Cryptocurrency has attracted much attention in 2021 after leading coins reached record high market valuations and sudden price drops.
Celebrity endorsements and Twitter mentions by people in the public eye helped to ramp up crypto prices throughout March, April and May.
But the market has since experienced fluctuations in stock values sparked by Tesla’s u-turn on accepting Bitcoin for products and services.
Since then the carbon footprint of many leading digital coins has been under the microscope while China has introduced a nationwide clamp down.
It sparked a huge crash recently when the country’s central bank, People’s Bank of China, effectively banned digital coins by making all transactions illegal.
Yet the crypto market has recovered and seen long term gains when analysing valuations since the start of the year - this is why crypto is up today.
Why is the crypto market up today?
At the time of writing, the crypto market is up 6.18% today when looking at trends over the past 24 hours (3.55pm, 20 October 2021).
Despite some setbacks, there are reports surfacing around steps being taken by crypto miners to lessen the impact on the environment.
In addition, there has been an increase in eco-friendly cryptocurrencies which have attracted environmentally conscious traders of late.
Digital coins like Cardano and XRP have positioned themselves as greener alternatives to the already established larger tokens on the market.
El Salvador has become the first country to accept Bitcoin as legal tender, with the government offering $30 (£22) in Bitcoin to every citizen who downloads the state’s digital wallet app.
What is the price of Bitcoin and Ethereum?
As of 3.55pm, 20 October 2021, the price of Bitcoin and Ethereum are as follows:
- Bitcoin +7.07% (£48,109.22)
- Ethereum +6.63% (£2,925.61)
The market valuation of one Bitcoin token has seen a 423.70% increase in 2021, despite daily fluctuations in its price.
Over the past seven years, the price of one Bitcoin has soared by 70,089.66%.
Ethereum has seen similar gains, with a 927.74% increase in 2021 and 431,113.00% rise in market value in five years.
All prices sourced from Coinbase.com.
Which other cryptocurrencies are up today?
Of the top trading cryptos at the moment, Binance Coin, XRP, Avalanche, Chainlink, Litecoin, Bitcoin Cash, Wrapped Bitcoin, Polygon and Internet Computer are all trading up.
If you are planning on investing in crypto coins, please note:
- The value of investments is variable and can go down as well as up.
- If you’ve been approached by a ‘trader’ promising large returns, this is a scam.
- Always ensure the seller is registered with the UK Financial Conduct Authority (FCA). Many cryptocurrency sellers are not. A list of registered traders can be found on the FCA website.
- This article contains affiliate links, though this has not affected our editorial judgement.
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