Cryptocurrencies have created an enthralling buzz in the last couple of years it’s become difficult to avoid them. Bitcoin, the so called “First ever cryptocurrency” has attracted the interest of the public, challenging traditional ways. Institutions are thriving. Crypto millionaires are already at a high number during the fourth quarter of 2024 – check this out!

Crypto-currencies such as Bitcoin, Ethereum and Solana have risen to their highest levels ever before, signalling the start of a new bull-run. Most investors are thinking about the potential gains. The average investor is both excited and apprehensive about the tales of people becoming rich through cryptocurrency.

Let’s face it, Bitcoin was in deep waters only a couple of months back. Why? because Tesla had refused to accept Bitcoins as a method of payment due to environmental concerns. Tesla accepted the move just a few months ago. Bitcoin and the whole crypto market fell because of it. Massive amounts of money were driven away from the market. China also did its part, by placing a harsh prohibition on mining and using any cryptocurrency for the foreseeable future. But the launch of the Bitcoin ETF in the New York Stock Exchange, has seen the market resurge. Bitcoin as well as other currencies that are widely used have hit new highs.

Outperform the Elites

Bitcoin

If we’re discussing performance, how could we possibly be missing Bitcoin. Bitcoin has grown thousands and thousands percent since its beginning. If you had invested $1000 in Bitcoin ten years ago, today your investment would be over $15 million. This assumes that you don’t sell your Bitcoins at the time. The growth of Bitcoin has been 372% despite the dramatic increase and decrease in the last year.

Ethereum

Ethereum is the second largest cryptocurrency globally. Seldom called the next big thing, Ethereum with its smart contracts and dApps (Decentralized Application building ecosystem), is well and truly a technology worth admiring. With more than 500% growth over the past year, Ethereum might soon dethrone Bitcoin as the apex cryptocurrency.

Dogecoin

This one is interesting, Dogecoin was first released as a meme-themed coin citing crypto enthusiasm in 2015. It was a project that the creators made as a joke. Dogecoin might not be the most appropriate choice for everyday usage. The investors who invested in Dogecoin over the last year experienced a return of 19000% on their investment. Dogecoin is a cryptocurrency which is well-known in the cryptosphere has a huge community, and has a significant amount of people who support it. Elon Musk is one of the key figures who have often advocated for the meme currency on his social media, which has caused an enormous rise in the price.

With such high proportions of gains already, some financial experts believe that the Crypto space is either exaggerated or is reaching its limit. We all know that Cryptocurrency prices are driven solely through speculation, driven by the demand of the general investor. That’s why it’s difficult to estimate “What price is suitable for a specific crypto-currency. A very select few have made it big in the crypto market, but most lost money during the previous bull run. Did we miss the train of crypto? Have we seen the crypto-currency industry reach its finest times?

Crypto still has its early boom

The Crypto sector has already hit the trillion dollar mark and it’s only now that organizations have begun to investigate it. It’s true. Crypto boom may still be at its baby stages, eyeing a long and long-lasting upward trajectory. Many financial institutions have included crypto-currencies in their portfolios. Tech companies are not far behind in their efforts to make the most of this latest technological masterpiece. Regulating is another important aspect of Cryptocurrencies. El Salvador was the first country to accept Bitcoin as legal currency. Since then, regulators are hard at work the creation of a framework to allow the currency’s use. Other countries are also working on or exploring ways to regulate the latest technology.