Considering the remarks and opinions of well-known social media communities like Reddit, 2021 was undoubtedly the year for cryptocurrencies. This year, the most popular subject among users on the network was bitcoin, which received a record-breaking 6.6 million mentions.
Reddit Introduces Crypto to the Masses
Even “games” and “sports” had more references in the end. Reddit has over 430 million active users and manages around 100,000 different discussion communities as of this writing.
This year has seen several events undoubtedly contributing to the crypto space’s rising popularity. One of the most notable was bitcoin‘s price increase in November when the world’s most popular digital currency reached a new all-time high of almost $68,000 per unit. Furthermore, the Securities and Exchange Commission (SEC) has approved the creation of a new bitcoin-based exchange-traded fund (ETF), which was launched to the market by Pro Shares.
While the product drew some criticism for being based on future technology rather than actual physical bitcoins, many observers saw it as a significant step forward in developing the digital currency market.
The popular joke currency with a beautiful little Shiba Inu dog as its emblem, Dogecoin, has been determined to be the most referenced cryptocurrency on Reddit. This might be attributable to Dogecoin’s explosive expansion this year, with the asset briefly overtaking Ripple’s XRP to become the fourth-largest cryptocurrency by market capitalization.
This year has seen a lot of changes
The price of Dogecoin is now at 17 cents. While this isn’t nearly as high as the 70 cents it was nearing earlier this year, it’s still a good deal considering Dogecoin was only a tenth of a penny in January. Many believe Elon Musk, the South African entrepreneur behind billion-dollar enterprises like SpaceX and Tesla, boosted the currency significantly.
The entire value of the crypto sector has increased dramatically since the beginning of the year. At the time of publication, the market was valued at $2.3 trillion. This is significant given that it was only valued at $800 million at the start of the year. Apart from bitcoin and Dogecoin, Ethereum was another asset that performed exceptionally well in 2021, reaching a new all-time high of about $4,700 in November.