Ethereum has been bolstering its presence to build a truly global crypto market. 2021 was undoubtedly the landmark year for the star altcoin and the entire crypto industry, as the year led to several innovations in the blockchain space.
Especially, ETH held the monopoly in terms of deploying new technologies. Hence, it has not only achieved gains in price action but also thrived to nurture several sectors under the umbrella of its blockchain.
Ethereum: An Eagle With Vision!
With collective developments being the apparent theme of the year, Ethereum has managed to accomplish great breakthroughs in 2021. The blockchain made all possible attempts to exert its influence in every sector of the space including DeFi, NFTs, Metaverse, and more.
- NFTs have seen tremendous growth starting from very low values, total NFTs market cap has risen to $50 billion in 2021. Interestingly, analytics from 1confimation reveal that over 90% of NFT volume was on Ethereum in 2021.
- Ethereum has achieved a positive rate of return in each quarter of 2021. Where it gained 159.95%, 18.61%, 31.84%, and 22.49% in Q1, Q2, Q3, and Q4 respectively.
- A whopping 1.3 lakh ETH was burnt in 2021. Notably, OpenSea, ETH Transfers, and Uniswap V3 burnt $580 million, $474 million, and $421 million worth ETH in 2021.
- Total Value Locked (TVL) indicates healthy network growth between the platform and users. However, Ethereum achieved significant growth in TVL as well with an upsurge of 759% growth in 2021, it held a volume of $153.51 billion.
Conquering Bitcoin is the Next Big Thing For Ethereum in 2022!
Though Bitcoin has no significant fundamentals in its bag still ruling the crypto space for over a decade. But its dominance has been slowly decaying over the past year, no surprise it may soon lose its crown. In 2021, ETH has managed to flip the most dominant asset with 405.94% gains, whereas BTC gained only 64% gains in the year.
Further, the star altcoin has captivated the traction of a larger user base in 2021. Where it has experienced a 29% of depreciation in supply held on exchanges. Whilst BTC exchanges reserve fell by just 15%. The above metrics clearly indicate how fastly ETH blockchain is running to dethrone Bitcoin.
Collectively, the much anticipated Ethereum merger is about to happen by the end of 2022, the platform is most likely to create a completely new economy. Despite the delay in switching to PoS, the Ethereum price managed to preserve its valuation well above the critical support of $3200. Hence, the ecosystem would flourish like never before in 2022.