Cryptocurrency has gone by means of various bull and bear cycles because the trade’s inception in 2009. Whereas 2017 noticed the crypto trade boom around initial coin offerings and a rising Bitcoin (BTC) worth, 2020 and 2021 have seen the crypto area broaden round decentralized finance (DeFi) and nonfungible tokens (NFTs). This time nevertheless, retail and institutional curiosity in crypto have ushered in larger adoption than ever earlier than, in line with one crypto firm CEO.
“Cryptocurrencies have been rising steadily in reputation over time, however 2017 left a bitter style in lots of people’s mouths when the market took a swift downturn,” StormX CEO Simon Yu mentioned in feedback despatched to Cointelegraph. “However quick ahead to 2021 and it’s clear to see occasions have modified.”
Yu crafted his quotes in response to latest findings from the Monetary Conduct Authority, or FCA, of the UK, which revealed 2.3 million U.K.-based adults personal cryptocurrency, based mostly on a survey.
“The mixing of cryptocurrency into points of every day life permits for room to develop and solidify itself as extra than simply an asset — it’s turning into a critical various monetary system to fiat foreign money and individuals are beginning to take discover,” Yu mentioned, including:
“Not are firms popping up with arbitrary use circumstances, however they’re as a substitute now thriving by including advantages to shoppers’ lives exterior of the cryptocurrency realm. This all comes at a time, amidst a world pandemic, the place individuals have had time to evaluate their funds, and now search various routes to not solely make investments cash, but additionally become profitable.”
Following the 2017 crypto bull market, the trade fell right into a bear market in 2018. So far as the current market goes, Bitcoin sits within the $30,000-$40,000 vary as of time of publication, down considerably from its all-time excessive. Time will inform whether or not or not the crypto market is headed for further bearishness ahead.