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The Rise and Fall of Prices in Cryptocurrency
Crypto, the niche speculative class of asset, a little over ten years ago would have drawn much more media attention than it now gains. The first, perhaps most famous, of the series of these cryptocurrencies was the Bitcoin. It skyrocketed to new records in 2021, going past $60,000. Others apart from bitcoin, digital currencies of this sort like ethereum and Solana even with Binance Coin took up the same valuation upturn. The rate went extremely fast and mainstream money institutional money and even Governments in a rush to tap this new development that needed leverage on blockchain technology caught sight on.
Crypto market displayed immediate sharp decline as if from nowhere after such dramatic ups. By the end of 2022 and early in the first quarter of 2023, major cryptocurrencies reduced to zero dollars with billions lost. For instance, Bitcoin reduced to below $20,000. Before this reduction, all-time high records of it were about $68,000 achieved in the year 2021. Similar behavior was recorded by Ethereum and Solana as well, as their values decreased lower than 50%.
Factors that led to the fall of the Crypto Market:
These were both external macroeconomic factors and internal issues in the crypto ecosystem that have contributed to the recent crypto price crash.
