The reign of Bitcoin and the strengthening of other digital currencies - why 2021 was the 'craziest' year of cryptocurrencies

Bitcoin was close to $ 70,000, billions of dollars worth of memecoins, a successful Wall Street ranking, and a sweep of China. The year 2021 is considered the 'craziest' for cryptocurrencies, despite the instability of the sector. Digital assets started the year with a slow growth, pouring money into large and small investors, reports euronews. Below is a look at some of the key trends that dominated digital currencies during 2021. Bitcoin is still in first place

The original cryptocurrency held the crown as the largest and most recognizable currency - though not without a host of challengers "biting it in the foot".

Bitcoin rose over 120 percent from January 1 to a then record of almost $ 65,000 in mid-April. This was triggered by a "tsunami" of money poured by institutional investors, acceptance by large corporations such as Tesla and Mastercard, and a growing embrace by Wall Street banks, reports Telegrafi.

Interest in investors increased as Bitcoin hedged against inflation. The promise of quick profits amid record low interest rates and easier access through rapidly evolving infrastructure also helped attract buyers.