The price of bitcoin hit record highs in 2021 thanks to support from traditional finance, but cryptocurrency specialists are struggling to predict next year’s outcome for the volatile sector. The record high in April occurred with the stock market debut of cryptocurrency exchange Coinbase. October’s peak above $66,000 followed the launch of a bitcoin futures exchange-traded fund (ETF), or type of financial instrument, on the New York Stock Exchange. More competitionBitcoin is at risk of increased competition as it enters 2022, especially from its closest rival ethereum, according to some analysts. According to the specialised site CoinGecko, the cryptocurrency sector has a market value totalling $2.36 trillion, with bitcoin worth a combined $900 billion.

Source: The Guardian December 31, 2021 16:52 UTC