The crypto world has a winner, and that is not Bitcoin: a jump of 400 percent

Crypto wars will continue on the market this year as well.

Last year brought many surprises to the cryptocurrency market, including a new leader.

The three main cryptocurrencies in 2021 – Bitcoin, Dogecoin, and Shiba – have remained somewhat in the shadow of Ether, which has grown by more than 400% this year.

While the others gained momentum, Ether seemed to attract the attention of the market.

As of Friday, December 31, it has increased by 410%. It traded around $3,730 per coin.

Although much smaller than Bitcoin, it is still far ahead of any other cryptocurrency on the market, including Twitter favorites and Dogecoin.

Although it is still the largest cryptocurrency in the world by market capitalization, Bitcoin has added only 60% compared to them this year to date.

It ended the year in the green, but below the projected $50,000.

While some analysts say Ether’s original blockchain, Ethereum, has become too expensive in terms of transaction fees, others believe it has a bright future, especially after the platform unveiled its ETH2 upgrade in August, which improves fees.

Experts believe that this year will bring more good news for Ether.

“Smart contract platforms are able to create financial applications such as Legos. Every new Lego added to Ethereum makes building a better network”.

Bitcoin is facing an uncertain 2022 after a record year

The price of Bitcoin reached record levels in 2021 thanks to the support of traditional financial institutions, but cryptocurrency experts are struggling to predict the outcome next year for this variable sector.

Having more than tripled in value to $60,000 between December 2020 and April this year, Bitcoin lost momentum to trade below $50,000 before the new year.

“The current volatile and disproportionate price action with the possibility of further downward pressure has brought a lot of uncertainty to the digital property market,” said Lucas Lagudis, executive director of the cryptocurrency investment fund ARK36.

He added, however, that “the sustainable adoption of digital assets by institutional investors and their further integration into old financial systems will be the main drivers of crypto space growth” during 2022.

The rise of Bitcoin in 2021 coincided with Wall Street’s growing appetite for cryptocurrencies.

The record value in April happened with the debut of the cryptocurrency exchange Coinbase.

The October peak above $66,000 followed the launch of a fund that trades on Bitcoin futures(ETFs), or a type of financial instrument, on the New York Stock Exchange.

Tesla’s CEO, Elon Musk, has helped the market rise – but also fall – with controversial cryptocurrency tweets.

El Salvador’s move in September to make Bitcoin a legal tender in the country also drew attention.

But the pressure has also come from China’s dealings with cryptocurrency trading and mining, while the risk of broader regulatory action, such as Europe and the United States, is straining Bitcoin.

“One thing is for sure, the voices calling for crypto-regulation, whether it’s for stricter consumer protection or just clarifying rules for institutions, are getting louder,” said Huong Hauduc, general adviser at the Bequant digital media exchange.

Created after the global financial crisis in 2008, Bitcoin initially promoted the libertarian ideal and sought to overthrow traditional monetary and financial institutions such as central banks.

In recent times, activists fighting climate change have drawn attention to the huge amount of electricity used to power computers needed to mine new Bitcoin tokens.

According to some analysts, Bitcoin is in danger of increased competition as it enters 2022, especially from its closest rival Ethereum.

In November, Twitter co-founder and CEO Jack Dorsey announced his departure from the social media platform, with the intention of dedicating himself to his digital payment company, which wants to expand to cryptocurrencies.

According to the specialized site CoinGecko, the cryptocurrency sector has a total market value of 2.36 trillion dollars, while Bitcoin alone is worth 900 billion dollars, reports Gadgets 360.

For analyst Frank Downing, “Bitcoin’s reluctance to evolve its design” compared to Ethereum is, in fact, “a feature that provides the stability and consistency needed to serve as real global money.”

Shiba Inu surpasses Bitcoin and Ethereum and ranks as the most popular cryptocurrency in 2021

Shiba Inu, a meme-based cryptocurrency, was named the most popular cryptocurrency on CoinMarketCap, surpassing Bitcoin, Ether, and Dogecoin, and became the most-watched coin in 2021 on the platform.

With a market capitalization of over $20 billion, Shiba Inu is the thirteenth largest cryptocurrency in terms of evaluation.

In October this year, the SHIB token jumped more than 216 percent within a week, reaching a new all-time record of $0.000088.

Currently, each SHIB token is traded for $0.00003823.

In the post “2021 Wrap Up”, CoinMarketCap tweeted that Bitcoin, Dogecoin, Cardano, and Ethereum followed Shiba Ina on the popularity index in the second, third, fourth, and fifth positions.

The mem coin, originally created as a joke to rival Dogecoin, became the 11th largest cryptocurrency coin at market value on October 25.

Contented SHIB miners rub their hands, as Shiba Inu has seen a growth of around 800% in October of 2021.

The Shiba Inu coin isn’t mineable per se, but there is a way to mine Shiba Inu in 2021.

On December 3, Canadian online medical service provider Ask The Doctor announced that it had added $1.5 million to Shiba Inu tokens in its balance sheet, preparing to start accepting them as a payment option from its partners.

The American cinema chain AMC is also considering accepting Shiba Inu tokens as a payment option.

Earlier this year, the SHIB token also emerged as the most popular cryptocurrency on Twitter, according to research firm ICO Analytics in a recent report.

According to CoinMarketCap, Shiba Inu holds 1,090,840 wallet addresses, of which 14,645 are active addresses.

The coin is listed on 447 stock exchanges worldwide.

Ethereum reminds GPU miners that the end is near

The final steps required to finally merge the Ethereum network, which will end GPU mining is near.

A new test network has been formally opened, which has the role of testing how everything works and correcting potential problems that may arise when switching from Proof-of-Work (POW) to Proof-of-Stake (POS) concept.

Essentially, this means that players will no longer have to compete with graphics card miners, as they will no longer be needed to maintain a blockchain network.

This year was incredibly favorable for all those who mined Ethereum – CoinMarketCap shows an increase in price from about $730 on January 1, 2021, to about $4,100 at the time of writing.

In addition, the popularity of the NFT concept further pushed the Ethereum hash rate, so miners had their hands full.

The beginning of the end for the miners, the modernization of the network for everyone else

The transition to the Proof-of-Stake model will no longer rely on miners to maintain the integrity of the Ethereum blockchain, although this transition has been moved from the end of 2021 to the first half of 2022.

The aforementioned transition known as the Great Merger(Ethereum 2.0) will be done by the Ethereum Foundation, otherwise responsible for the maintenance and all major changes to this network.

With the opening of the test network, the development team behind the Ethereum Foundation announced that the test network serves so that everyone who uses the Ethereum blockchain can try and get acquainted with the work of the network after the merger.

Once the feedback is incorporated into the client software and specifications, the final test network will be launched.

After all the updates are done and stability is checked, the main Ethereum network will start the transition to the Proof-of-Stake model.

Basically, clients will switch from the existing POW to the POS concept, to determine the validity of the last Ethereum block, but all other functionalities, EVM (Ethereum virtual machines), and the way transactions are executed will remain the same.

After the merger, currently, Eth1 and Eth2 clients become the executive level and the consensus level of the Ethereum blockchain.

The Ethereum Foundation has shared the various tasks that need to be done to get the main network ready for the Great Merger.

Of course, that means there is still a lot of work to do, so miners don’t need to panic yet, but it seems that we are getting closer to the day when enthusiasts and gamers will no longer have to compete with Ethereum miners to buy graphics cards from resellers.

90 percent of the total Bitcoin has already been mined, but the rest will be mined in 120 years

Within 13 years of existence, 90 percent of the 21 million Bitcoins that should arrive have already been excavated.

But a new report now claims it will take 120 years to dig up the remaining 10 percent of Bitcoin tokens.

Currently, 18.9 million Bitcoin tokens are in circulation, and 2.1 million are left for mining.

According to a report, “bitcoin halving” is the reason why it is predicted that the last 2.1 million Bitcoins will take more than a century to be part of circulation.

Bitcoin halving refers to a pre-programmed event that happens every 210,000 blocks, in the current situation which is approximately four years from today.

This process reduces the Bitcoin inflation rate by half and the speed at which new tokens enter circulation.

“Due to regular halving events, difficulties with self-tuning and other pre-programmed functions, it is estimated that this will take time and that 21 millionth Bitcoin will be created as far back as 2140,” CryptoPotato reported, citing a report.

The halving of Bitcoin also halves the reward for the block that miners receive.

In 2009, this block award for miners was 50 bitcoins per block.

It has currently fallen to 6.25 Bitcoin.

Satoshi Nakamoto is the pseudonym of an unknown creator of Bitcoin who dug up his first token in 2009.

At the time of the creation of Bitcoin, Nakamoto decided to limit the supply of Bitcoin to 21 million tokens.

Today, Bitcoin has become the largest cryptocurrency with a market value of 922 billion dollars.

According to CoinMarketCap, 39,738,251 crypto wallets contain Bitcoin tokens.

Of these, 963,625 are active wallets.

The first 100 owners own 13.21 percent of Bitcoin’s coins in circulation.

Nakamoto also added a mining difficulty adjustment feature to ensure a stable Bitcoin production rate.

“Essentially, it’s a process that happens every 2,016 blocks(two weeks) that makes it harder or easier for miners to work,” the report added.

As the rewards for the blocks decrease and the adjustment becomes more and more difficult to break, the miners will have to make additional efforts for smaller rewards.

Now, despite the fact that a total of 21 million Bitcoins are expected to be mined in the next century, not all tokens will reach the open market.

So far, over 3.5 million Bitcoins have been “lost” due to lost private keys or even the death of the owner.