Two months in, how has crypto fared so far?
I made a couple of bold predictions in my article How crypto could fare in 2021.
New year, new expectations. It doesn’t always go down as planned. You probably got your bags ready. More bitcoins? Some ethereum? Or you scooped some XRP hoping to fly high? The moon dreams are high each new year; we’ve seen this play out properly for some investors. For many others, it is a totally different story. They probably didn’t do enough research, well not really. Regardless of how much time you spend with researches, cryptocurrency investments are always risky and luck plays a very big role. You certainly, confirmed all of the above if you were active in this space throughout the previous year.
Now, if you got inspired by that and bought any of the first two coins, you’d be in some good gains currently. Not sure that will be the case if you bought the third coin though. Two months into the new year and what an absolute beauty it has been. Green, is beautiful, of course! At least more than red.
Ripple continues to battle its numerous lawsuits while the stakeholders continue to cash in on their stakes. Millions of XRP hitting the exchanges, guess the ‘weak hands’ are running the day and XRP army isn’t really having a perfect time. Well, that 24hrs pump should be enough for anyone who wished to free up their bags at a better price. While I hope ripple conquers these law suits and get back into business, it is looking like an even bigger mountain to climb for the controversial company and cryptocurrency.
Following face-melting gains across cryptocurrency projects, the top ten (10) ranks has become a fierce showdown as new names make their way into the charts. Binance coin surged following an increased relevance of the Binance smart chain. Cardano also shuttles around the top five ranks as tangible technological developments have been well received by the cryptocurrency market. Cross-chain solution Fantom (FTM) have blazed through the ranks to the top 50 rank, moving over 200 positions from its previous rank. A good number of cryptocurrency projects have enjoyed a good run of gains.
Bitcoin continues to set new highs, ethereum also smashed past $2,000. An emphatic year! These ferocious movements have propelled the total market capitalization of bitcoin past one trillion dollars while the total cryptocurrency market capitalization nears a double trillion. Dreams come true, huh? I guess so!
Market Saylor and his Gray scale investment continue to add more bitcoin and other cryptocurrencies to their vaults. Jack Dorsey’s square capital had already joined the bitcoin investment space before Tesla’s impressive $1.5 billion bitcoin purchase. Before Elon Musk bought into bitcoin, he has been known for his love for DogeCoin.
Talking about Elon and Doge, it’s match made in heaven. A meme lover and a meme coin…lol. Musk’s tweets about dogecoin has contributed to the wild price gains dogecoin has enjoyed over the past couple of months. You’d see ‘dodge coin millionaires’ promising giveaways on twitter; well, try not to fall for that. Elon has also bought some dogecoin for his ‘Lil X’, not sure how many he bought in particular but for the richest man on earth, ‘a lot’ is a good guess.
Just as predicted; In Nigeria, the largest cryptocurrency market in Africa, the central bank has banned cryptocurrency transactions especially where it involves official institutions and the use of the national currency. Other countries have also hinted on similar actions against cryptocurrency. A normal event and completely unsurprising. While prominent institutions and economists join the discussion in favour of bitcoin and cryptocurrencies, national institutions have seen these solutions as a direct rival to the banks and the current financial setting. They are right, but it will be hard to stop what is yet to come.
Just as predicted in the article above, the crypto space continues to grow. New projects have risen through the ranks to make bold statements in the crypto space. Projects from the Polkadot and Binance chain ecosystem are making the waves as other new projects continue to grow and gain prominence in the crypto space. Binance chain’s PancakeSwap has attained a market capitalization of over a billion dollars. Reef, Rio Chain, Polkastarter…couple of projects from the Polkadot ecosystem are also making impressive moves across the space.
As usual in a bull market, outrageous predictions currently fill the space as influencers quote target prices for certain crypto assets, McAffee is yet to fulfil his own part of his $1,000,000 per bitcoin claim. Probably when he is out of jail, he can see to that. But before then, we stay cool and watch how events unfold. In summary it’s already been an amazing and we stay hopeful.