The crypto market has moved significantly since its inception more than a decade ago, opening the door for revolutionary possibilities. At the heart of crypto is a rich history of innovation, instilling hopes of democratizing finance and broadening access to financial services. With a strong purpose like this, investors worldwide are connected via various platforms making a robust community and paving the way for new products and technological innovation.
From the launch of bitcoin in 2009 to thousands of tokens introduced over the last few years to now a range of use cases that can address real-world problems - a series of crucial events have indeed shaped the sector. One factor strongly linked to the success is blockchain technology - an open, distributed and immutable ledger recording transactions between two parties in a verifiable and permanent way. Smart contracts facilitating peer-to-peer transactions in a decentralized and safe ecosystem seem to lay a foundation for new economic and social systems.
While the technology has steered the crypto industry's growth, the evolution has been possible because of several cycles each cycle consisted of a phase of high growth and consolidation, followed by a crypto-winter which often sees a price contraction. There have been four growth cycles so far, peaking in 2011, 2013, 2017 and 2020. The current growth cycle saw a new all-time high in prices of crypto assets, with the value of Bitcoin touching upon over $68,000 and a surge in new crypto projects. However, macroeconomic factors coupled with geopolitical issues during the first half of 2022 impacted the market, and currently, we are in the middle of crypto winter. Nonetheless, this space is still witnessing rapid development, and in a matter of a few years, the industry will be at an altogether different level.
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