State of Current Affairs for Digital Assets: Q1 2021
New Heights for Bitcoin Price and Adoption, Paving the Way for Altcoins
February marks another wild ride for Bitcoin, starting the month at roughly $34,000 and reaching an all-time high of $58,641 with a pullback to approximately $50,000 as of the writing of this article. This has resulted in a concomitant rise in chain activity, with a matching all-time high of unique addresses sending and receiving Bitcoin. This has resulted in institutions bringing Bitcoin access into both the virtual world through platforms and physical, real-space kiosks to drive further adoption.
Bitcoin Accessibility Marches On as Rally Continues
Bitcoin’s massive rally at the end of 2020 and proceeding into 2021 is no accident. One of the most common phrases among investors when comparing it to 2017’s rally is “this one is different.” 2017’s infamous rally and then crash was driven by speculation – when the house of cards fell, there was no real weight or backing behind it. What makes 2020 different is that the house is built on rock rather than sand, with an ever-swelling user base and the financial investment of some of America’s biggest institutional players.
Bitcoin Reaches New All-Time High, Altcoin Spring is Near
Bitcoin continues its frenzy, reaching yet another all-time high above $28,000 on December 27, 2020. This represents a gain of more than 200% year to date, and one of the best years for the asset to boot. However, the digital asset sphere is more than just Bitcoin, despite how often it takes the spotlight. Other coins have different value propositions and fill certain needs more effectively than Bitcoin, and the rising tide generated by Bitcoin will lift all boats in the system. Often dubbed “altcoin season” by its proponents, the positive press and movement generated by Bitcoin will inevitably spark research and interest in lesser-known coins.
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