The beginning of the Covid-19 pandemic proved to be somewhat of a fork in the road for the world of cryptocurrency. Down one path, the world decides that in such hard times, the best thing to do is hunker down and wait for the Earth to be safe to walk again. Down the other path is insane market growth as millions of people worldwide become bored and extremely active on the internet.
As we all know, the public decided to walk the second path, and the market had the biggest surge in its history soon after the start of the pandemic. Since then, the market has been more liquid and volatile than ever, and currently, the market is the strongest it has ever been and only shows signs of growing further. Here I shall have a look at the most popular currencies of the year so far, all of which have contributed to this huge market increase.
No one is surprised to see this on any list of cryptocurrencies. Since the inception of the concept of crypto, Bitcoin has been the big player to look out for. Even with hundreds of coins available and billions of dollars tied up in non-BTC currencies, his coin still holds around 52% of the entire market by trading volume.
Inventing a Market
This coin has been such a cultural phenomenon that you can barely turn a corner in NYC without seeing another Bitcoin ATM or another local business happily accepting it in place of the nation’s preferred currency.
While it was the first coin of its kind way back in the late 2000’s, the popularity of this coin has never once faltered, and even when it drops hard below the market’s expectations, people across the world can’t help but love and closely follow the progression of this coin.
Another well-established coin, Etherium is far more humble than BTC. A single ETH will set you back a mere $6kAUS, less than 1/13th of a Bitcoin, but this price doesn’t completely reflect the popularity of the coin. Etherium has long been considered as an antithesis of BTC, with its price being almost completely unaffected by that of BTC, a feature a lot of large coins can’t boast.
A lot of speculators have historically preferred ETH for investment as the price is far more stable than a lot of competitors, but it lacks the ability for investors to make or lose eye-watering amounts of money in a few weeks. Regardless of this, ETH will no doubt be widely used for years to come.
SHIB is an extremely new coin, having been released in August of 2020, but it is a market enigma which has swept the planet with awe. While it is only worth a tiny fraction of a cent for each coin, this is one of the most widely reported on and traded coins available at the moment.
It was created as a meme to imitate a previously existing meme coin, leading a lot of people to doubt its viability, but it has regardless encouraged millions of people to invest, and has made a lot of them huge amounts of profit in return.
The Internet is Like No Other
In my opinion, one of the main draws of this coin is how completely unviable this sort of concept would be in traditional markets. A joke company would never make the rounds on the FTSE, especially not one based off another, more successful joke company. The beauty of the internet has swiftly brought this coin into public awareness regardless, cementing it as one of the most talked-about coins of the year!
ADA is a coin I invested in on a whim after the great market crash in Q2 of 2021 and I have not regretted the decision one bit. Back when I was researching this coin, it was a relatively humble coin used to power Cordano’s infrastructure and allow developers to purchase services and get paid themselves.
Since then, ADA has grown massively, both with the Cordano platform becoming extremely popular for web developers to use, but also with the trading community. As soon as a coin has some proven use and clout on the internet, the trading volume is bound to skyrocket and this coin has grown to being worth about $2.50AUS each – a 10,000% increase since before lockdown.
While the hype has died down in the last few months, you can’t ignore DOGE when talking about popular crypto. This coin single-handedly proved that it is possible to top markets without any real use for your currency. From its release to now, this coin has grown almost 150,000% in worth, bringing regret to thousands like myself who considered buying a few dollars’ worth back in 2017.