Cryptocurrency has come a long way since its inception in 2009, with Bitcoin being the first decentralised cryptocurrency. There are thousands of cryptocurrencies in circulation today and the market capitalisation of the cryptocurrency market has grown significantly over the years. In this article, we will explore the development of trends in the cryptocurrency market.
The early years
In the early years, the cryptocurrency market was very narrow, with only a few enthusiasts and early adopters investing in it. Bitcoin was the dominant cryptocurrency and its value was highly volatile. It wasn’t until 2013 that the price of Bitcoin began to rise significantly, leading to a surge in interest in the cryptocurrency market.
The rise of altcoins
As more people became interested in cryptocurrencies, new cryptocurrencies began to emerge. These were known as altcoins and included cryptocurrencies such as Litecoin, Ripple and Ethereum. The introduction of altcoins made the cryptocurrency market more diverse and allowed for more investment opportunities.
The ICO boom
Initial Coin Offerings (ICOs) became popular in 2017 and allow startups to raise funds by issuing their own cryptocurrency. This led to the rise of new cryptocurrencies, with many failing to live up to their promises. The ICO boom was short-lived and many regulators around the world started cracking down on them.
In 2018, the cryptocurrency market saw a significant decline, with the market capitalisation dropping from over $800 billion to less than $200 billion. This was due to a combination of factors, including the bursting of the ICO bubble and regulatory intervention.
The bull market
The cryptocurrency market has started to recover in 2020, with Bitcoin leading the way. In 2021, the market experienced a significant bull run, with market capitalization reaching an all-time high of over $2 trillion. This was due to a combination of factors, including increased institutional adoption and mainstream adoption.
In conclusion, the cryptocurrency market has come a long way since its early years and its development has been marked by significant trends. As the market is still maturing, it will be interesting to see what the future holds for cryptocurrencies and blockchain technology.
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Disclaimer: Crypto products are unregulated as of this date in India. They could be highly volatile. At Unocoin, we understand that there is a need to protect consumer interests as this form of trading and investment has risks that consumers may not be aware of. To ensure that consumers who deal in crypto products are not misled, they are advised to DYOR (Do Your Own Research).