Last year was an eventful one for the cryptocurrency market, and forecasts show that 2022 could be equally epic. Cryptos began 2021 on a very high note. Bitcoin, the first and most valuable cryptocurrency by market capitalization, began the year with an all-time high (ATH) of $28,994.
It reached $63,285, a 118 percent rise between January and April 2021. However, a slump began in May, with Bitcoin falling by about 51% and trading for less than $35,000 at the time.
The Epic Rise of Crycurrencies Before the End of 2021
Before the end of last year, Bitcoin reclaimed its status as the leading cryptocurrency with an incredible comeback, reaching an all-time high of over $66,000 in October. However, the price could not be sustained, and it fell to a low of $47,000 by the end of the year.
Aside from Bitcoin, 2021 saw the rise of fascinating tokens such as SHIBA INU, which increased by 49,000,000%. Investing $100 in the coin in 2020 would have resulted in a whopping $53 million during the token’s all-time high (ATH) in 2021. You might want to due some due diligence on this highly impressive newcomer which was launched in August 2020.
What to expect from Cryptocurrencies in 2022
The year 2021 has shown us that when it comes to crypto prices, advancement in blockchain technology makes a significant difference. Take the Solana blockchain for instance, like Ethereum, it enables speedier transactions at cheap costs while also providing new features such as NFTs and decentralised banking.
In 2021, the value of its native coin, Sol, increased by more than 16,000 percent. We also saw strong growth for gaming and metaverse tokens like Decentraland and Sandbox.
Reports from Analytics Insights forecasts cryptocurrencies such as Bitcoin to hit $100,000 and SHIBA INU to increase by 300 percent.
However, with the volatility of cryptocurrencies, we can only continue to observe fluctuations in prices alongside these forecasts and how they connect to blockchain advancements.
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