Bitcoin Celebrates 13th Birthday as the Cryptocurrency Era Continues to Tick
Brian Njuguna Jan 04, 2022 08:51
On January 3, 2009, Bitcoin’s genesis block was mined, setting the ball rolling on what the crypto space would offer.
On January 3, 2009, Bitcoin’s genesis block was mined, setting the ball rolling on what the crypto space would offer.
Thirteen years down the line, Bitcoin’s dominance in the crypto sector continues to be felt because the maiden cryptocurrency has made significant strides. For instance, BTC reached an all-time high (ATH) of $69,000 in November 2021, making its market capitalization top $1 trillion.
With Bitcoin deemed as the genesis of the cryptocurrency world, incredible growth has been witnessed in this industry with a market cap of more than $2 trillion. Therefore, the crypto space is no longer oblivious in the financial scene.
Traditional banks are giving cryptocurrencies a watchful eye this year despite facing obstacles. For instance, the key concept of the crypto universe is a decentralised currency which makes banks completely cut off from their business model and instead viewed as competitors.
The decentralization concept has seen different areas in the crypto space spring up, like decentralized finance (DeFi) and non-fungible tokens (NFTs). As a result, proof of stake (PoS) networks like Solana, Cardano, Polkadot, and Ethereum 2.0 have opened the doors for staking-as-a-service providers.
The crypto sector has experienced notable growth because cryptocurrencies are seen as the financial path of the future and wealth builders, according to a recent Visa study.
It, therefore, does not come as a surprise that venture capital firms almost quadrupled the previous high by pumping a whopping $30 billion into the crypto industry in 2021.
With El Salvador President Nayib Bukele predicting that Bitcoin will reach $100,000 in 2022, it remains to be seen how the leading cryptocurrency plays out as it continues commemorating its 13th anniversary.
Image source: Shutterstock