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Cryptocurrency has gone through a number of bullish and bearish cycles since the industry was founded in 2009. While 2017 saw the crypto industry boom around initial coin offerings and a rise in the Bitcoin (BTC) prices, 2020 and 2021 have seen the crypto space expand around decentralized finance (DeFi) and non-fungible tokens (NFT). This time around, however, retail and institutional interest in crypto has sparked greater adoption than ever, according to the CEO of a crypto company.
Cryptocurrencies have grown steadily in popularity over the years, but 2017 left a bitter taste in the mouths of many when the market slowed rapidly, said Simon Yu, CEO of StormX, in comments sent to Cointelegraph. But move quickly to 2021 and it’s clear times have changed.
Yu wrote his quotes in response to recent findings from the UK’s Financial Conduct Authority, or FCA, which revealed that 2.3 million UK-based adults own a cryptocurrency, based on ‘a survey.
In 2017, the price of Bitcoin peaked at just under $ 20,000 per coin. In 2021, BTC hit prices of nearly $ 65,000, based on data from TradingView.com.
Related: Crypto Users In Texas Will Soon Be Able To Buy And Sell Tokens At A Major Supermarket Chain
Integrating cryptocurrency into aspects of daily life instead allows it to grow and solidify as more than just an asset, it becomes a serious alternative financial system to fiat money and people. are starting to notice it, Yu said, adding:
Businesses no longer spring up with arbitrary use cases, but now thrive by adding benefits to consumers’ lives outside of the cryptocurrency realm. All of this comes at a time, in the midst of a global pandemic, where people have had time to assess their finances and are now looking for alternative avenues to not only invest money, but also earn money.
After the crypto bull market in 2017, the industry fell into a bear market in 2018. As for the current market, Bitcoin is between $ 30,000 and $ 40,000 at the time of publication, down significantly from compared to its historic peak. Time will tell whether or not the crypto market is heading for a further decline.
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