The crypto market offers many different cryptocurrencies that are easily available to a global audience. For example, you can work as a miner to get certain cryptocurrencies or trade on an online trading site to sell, buy or exchange crypto.
But all of the success that the crypto market has had today is due to the rise of Bitcoin as a cryptocurrency. In this article, we cover all of the reasons why Bitcoin is an important digital currency for the crypto market.
The creation of other altcoins
Bitcoin is the first cryptocurrency ever developed in the crypto market. In fact, before the advent of Bitcoin, there were attempts to create digital cash; However, the design of the blockchain network, which is the underlying technology of Bitcoin, is the main reason why Bitcoin became a revolutionary and decentralized cryptocurrency.
After Bitcoin was developed in 2009, there were only a handful of crypto backers who wanted to join the blockchain network and work as miners. But because of the crypto enthusiasts realizing the potential of cryptocurrencies, many other cryptocurrencies have been developed. One example is Litecoin, which was developed on the basis of blockchain technology shortly after Bitcoin in 2011.
Also, many other cryptocurrencies that followed were developed for a specific purpose. For example, the Civic Coin was created to provide AI-based identity verification. Ethereum is another popular altcoin that was designed with the goal of reviewing and recording transactions, as well as the ability to create, share, and monetize various applications.
There are also many other popular cryptocurrencies that have specific attributes that set them apart from others, and today they are actually over 4,000 altcoins in the crypto market. So there are many options for investors, and all of this is possible due to the successful rise of Bitcoin.
Online trading platforms
The online exchange platforms were designed to reach consensus on the price of Bitcoin, but as the technology got more powerful over time, today you can choose from hundreds of great trading sites and even automated trading platforms.
For example, The News Spy official website provides access to an automated trading system that is equipped with the latest in AI technology to enable users to automatically trade with a high win rate.
In fact, you can make up to $ 1,000 in just 24 hours of trading here. It’s also worth noting that you can withdraw your funds at any time. If you want to register, you should know that you need to deposit at least 250 USD.
Bull market phase
Bitcoin’s last bull cycle had a huge impact on the other competing cryptocurrencies. This happens because the cryptocurrency market is still evolving and when certain events occur that affect one cryptocurrency, the effects affect others in the market as well.
Bitcoin’s recent bull market phase, which began after the halving event in 2020, has been one of the most successful to date, as the price has risen over 100% in less than 12 months. We started with a price of $ 9,000 and ended with a price over $ 20,000. It continued to grow in 2021, and the price soared over $ 60,000.
The effect on other cryptocurrencies was also noticeable. For example, Litecoin went up over $ 1,000 in price. In addition, there were other cryptocurrencies that saw tremendous growth during this time, or like Ethereum.
Overall, market demand for cryptocurrencies has increased significantly and accredited institutional investors have started to invest a large part of their capital in crypto.
One of the most recent examples is the final investment of over $ 1 billion in BTC by Tesla’s Elon Musk. In summary, thanks to Bitcoin, there is a thriving crypto market today and investors can choose from many different virtual currencies.