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The Global 2021 Crypto Market: A Detailed Review

The Global Cryptocurrency Market of 2021: A Review

The cryptocurrency market has had a record year in 2021, briefly surpassing $3 trillion in value in November. Two of the most valuable cryptocurrencies i.e., Bitcoin and ether, both reached new highs, while Altcoins like meme-inspired dogecoin grew in popularity. Other digital assets, such as nonfungible tokens, or NFTs, were auctioned alongside fine art for millions of dollars at prominent auction houses like Sotheby’s and Christie’s. NFTs representing in-game assets and digital land, in addition to art, saw a significant increase in value. Retail and institutional investors have shown interest in blockchain-based applications, such as decentralized finance, or DeFi, fueling the expansion of Web3, which is the decentralized version of the internet based on blockchain technology that powers NFTs and underpins cryptocurrencies. All of this contributed to the mainstreaming of cryptocurrency in 2021. People started to read, learn and accept the world of cryptocurrencies on a huge scale. And even though the market is going through a correction it is also a matter of time that the market will bounce back. In the year 2021, the crypto market saw a lot of changes. Large corporations, diverse governments (countries), influential and well-known individuals such as Elon Musk and ex-Twitter CEO and internet entrepreneur Jack Dorsey have all had an impact. This has a significant impact on public awareness, as well as the price of cryptocurrencies like Bitcoin and Ethereum, among others. So let’s take a look at the most happening events this year to do a detailed review of the 2021 crypto market. These events can be held responsible for shaping the crypto market last year. Though there were countless defining moments this year, here are the 6 major highlights from 2021. Bitcoin Reaching Its ATH and the Launch of Taproot  Bitcoin reached its all-time high price of $68,000 in November 2021. And it’s the highest bitcoin price ever recorded. Bitcoin’s recent market pricing demonstrates a continuous increase in market price, despite occasional price drops. Let’s have a look at the price of Bitcoin in 2021. The price of Bitcoin increased to its highest point before falling to its lowest point in the first half of 2021, as indicated in the graph below. However, due to tremendous demand for Bitcoin and the impact of favorable news, the price rose sharply to its all-time high in November. The year 2021 also saw the release of Taproot, a significant technological update to the Bitcoin protocol. Taproot is a three-part upgrade that boosts network security, privacy, and scalability. Since the activation of Segregated Witness’s block capacity boost in 2017, Taproot is the most significant upgrade to the Bitcoin network. Taproot served as a reminder that Bitcoin is a flexible technology that can evolve to improve usability and user experience. The future success of Taproot will serve as proof that Bitcoin can adapt.  El Salvador Made Bitcoin a Legal Tender in the Country El Salvador became the first country to embrace bitcoin as legal cash when it passed a new law in June. El Salvador’s law permits bitcoin to be used to pay for goods and taxes. According to CNBC, businesses can price their products in bitcoin, and exchanges will not be subject to capital gains tax. The government of President Nayib Bukele is banking on Bitcoin to boost the country’s economic growth and investment, given that the price of Bitcoin continues to rise. We’ll go over Bukele’s concept for a Bitcoin city here. The city will be built near the Conchagua volcano to take advantage of the country’s geothermal energy, which will be used to power both the city and cryptocurrency mining, which is an energy-intensive process of solving complex mathematical calculations 24 hours a day, 7 days a week to verify and add crypto coins to the Blockchain network. It’s worth noting that El Salvador already has a Bitcoin mining pilot project underway at a geothermal power station near the Tecapa volcano. Residents in Bitcoin city, according to Bukele, will not have to pay any income, property, capital gains, or even payroll taxes. The city would be constructed to attract international investment. Ethereum On The Top of its Game It’s no surprise that bitcoin’s dominance, a measure of BTC market capitalization compared to the market capitalization of other digital assets, declined from 70.2% to 40.1% in 2021, thanks to Ether’s stronger asset price performance. Bitcoin’s decline is not solely due to ETH; rather, crypto projects have sprung out with a variety of use cases that are not directly competitive with Bitcoin.  From EIP 1559 through the approaching shift to proof-of-stake, Ethereum has had huge catalysts. Both events are crucial in the development of a narrative for Ethereum’s native asset, as well as the evolution of Ethereum as a technology. EIP 1559 established ether’s position as “gas” in the ecosystem, requiring that it be … Continued

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KlimaDAO’s Carbon Offsets Catches the Attention of Traditional Firms

KlimaDAO carbon credit

KlimaDAO, a cryptocurrency group focused on climate activism, is shaking up the carbon credit market by accumulating over 14 million on-chain carbon offsets. The decentralized autonomous organization now owns the majority of the 17 million BCTs and is spending $100 million on offsets. The project’s native KLIMA token is backed by at least 1 ton of Base Carbon Tonnes (BCT) credits by Toucan Protocol and the latest addition of the MCO2 tokens by Moss, which were first added to the treasury on Jan. 6. The value of the Klima token is determined by the valuation of the Klima treasury and is, therefore, dependent on the value of the BCT and the latest MCO2 token. In fact, the protocol’s rapid acquisition of carbon offsets has caught the attention of traditional carbon offset firms like Gold Standard, the Wall Street Journal reported. CEO Margaret Kim even criticized that the anonymous team behind the project poses transparency issues. “We are also concerned about the fact that the founders are anonymous, which runs contrary to the need for transparency in climate action generally and carbon markets more specifically,” said Margaret Kim. KlimaDao Responds to Its Carbon Credit Responding to a crypto media publication, the team clarified, “There are ways to provide assurances without being doxxed.” Being doxxed refers to revealing an anonymous individual’s true identity. They even argued that traditional firms like Gold Standard “may need more regulatory clarity into how a DAO works legally” to understand their potential for tremendous growth. In fact, anon founder Archimedes also addressed the issue of anonymity and trust on the Jan. 10 episode of the Planet of the Klimates: “Are we ever going to be at a point where we have to reveal who we are? At some point, maybe, Klima becomes so powerful that world governments demand to know who we are.” Klima DAO is a group of environmentalists, developers, and entrepreneurs that utilizes blockchain technology to accelerate the appreciation of carbon credits. The group launched the KLIMA token, a cryptocurrency whose value is linked to carbon credits on October 18.

The post KlimaDAO’s Carbon Offsets Catches the Attention of Traditional Firms appeared first on Cryptoknowmics-Crypto News and Media Platform.

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