The Current State of Cryptocurrencies: An Overview

Do you know the world’s leading digital currencies, cryptocurrencies, were once the safe havens for money launderers and criminals? However, technological advancement and the popularity of cryptocurrency among investors and institutions have contributed to the success of Bitcoin and other cryptocurrencies.

Not to mention, cryptocurrencies hit a total market cap of nearly $2.5 trillion USD for the current year. Let’s discuss the current state of cryptocurrencies in 2021 to determine their potential growth in the future.

What is the Current State of Cryptocurrencies?

It is no surprise that the surmounting trade volumes every day and the increasing market capitalization rate of cryptocurrencies have provided investors with many opportunities. Regardless, individual investors are substantially down in the trade figures due to many reasons.

The digital currency market can be self-sustaining despite there being few trading partners. Additionally, institutional investors are engaging in higher cryptocurrency trading volumes in comparison to individual investors.

One thing is for sure regarding cryptocurrency. In the present economic situation, if it were to float on the NASDAQ or any other similar exchange, cryptocurrency prices and reps would have skyrocketed like never before.

Two of the Top Cryptocurrencies of Blockchain Technology

Bitcoin is the most popular blockchain technology cryptocurrency. However, Blockchain technology and cryptocurrencies are not limited to Bitcoin. The market for Blockchain cryptocurrencies is huge.

• Bitcoin was among the most stable and highly valuable cryptocurrencies and normally topped the price indices of the cryptocurrency market. It currently stands at nearly $38,500 USD while it hit the highest ceiling in March 2021 when it went over $50,000 USD.
• Ethereum Blockchain, aka “Ether,” entered the cryptocurrency market in 2015. It stands as one of the most appreciated and transaction ledger occurring Blockchain cryptocurrency for 2021. Ether currently sits at a market price index of over $2,300 USD.

What is the Future Scope of Cryptocurrencies?

It is valid to assume cryptocurrencies will keep fluctuating considering the challenges of the technological world with growing economic and political concerns. In fact, there are widespread speculations that the evolving technology behind cryptocurrencies, along with the investment demand, may lead to dramatic increases in price by the end of 2021.

Digital tokens are becoming the lead pursuit of regulators and governments in various places for better and improved applications. Like other markets, it will also see ups and downs, and may hit highs and lows.

However, cryptocurrencies might upend our whole financial system. During the last pandemic year, there were significant discussions and concerns when cryptocurrencies hit an all-time high in the digital world.

Conclusion

Can digital coins become a substitute for traditional fiat currency? Well, the future scope of cryptocurrencies looks rewarding to potential investors. However, some institutions would rather stick with the conventional fiat currency.

Still, it would be wise to say that if there were any investment opportunities today, some of the best ones would be in the cryptocurrencies’ global market.