Top 5 Cryptocurrencies in 2021
By the end of 2021, there have been important events and developments in the world of crypto money. Despite being a year in the shadow of the pandemic, cryptocurrencies have truly consolidated their position in markets, states, and people.
While corporate companies started to invest in cryptocurrencies, companies with huge budgets started to set up their own teams and develop projects. It can be said that a new employment area has been created.
Despite the developments, surveys show that people’s prejudices towards crypto money still remain. At the same time, many people do not fully understand the purpose and function of cryptocurrency. Despite this negative picture, cryptocurrencies are increasing their functionality day by day, spreading to more areas and signing very high figures in trading volumes and market values.
We will analyze the crypto money adventure that started with Bitcoin in 2009, the 5 cryptocurrencies that gained the most value in 2021, and whose innovations attracted the most attention.
Bitcoin, which was created in 2009 by an unidentified person or persons using the pseudonym Satoshi Nakamoto, is considered to be the first cryptocurrency. It has always been the center of attention since it was first introduced to the market. In 2021, it reached the all-time high (ATH) level, seeing the level of $ 66 Thousand.
At the beginning of 2021, Bitcoin surpassed the $50,000 level, raising its market value to over $1 Trillion.
According to CoinMarketCap.com data, as of the end of 2021, the overall market volume is around 1.2 Billion dollars. In the last two years, Bitcoin has managed to increase its value 17 times. The increase in the value of Bitcoin is also reflected in altcoins.
In September, the state of El Salvador officially recognized Bitcoin as the official currency.
In November, the long-awaited Bitcoin Taproot update was officially implemented at block 709,632. The decline that started before the update continued and the value of Bitcoin fell to the level of 2018.
Ethereum is the second cryptocurrency by market cap after Bitcoin. Ethereum, which has its own blockchain, has increased its value in a very short time. It managed to increase its value by 40000% in the process from the first transaction value to the present.
Launched for the first time in 2014, Ethereum occupies an important place in the name of decentralized and innovative finance. Ethereum (ETH) rolled out the London update in August. With the update, 4% of ETH will be burned every year and will be taken out of circulation. Despite high transaction fees, Ethereum hit the ATH level at $4864 in 2021. The Ethereum 2.0 update is eagerly awaited by investors.
About 3 months after the London update, the Altair update was made on October 27. With the update, the density of the network was reduced by distributing 64 blockchains. The Altair update was an important step for the Ethereum 2.0 update.
Shiba Inu (SHIB):
Shiba, the decentralized cryptocurrency launched by an anonymous person named “Ryoshi” in August 2020, has become the most valuable cryptocurrency in a very short time. After Elon Musk the CEO of Tesla stated that he does not own Shiba which has a total supply of 589,735,739,047,293 units, it experienced its real rise. Contrary to the expectations, its value increased by more than 5.4 million, with a spectacular rise.
Shiba, which has a serious following on social media, has managed to leave Ethereum behind in this area.
AVAX, which was created on the Avalanche blockchain, became one of the cryptocurrencies that attracted the attention of the investor with its project and updates. It can be said that AVAX using the Proof of Stake algorithm instead of Proof of Work, is the biggest competitor of Ethereum with its processing speed.
With a value increase of 1860% in 2021, it managed to see its highest level with $ 90 in November. The announcement of the $200 million resources for developers working within the AVAX network is seen as the reason for this rise.
Having an important place among altcoins, Fantom stands out with its scalable and decentralized feature.
Fantom, along with its in-house token FTM, is the main competitor to the Ethereum and Polkadot tokens, which are splitting from Ethereum with the transaction speed that the developers say reduces the issues with smart contract platforms, to under two seconds.
It continues to climb the steps rapidly with its 7457% increase rate in 2021. Phantom managed to attract attention with its staking rates. In October, it broke a record in this field by exceeding 3.2 Billion dollars with its total locked value.
We have evaluated 5 cryptocurrencies that attracted the most attention in 2021, focusing on different areas in their own field, and rapidly rising.