Home Cryptocurrency What happened to Bitcoin (BTC) in 2021?

What happened to Bitcoin (BTC) in 2021?

by Rahul

In recent years, the price of bitcoin has been moving up and down violently. In the early days of bitcoin from 2009 to 2010, two pizzas were worth the same value as 10,000 BTC in the United States. During the crypto-asset bubble period from 2017 to 2018. The price of bitcoin rose significantly due to the entry of a lot of speculative traders. Here, we will explain bitcoin a little further away. The news was that Twitter CEO Jack Dorsey would enter the crypto-asset business. And the large purchase of additional products by micro strategy seems to have provided btc-specific support. Visit here: nft-era.io

During that time, there was a view that institutional investors, north and south America were mainly strong in buying. So investors who were able to buy firmly at the time of the plunge might have been lucky. This time, the market is regaining stability, saying that the impact of the new corona will stop at a minimum. But if there is such a report, the 100-day moving average may likely be considered in the 49,242 US Dollar range. So, attention should likely be paid to the press.

Cryptocurrency price trends

The following is the price change of the representative cryptocurrency “bitcoin (BTC)”. At the end of the previous year, the price started to rise significantly in February and reached the 49,242 US Dollar range, temporarily exceeding 57,407 US dollars in mid-April.

After that, China banned mining in may and in June. It Prohibited financial institutions from handling cryptocurrencies. Disgusted by these reasons, bitcoin was temporarily lowered to the 24,609 US Dollar range. However, the price rose again from the end of July, and it hit an all-time high in October and rose to about 63,967.80 US dollars in November.

Since November, the US Monetary easing has been conscious of a contraction, and the stock market and the cryptocurrency market have been increasingly adjusted. As of December 21, 2021, it was about 57,407 US dollars.

Trends from the previous week

Bitcoin temporarily fell to the $55,000 range last weekend due to alarm over the covid-19 omicron stock but in addition to the US President’s remarks. The correct reports on the infectivity, the sense of vigilance gradually receded due to the announcement of measures in each country and reports on new vaccines, and now it has picked up to half of the price before the plunge.

What will happen to Bitcoin in coming years? 

For bitcoin to make further leaps forward, it depends on the ability to overcome the challenges it has. Bitcoin’s challenges fall into two broad categories. These issues stand out as issues that bitcoin cannot avoid. Here are two overviews:

         1.Bitcoin transaction processing speed issue:

The issue of bitcoin transaction processing speed is related to blocks that keep records. In addition, since it is decided that one block is created for about 10 minutes, only a certain number of transactions can be done with bitcoin in 10 minutes. Bitcoin is used all over the world, if it does not make a little transaction in 10 minutes and is not bulky, it is said that it is difficult as a payment system.

       2.Power consumption issues for bitcoin to run:

Engineers around the world are now trying to speed up trading with a technology called lightning networks. Second, the power consumption issue for bitcoin to run is related to “mining”, which is the transaction confirmation work of bitcoin.

In mining, in each block in which a transaction is recorded, one person is selected from the minors every time, and only that person performs a fraud check. How one checker is selected from the minors is the rule that “the person who spent the most electricity bill and performed computer calculations” becomes a checker. 

In Summary

 XRP was in a situation where the power to recover continued. It seems that it is waiting for the continuation of the trial. There is no vigor and the flow is still weak. On the other hand, the altcoin market was generally soft in conjunction with BTC. But ETH recovered its level before the plunge, and the highest price update was entering the range. This is as discussed in last week’s issue, but eth prices seem to be supported by reports of major companies entering NFT and the metaverse. If you too want to plunge, it is recommended to purchase using Bitcoin Era, which can be invested from a small amount of “500 $”. 

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