $220 billion, rose past its existing record highs created in early 2018. Ethereum rose by 150% since the beginning of this year. This complemented the existing gains of over 500% accomplished during the last year.
The Ethereum price rose as the market witnessed an acceleration in the interest in DeFi. With major DeFi projects established on top of Ethereum’s blockchain, the users flooded the network and led to a rise in the value of the respective token.
Meanwhile, the case is similar to Cardano and Polkadot, the two leading tokens that boost blockchains drafted to oppose Ethereum. Their prices surge as traders predict that they are likely to achieve the leading market share from Ethereum. Since January 1, 2021, Polkadot is up 255% while Cardano surged by 420%.
Experts of the Bitcoin and cryptocurrency market argue that Bitcoin’s price rise is the potential reason to pull up the broader market and stimulate interest in decentralized technologies.
Adam Liposky, ecosystem activities head at Blockchain-based application infrastructure supplier Pocket Network, stated that the bull runs in the Bitcoin industry lead to bull runs revolutions. He further explained that this respective run and the inflow of capital into Bitcoin would boost future transformations of decentralized ecosystems that will reform everything.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.