The Covid 19 pandemic fueled cryptocurrency adoption as other currency forms came crashing down as economies took a turn for the worst.
Higher Crypto Adoption
The crypto community capitalization is officially over with a modest 5.2% adoption rate from groups over all. For the first time, we can say that the crypto community is growing, since 2017.
We can trace Bitcoin’s roots back to a small group of technologists who lost confidence in the system. In 2009, widespread panic caused the Great Recession by the biggest banks on Wall Street. Many of these banks were bailed out and had no responsibility or liability consequences by their respective governments.
But Bitcoin is increasingly becoming popular. Google searches for Bitcoin neared the all-time high of 2017, towards the end of last year. It was a clear pointer that the adoption rate and interest in crypto was slowly rising.
In 2017, crypto exchanges like Coinbase were the keyway to owning the program. More mainstream networks such as PayPal (PYPL) and Square (SQ) now support Bitcoin, which is not directly based on supporting digital currencies.
The rally will likely bring more as it goes on. Mainstream support of digital currencies still has a long way to go, but this rally is more extensive than the more widely supported Bitcoin purists in 2017.
Furthermore, it should also be remembered that the Bitcoin rally 2017 saw an 80% drop. At the same time, Bitcoin appears to be increasingly permanent in the investment countryside, despite the uncertainty.
Mainstream investors will receive this rally with a slightly different taste than it was in 2017. We are now at an important intersection of public perceptions of business and transfer of value, nearly a decade after the last crisis.
Bitcoin Price 2017 Vs 2021
Bitcoin prices plummeted after sharp rallies in 2013 and 2017, but these drops weren’t preceded by any significant event covering several asset classes. The digital coin was merely cut by the other edge of speculation’s blade; concerns about hacking threats, for instance, hindered cryptocurrencies in 2018.
So, for the first time, the 2020 bear market – short as it was – was a global recession that threatened various investing forms, as did Bitcoin and other numerous digital currencies.
The bear turn was not almost resistant to cryptocurrencies. Investors began to sell stock by moving into cash first in February, and even security games like gold finally went down in March. But Bitcoin also finally collapsed in the middle of March.
However, these lows were short-lived. Digital currencies rose more from the bottom, and by April, Bitcoin became more optimistic. As 2020 came to an end, Bitcoin experienced a tremendous surge in prices. The major step that saw crypto prices skyrocket would be the growing institutional interest, which is expected to keep driving the prices even in years to come.