Approximately every four years, the cryptocurrency market undergoes a bullish cycle. In 2021, however, things are a bit different. While previous bullish markets could be linked to just a couple of events, a wide variety of factors have contributed to this price increase this time around.
Institutional interest in Bitcoin, the rise of DeFi, and skyrocketing meme coins are just a few that are worth mentioning. One major catalyst is the explosion of the NFT ecosystem and the digital collectibles market. NFT marketplaces have recorded volumes of $10.7 billion in Q3 2021 alone, which proves the success of this cryptocurrency niche.
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