The global market for digital currencies closes the year 2021 on an impressive note

In 2021, the digital currency Bitcoin rose 73%, while the world’s second largest digital currency, Ethereum, appreciated 455% despite the recent advent of digital currencies.

Bitcoin and Ethereum coins. (Source: CNN)

The world market for digital currencies is about to close an impressive year of around 2,200 Billion USD Market cap, despite some slowdown in the past two weeks.

The global capitalization of the digital currency market has meanwhile fallen by 1.54% in the trading session on December 30th and has lost more than 25% of its value since reaching a record high of 3,000. Billion USD Beginning of November.

Bitcoin is also down about 2% to $ 46,786 this session. The coin has lost nearly a third of its value since the peak of its impressive run.

Bitcoin supporters are still betting on the possibility of this coin reaching 100,000 USD in next few years, but institutional investors are starting to view Bitcoin as a high-risk asset class due to the high volatility in recent weeks.

Bitcoin is up 73% in 2021, while the S&P 500 is up 23% and the price of gold, traditionally viewed as a hedge against inflation risk, is down 7%.

Meanwhile, the world’s second largest digital currency, Ethereum, has appreciated 455% in value despite the recent advent of digital currencies, increasing Ethereum’s share of the overall market last year to 20% in 2021. Binance Coin is up 1,344% this year and accounts for about 4% of the crypto market.

Ethereum falls 2.8% to 3,690 USD in Morning session on December 30th while Binance Coin rose 3.7% to 517. fell U.S. dollar.

Cardano coin falls 4.2% to 1.33 USD in Meeting on December 30th, which is up about 637% this year to hold sixth place on the cryptocurrency chart. However, research firm Arcane Research estimates that Cardano will slip out of the top 10 by market capitalization along with XRP over the next year. The XRP coin fell 5% in the December 30th session.

Tether is the only cryptocurrency in the top 10 that managed to gain traction during this session and is being traded too 1 USD. Meanwhile, Dogecoin fell 2.62% to 0.17 U.S. dollar, while the Shiba Inu lost about 5% at the December 30th session.