Demand for Bitcoin and altcoin has seen a big growth in the last two months. Surprisingly, the market has doubled the population of cryptocurrencies. The rapid jump in numbers from 100 million to 200 million in a matter of a few months was something that attracted everyone. One of the main contributions to this, no doubt, needs to be recorded for the rise in prices of all interests – Bitcoin. At the same time, Ethereum also showed significant growth during May and June, as investors continued to enjoy the brand. By reports of the popular cryptocurrency exchange, the number of global crypto users surpassed 220 million at the end of June 2021.
The first four months of the year were less than a blessing for Bitcoin. Since those months, there has been a huge temptation for Bitcoin. In addition, traders began to show interest in altcoins such as Shiba Inu (SHIB) and Dogecoin (DOGE), among others. The number of new users in the market was naturally stimulated. This is the most interesting and heard sight that counts – coin memes like Shiba Inu and Dogecoin saw increases of 77,37,400% and 3.663%. Yes, you read that right!
While Bitcoin has been up about 45% since the beginning of the year, meme currencies like Shiba Inu and Dogecoin have grown 77,37,400% and 3,663% respectively.
Talking about how the demand for Bitcoin and altcoins will increase shortly, it is likely that they will be used as a means of monetization by integrating them into all digital currencies. This prediction will only gain strength as a result of a decision by several organizations such as PayPal, MicroStrategy, Visa, and Mastercard to announce their plans to support these cryptocurrencies.
Challenges faced until 2021
However, Bitcoin and altcoin have not always enjoyed smooth and free travel. Elon Musk’s comments about Bitcoin had a huge impact not only on Bitcoin itself but also on other cryptocurrencies, including Ethereum.
But another report submitted that claims such as Bitcoin and Ethereum are losing such a market as new challenges such as the validity of work (Pow), environmental impact due to Bitcoin mining, and others. come to explore again.
One problem that arose about cryptocurrencies losing their market share was the result of the amount of green energy used in Bitcoin mining. The impact on the environment was a devastating outcome and, of course, a matter of concern to many. After that, about 90% of Bitcoin mining was closed in China. Why this has become an issue of concern is because it represented one-third of the world’s cryptographic network power generation at any given time.
Speaking of authentication (PoW), most claims include Bitcoin and Ethereum using PoW to authenticate transactions on the blockchain. Underneath this, an advanced type of mathematics, which only powerful computers can solve, is used. On the upper side, this process requires a lot of electricity.
