Halfway through 2021, in the past six months, the crypto market has moved from boiling point to freezing point from time to time. Generally speaking, the trend of the crypto market in the first half of the year can be divided into two stages. In the first stage, most crypto assets showed a strong rise. But in the second stage, the ups and downs began, and the successive sharp declines caught many investors by surprise.
｜In the first phase of the first half of 2021, the crypto market was advancing rapidly
From January to June, the changes in the total market value of the entire crypto market were roughly as follows: According to relevant statistics, the market value of the crypto asset market at the beginning of this year was about 77.7 billion US dollars, which is equivalent to the total market value of the Singapore stock market; it increased on May 12 to a scale of US$2.62 trillion, it is equivalent to the market value of the national stock market in India. At this stage, various encrypted assets were thriving, such as the animal-themed tokens trend and the rapid development of the stablecoin market, etc. The market sentiment was overwhelming. Investors were eager to enter into the market. The rise of investment trend has also attracted the attention of the regulators. A strong supervision was on the way.
｜In the second phase of the first half of 2021, the crypto market was moving towards the freezing point
The day of May 19 was a turning point in the crypto market’s trend in the first half of the year. According to statistics, BTC fell below US$30,000 to US$29,000 that day, a drop of 34%. When the crash was coming, no one can be excused. DeFi, NFT, and a diversity of animal-themed tokens that were hot previously have all fallen by more than 50%, and the crypto market has continued to plunge.
｜Major event: the animal-themed tokens were a hit in the crypto world
At the end of April and beginning of May this year, the crypto world put up a “Crazy Animal City” show. A diversity of dog coins, fox coins, pig coins appeared one after another. Their popularity even surpassed the mainstream coins. With the public support of celebrities such as Elon Musk, Dallas Mavericks boss Mark Cuban and American rock singer Gene Simmons, investors driven by the power of faith were crazy for Dogecoins. The price of it was close to zero at the beginning so it was relatively easy to be accessed. Because of the craze, it became a rare spectacle in a century in the crypto world.
｜Major event: Coinbase went public on the Nasdaq exchange
Coinbase, the largest cryptocurrency exchange in the United States, went public on the Nasdaq exchange on April 14 with the stock code COIN. It is the first large-scale cryptocurrency company that went public in the United States, and its intraday market value once exceeded 100 billion U.S. dollars. The listing of Coinbase is a landmark event for the cryptocurrency field.
Despite the ups and downs of the crypto market, the story is still being written. Although we cannot accurately predict the market trend in the future, the review of the past can help us more accurately grasp the current dynamics and at the same time have an in-depth understanding of the development of the industry.
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