Interest in NFTs exploded after Beeple's $69 million sale Companies including Tesla, Square and MicroStrategy started to use their balance sheets to buy bitcoin.Ģ. The milestone came after major institutional investors and notable financial companies began to support the cryptocurrency earlier in the year. On February 19, bitcoin hit $1 trillion in market value for the first time. Bitcoin surpassed $1 trillion in market value for the first time Though there were countless defining moments this year, here are 12 highlights.ġ. In addition to art, NFTs representing in-game assets and digital land soared in value as well.īlockchain-based applications, including decentralized finance, or DeFi, garnered interest from both retail and institutional investors, pushing the growth of Web3, which is the decentralized iteration of the internet based on blockchain technology that powers NFTs and underpins cryptocurrencies.Īll of this helped push cryptocurrency into the mainstream in 2021. Other digital assets, like nonfungible tokens, or NFTs, sold for millions of dollars alongside fine art in major auction houses like Sotheby's and Christie's. Bitcoin, the largest cryptocurrency by market value, and ether, the second-largest, hit all-time highs, while altcoins, like meme-inspired dogecoin, surged in popularity. It's been a record year for the cryptocurrency market, which briefly surpassed $3 trillion in value in November.
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