How crypto fared in 2021
Jack Dorsey’s Square Capital and that PayPal news might have steered us in green through the last quarter of 2020 but a whole lot have happened since then. Good, bad, amazing…you can make a long list about crypto events that fit into each of these adjectives. It will be tough to properly categorize China’s (100th) bitcoin ban though. The communist nation has continued with its crack down on crypto-related activities.
In a completely opposite event, bitcoin is currently a nationally recognized currency in a central American country. We’ll leave you in suspense for now…
Well, since everyone is very much interested in the ‘money’ aspect… A whole lot of artists have made millions of dollars selling digitized asset signatures on NFT markets. Elsewhere, a memecoin investor might have just made more money than Jeff Greene. Maybe memecoins are a better investment than Real estate anyways…now that’s not a financial advice. Following dog-themed project – Shiba Inu’s historic run, an (unknown) investor’s $8,000 initial investment was worth well over $5 billion at some point. The story is different for most squid game (SQUID) investors.
A Crazy year it was, only the year 2017 comes close. Four years after the run that saw bitcoin hit $19,000 we have another year that can’t fit into one discussion.
DeFi, NFTs, Cross-chains, Metaverse and of course MemeCoins each of these made huge waves in just one year. Bitcoin have dominated the political headlines while Altcoins have dominated the technological aspect of crypto-related news.
Alright, there’s a whole lot to talk about here. We take them one after the other;
Helluva pump; Helluva ‘crash’!
You caught that pump, right? There was a whole lot of them; it’s hard not to catch any. I caught a few. Literally every cryptocurrency jumped in price. Last time this happened was in 2017! Bitcoin tumbled multiple times to an all-time high of $68,700, ethereum almost touched $5000; Solana, Binance coin…too many to count.
Thanks to technological and marketing breakthroughs that happened simultaneously throughout the crypto space, a new set of believers were created. You wouldn’t blame them! Cryptocurrency and blockchain technology impressed me in a way they have never done since my first encounter. For a moment I though we already took over the world…yes, we did! But these price jerks don’t come without some serious correction. As serious as going down below $35,000 after going above $60,000.
Meteoritic rise, followed by a tangible correction and the cycle continued to repeat itself. Hell of a ride! I’m still caught in the wave and wish we could have a longer year but the best things are waiting for us in 2022…let’s go!
GameFi – the Play-to-earn trend
How much did you earn from playing blockchain games? A handful of people quit their day jobs to focus on their play-to-earn career. Good luck to their former employees in finding a replacement! Actually, many people did quit their day jobs to focus on their cryptocurrency career. Cryptocurrency being a more lucrative venture should be their main reason for taking this decision. If they dropped their 9-5 for a crypto career just to get more free time, then I’m sorry…they made the worst decision. But that’s by the way.
Very fascinating, blockchain and cryptocurrency successfully penetrated another very interesting sector. GameFi projects put together, NFT technology, decentralized exchange and simulation technologies to develop engaging ‘games’ with earning potentials. Now, it’s hard to guess what actually draws more interest towards these projects; the game or the earnings…the latter seems like a more correct answer, lol.
If you had some good luck playing these games, then you probably made some cool earnings. Else, count your loss and get ready to try again next year.
I’m personally a critic of play-to-earn, so, I didn’t try my hands on many blockchain games. However, it is impossible not to acknowledge the wave it created. One of the biggest one this year!
Digital signatures – the NFT boom
If you didn’t sell an NFT this year, you probably bought a few or earned some through airdrops. If you did none of these; then it’s either you’re a strict bitcoin maxi or you slept throughout 2021. Either way, you still have a long time to catch up.
I’m not an art collector but I did get a few (cheap) NFTs, lol.
Mike Winkelman is probably considering buying an island as you read this, it’s very possible he already sealed a deal with an estate agent. After selling his art work for about $69 million, the graphic designer popularly known as Beeple is currently one of the richest artists alive. Sixty-nine million dollars, a whole lot I must say! The Non-fungible token bubble…sorry, boom, took the crypto space by the storm and for yet another time in the crypto space, money sounds like mere numbers!
Justin Sun’s $4.5 million dinner with Warren Buffet used to top my list of the most extravagant spending, but the NFT deals have taken up all these positions and Justin Sun appears to be a very conservative spender, relatively.
Non-fungible tokens are brilliant inventions. Ethereum blockchain takes the lead once again, ERC-721 was the first standard for representing non-fungible digital assets on the Ethereum blockchain, the recent ERC-1155 smart contract token standard also supports the creation digital signatures for items.
What’s your NFT story? I’d love to hear them!
El Salvador happened!
Located in central America, El Salvador’s seven million citizens can now legally transact with bitcoin as a nationally recognized medium of exchange. Merchants have since updated their payment options while the government has developed an efficient wallet and bitcoin ATMs have been positioned around the country. Hailed as the new hero of bitcoin and decentralized payment, Nayib Bukele and his government announced this development and have since accumulated over five hundred bitcoins as the country takes its place in history.
What looked like an uphill task and an impossible goal just came to life. Bitcoin; a nationally accepted currency! Satoshi wouldn’t be less proud! Not CBDCs or USDT, it’s all the shady bitcoin creator ever wished for. The shadowy super coders might have won this round. One city at a time, bitcoin and cryptocurrency seems to be hitting it big in the adoption race. You’ll easily get blown away by how much bitcoin has fought to get to the current stage. Global relevance and an unspoken flexibility.
China; for the 100th time!
The Chinese dynasty has once again banned cryptocurrency, declared cryptocurrency transactions ‘illegal’ and vowed to crackdown cryptocurrency…sorry, cryptocurrency exchanges, the former is near impossible. At a time where cryptocurrency is penetrating the most important sectors of national economy and technology and proving utility, developments like this is odd. Well, not so odd. Cryptocurrency and decentralized solutions might never sit well with centralized governments, which unfortunately is the global practice.
The frequency and manner countries present cryptocurrency ban make it a fun phrase. Countries and regulatory bodies throw this phrase around to describe a common restriction on cryptocurrency related activities within their jurisdiction. Following this phrase are numerous but rarely justifiable reasons why they are halting activities related to cryptocurrency. In this case, it is just to say that these things are done for the fun of it. Fact is, it is hard to see the fun here, but presumably it sounds fun…to them.
Dogs of crypto
If you could attach a popular dog breed name to ‘INU’, you are probably on your way to creating a billion-dollar cryptocurrency project. Some years ago, this feat can only be achieved by the smartest minds and wizard-level marketing strategies. Shake it off, Shiba Inu is a top twenty cryptocurrency and doesn’t even have its own blockchain. Whatever got it to this spot is actually amazing!
But that’s just one out of countless other ‘dog coins’ that has gained millions of investors and moved to ridiculous positions and made crazy gains for investors. By ‘crazy’ I mean, turning $8,000 to $5.7 billion. Jeff Greene should be regretting doing this the hard way.
It’s safe to say that Elon Musk facilitated two very interesting trends; electric cars and meme coins. Meme coins hold one thing in essence, ‘communalism’. Interesting, to be fair; group marketing creates an enormous hype and could drive a huge buy pressure on the concerned project. Meme and moon coins utilize this idea a lot and make tangible price and community success thanks to a correct use of this strategy.
Hype marketing has played out well for a good number of cryptocurrency projects. Well planned shills by a group of people could create thrills and lure potential investors into investing in a project despite having no clear information about the project.
Crypto meets sports!
Not sure if Kobe would be so happy about this one; his favourite playground is getting renamed and it’s not after him. In a $700 million deal, the famous Staples center is getting renamed to ‘Crypto.com arena’. The rich Hong-Kong based exchange is taking many bold marketing steps and this is the biggest of them. Elsewhere FTX exchange is also going deep into basketball as part of its marketing strategies the FTX arena hosts the famous Miami heat and other NBA teams.
Only a few soccer teams are yet to get a fan token including my favourite team…I’ll leave you to guess.
Cryptocurrency project teams are leveraging sports as a more effective marketing strategy. An idea I consider ‘genius’. Looking at the fact that sports is unarguably the most recognized source of entertainment, crypto teams are catching the fishes where they live.
We are few days away from a brand-new year! Personally, this has been an amazing one for myself and the CryptocurrencyScript project. But before we step into what is going to be an even better year; how did your crypto journey fare in 2021?
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hello @joelagbo,
this was an interesting year for currencies, the run makes many entrepreneurs take risks to create many things, but not everything is bright in the future as technologies like quantum computers are a real danger, another thing we also have to keep in mind that the only way to see how permanent currencies are is when there is a bear market, for now all people are maximalist of currencies, I wait to see how they will act when the market is down.
Personally, I don't expect much from the people in a bear market. Only the truly faithful will hang around, buy the dip and contribute. Even the number of writers in crypto writing platforms will reduce drastically when this time comes.
This year has indeed been a very interesting year in the crypto space and many development happened that pushed crypto to the limelight. In my opinion, this is just the start of more amazing developments in crypto. We are indeed set for mass adoption of crypto.
Excellent read buddy
I think mass adoption is achieved already. Next hurdle is global adoption but we are headed the right way. Thanks for taking time to read.
Hello friend, we have been presented with a good summary of the most relevant events linked to cryptocurrencies this 2021, no doubt it has been a year with highs and lows but overall it has been a good year for the crypto world, no doubt what has been DeFi, NFT and the MemeCoins this year will be well remembered, let's hope that all this is to pave the way for greater adoption in the near future.
It sure will, now lets hope we don't do too badly if the bear season comes. Thanks for taking time to read!
Hi @joelagbo
How did cryptocurrencies do in 2021, my answer is extraordinarily well, this if we consider the advance that the crypto market presented at institutional level which speaks of the futuristic projection for a massive adoption of the crypto market.
Best regards, be well.
Crypto didn't do badly at all, at least on a personal note. We will continue to strive for adoption!
This year 2021 has gone great for the Crypto because of the increased prices as well as the adoption in the various sectors. We all expect the price to be rise but at the same time the Crypto adoption is playing an important role and I am happy to say that so far this year has been the best in terms of Crypto adoption.
We might see price rise once again but if it's the rise before the big fall is something we can't say for sure. If we persevere during the next bear season then we will do even better when another bull market comes around.
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Greetings @joelagbo, cryptocurrencies in 2021 did too well, as many managing to overcome 2 times its historical maximum, many projects were consolidated as well as the consolidation of NFTs and much more, let's hope that next year will be much better still.
Unto the next one! better 2022 we hope. Thanks for stopping by!
very good
oh thanks!