Cryptocurrency market in the first half of 2021
The world in general, and the cryptocurrency market in particular, is already halfway through 2021.
And it was an eventful time with a kind of roller coaster of events. The first quarter was completely green, almost all coins recorded three-digit growth. The second quarter ended with unspeakable worries and feelings. Let’s look back and dive deeper into the crypto market in the second half of 2021.
Cryptocurrency Market In The First Half Of 2021 – Q1
January was a very green month for the market, hardly any coins were in the red, while all top 10 coins by market capitalization were green. Bitcoin (BTC) hit $ 42,000 and Ethereum (ETH) hit $ 1,449, with altcoins also seeing double-digit gains.
February was even better, only two coins in the top 100 ended in red. BTC and ETH continued to move up, breaking above $ 58,000 and $ 2,000, respectively. Binance Coin (BNB), Cardano (ADA) and Polkadot (DOT) have increased from 427% to 103%.
March continues with cool blues and all-time high splashes. BTC has surpassed $ 61,500 for the sixth consecutive month of profits for the coin. All of the top 10 coins have made double-digit gains this month, with the exception of ADA, which has fallen in price.
And then the second quarter began – and it turned out to be one of the worst for the world’s first cryptocurrency.
Cryptocurrency market in the first half of 2021- Q2
April was a success in terms of price, but significantly less green than March. ETH consistently outperformed BTC for the month, with gains 59 percentage points older than the latter. Bitcoin has the lowest profit in the top 10 to date. It hit an all-time high of around $ 65,000 and has not retreated since, as it posted multiple declines to $ 47,000 this month. ETH continued its rally, ending the month at $ 2,770 before breaking above $ 3,000 in early May, while Dogecoin (DOGE) rebounded around 530% after leading the market with its owners. Dallas Mavericks owner Mark Cuban and Tesla CEO Elon Moschus are adding fuel to the fire with widespread hype.
However, in May we saw a strong sell-off followed by consolidation. All coins in the top 10 fell, except for ADA. Bitcoin traded between $ 31,000 and $ 40,000 in the second half of the month, while Ethereum traded between $ 2,200 and $ 2,600 after falling below $ 2,000. ETH also had a much better month than BTC in May, although both fell on the month.
Analysts pointed to a number of possible causes for the sell-off: overheated market, massive liquidation of leveraged positions, BTC tweets from Elon Musk, Tesla stopped paying coins, and increased enforcement of cryptocurrency mining and trading in China.
And so is June too, with some breaking news. The President of El Salvador has decided to give Bitcoin legal tender status, with lawmakers across Latin America expressing their support for Bitcoin adoption. Just a few days ago, El Salvador officials said the BTC they will be giving away in the Airdrop is for spending, not converting to USD.
Meanwhile, Beijing-sponsored anti-mining activities continued to accelerate. On the other side of the coin, if the miners move their locations away from China, they will spread around the world, which will lead to a decentralization of hash power.
After selling off in May, BTC briefly hit $ 40,000 in June but stayed below that level for most of the month. Ethereum also spent some time below the $ 2,000 mark, but not for long, as it soon broke above that level as the London upgrade approached – bringing with it the much-discussed EIP-1559. Activation of one of Bitcoin’s largest upgrades, Taproot, has also been confirmed.
In addition to environmental concerns caused by mining and energy consumption, many new ideas about green, clean cryptocurrencies have emerged.
At the top are President Bukele with the idea of using volcanic geothermal energy to generate electricity, British farmers use cow dung to generate electricity, and recently Polish miners use the energy sun for Bitcoin mining.
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