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Bitcoin ‘May Not Last Much Longer’ Warns A Cornell Trade Policy Professor
Cryptocurrencies were unrivaled channels of greed and fear in 2021, minting and wiping away fortunes as they moved wildly while adding $1.5 trillion to the entire market value. Bitcoin, which has gained almost 60% in value this year, has taken a lot of attention, but it has had to share its limelight with the likes of Ether and Binance Coin and tokens like Dogecoin and Shiba Inu. Ethereum has constantly frolicked as second fiddle to Bitcoin, but it has been a bright spot for investors up to this point in 2021. To this point, the second-largest cryptocurrency by market capitalization has made nearly 400 percent increases. Binance is the world’s largest cryptocurrency exchange, and Binance Coin helps users trade on the network by offering a 25 percent discount on transaction costs. How Did Bitcoin Perform in 2021? In fact, during 2021,
Bitcoin’s share of the crypto market fell considerably while other tokens soared, indicating how capitalist interest in digital assets grew despite or maybe because of massive volatility. “Given the proliferation of assets inside the crypto domain, as well as the multiple use cases,” said Vijay Ayyar, Asia Pacific head of crypto exchange Luno in Singapore, “the reduction in Bitcoin’s dominance will almost probably continue next year.” According to CoinGecko tracker, which tracks almost 12,000 tokens, the entire worth of cryptocurrencies increased by around $1.5 trillion in 2021 to about $2.3 trillion as of Dec. 17, 2021. Bitcoin, the most popular cryptocurrency globally, began the year with a 70% market share. This has dropped to only 40 percent, mainly due to Ether’s improved quality. Money has also flooded into other tokens, which some view as a sign of speculative froth that might destabilize the market.
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