It’s tempting to say 2021 was the year bitcoin finally went mainstream and leave it at that. However, another story can’t be understated: the spectacular rise of the alts. lvlewitinn takes stock in this week’s Crypto Long & Short column:
and just leave it at that. However, there’s another story that can’t be understated: the spectacular rise of altcoins or “alts” – that is, cryptocurrencies that are neither bitcoin nor ether – thanks in part to the NFT boom.showed, Bitcoin’s year played out like something unimaginable even three or four years ago: A sovereign nation adopted it as legal tender and there was an upgrade to make it more transaction-friendly.
To be sure, bitcoin added $330 billion in value in 2021 to close out at $875.9 billion, according to data from CoinMarketCap. In other words, the market has decided that it likes bitcoin more than it did a year ago, but it really, really likes ether and the alts. “Gas fees were so high that it was difficult to carry out transactions on Ethereum. So, people started looking for cheaper alternatives,” which they found on Polygon and Solana, Kaloudis said onThe demand for gas, in turn, came about because of the surge in interest in non-fungible tokens, limited-edition digital collectibles sold by artists and celebrities.
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