[Blockchain Today Reporter Han Ji-hye] It was confirmed that most investors who entered the cryptocurrency sector this year chose bitcoin.
According to a report by CoinShares, a digital asset investment company, on the 25th (local time), Bitcoin accounted for 97% of the amount inflow into the cryptocurrency sector in 2021. It was once again confirmed that Bitcoin (BTC), the world’s largest cryptocurrency by market capitalization, is still the most preferred digital currency for investors.
In addition, while the market price of bitcoin rose in 2021, the transaction volume also surged from an average of 2.2 billion in 2020 to $12.3 billion in 2021. Cryptocurrency investment product inflows hit $1.3 billion after some outflow the previous week. A CoinShares official said, “Bitcoin market price broke new records every day. That makes investors very price conscious.”
Ethereum (ETH), the second largest cryptocurrency based on market capitalization, flowed in at $34 million last week. Inflows appear to have declined since early December as investors shifted to alert.
In 2021, Bitcoin and Ethereum broke new records every day. Bitcoin hit $42,000 on January 8 and Ethereum hit $1,430 on January 19. Unfortunately, both cryptocurrencies have since entered into a major price adjustment. Bitcoin was once priced at $30,000 and Ethereum dropped to close to $1,000 on January 21st.
The recent price decline seems to have had some influence on the remarks of the new US Treasury Secretary Janet Yellen. On January 19th, Finance Minister Yellen expressed a pessimistic view of cryptocurrency and said, “Cryptocurrency is often a source of illegal activities.” At the same time, he said, “cryptocurrency has the potential to improve the financial system.”
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