MARKET WRAP: El Salvador became the first country in the world to adopt $BTC as legal tender. But it wasn't enough to keep BTC near $50K as China's credit woes triggered selling.
Hi Market Wrap readers! During the final two weeks of 2021, we’re using this space to recap this year’s most dramatic moments in cryptocurrency markets – and highlight the key lessons from this fast-evolving corner of global finance. Over a series of eight posts that started on Dec. 20 and that will run through Thursday, we’ll recap what shook crypto markets this year.
In Tuesday’s post, we explored how alternative coins or “altcoins” rallied during the first part of the year – illustrating just how far the year’s explosion in popularity for digital-asset markets extended beyond bitcoin, the largest cryptocurrency by market cap. Bitcoin’s market capitalization relative to the total crypto market capitalization sharply declined between March and May as traders shifted attention to other areas of the crypto universe.
Bitcoin rose about 70% from a low of around $30,000 toward a high of nearly $50,000 in early September as traders reacted to the news from El Salvador – seen by many fans of the 12-year-old digital asset as a long-awaited
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