Bitcoin Closed 2021 At The $46,300 Price Level: Analysis

Bitcoin closed 2021 at the $46,300 price level with the number one cryptocurrency being up by 58% over the quite bullish year so let’s read more today in our latest Bitcoin news.

Bitcoin closed 2021 above $46,300 price level and this level represents moderate gains of 58% over the course of the year. Other altcoins performed better than Bitcoin did, however. Bitcoin was trading above $46,400 at the end of December which made 2021 one of the weakest years for Bitcoin In its recent history. BTC’s growth is considerably less than what it was in the previous year and in the end of 2020, Bitcoin closed with gains of 309% while at the end of 2019 it closed the year with gains of 86%. Bitcoin did however perform better this year than the other years where it lost value like in 2018 when it lost 71%.

Still, Bitcoin’s low gains of 56.75% this year made 2021 the weakest year for BTC in recent history. The coin’s poor performance could be attributed to various factors despite reaching a new high this year, it dropped on other occasions. Tesla revealed its decision to allow crypto payments while China made a huge crackdown on BTC mining which maybe was the biggest event that contributed to a loss in price. Bitcoin saw a lot of losses in late November mainly attributed to concerns around COVID-19’s latest Omicron variant. Bitcoin’s weak performance gave a few other altcoins the chance to shine with huge price growth. Solana’s biggest competitor Etheruem gained 9179% this year and propelled it into the top five coins by market cap.

Decentraland’s MANA gained 3823% and its growth was attributed due to the hype around the Metaverse generated by Facebook. DOGEcoin saw major gains of 2906% over the year and the gains started in April when the GameStop short squeeze drew attention to the meme investment. Bitcoin’s closest competitor ethereum gained 405%, and other coins that made huge gains include Enjin at 1812%, Crypto.com with 841%, Cardano’s ADA with 650%, and Binance Coin with 1255% gains.

As recently reported, 2022 started in red as Bitcoin slid below $47,000 but AVAX, however, is the only larger-cap coin that was in the green. After failing to overcome ,000 earlier this week, BTC dumped by 00 in a few days and the asset struggled below ,000 for a few consecutive days.
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The situation changed rapidly yesterday when the crypto initiated a price pump which drove it north by more than $1500 and then managed to surge to $48,500.