2021 was certainly the year for cryptocurrency, especially when considering the statements and opinions of well-known social media forums like Reddit. The platform saw cryptocurrency as being the most popular theme amongst users this year, with a record-breaking 6.6 million mentions throughout.
Reddit Brings Crypto to Mainstream Territory
The term ultimately got more mentions than even “gaming” and “sports.” At the time of writing, Reddit enjoys approximately 430 million active users and oversees roughly 100,000 separate discussion communities. The company explained in a statement:
In 2021, there were a lot of conversations on Reddit, but none more prominent than cryptocurrency. For more than ten years, Reddit has been home to over 500 cryptocurrency communities. As more Reddit users participate in conversation, whether it be for information, help, or to share major successes, Reddit continues to be the hub for cryptocurrency enthusiasts.
Many things have occurred this year that have likely contributed to the growing popularity of the crypto space. A big one may have been bitcoin’s sudden price spike in November, with the world’s number one digital currency rising to a new all-time high of roughly $68,000 per unit. In addition, the Securities and Exchange Commission (SEC) authorized the establishment of a new bitcoin-based exchange-traded fund (ETF), which was brought to the trading space through the efforts of Pro Shares.
While the product garnered some criticism given that it was based on futures technology rather than actual physical bitcoins, many analysts felt the move was a strong step forward for the further establishment of the digital currency arena.
Reddit has discovered that the most mentioned cryptocurrency on its platform is Dogecoin, the popular meme currency that features a cute little Shiba Inu dog as its mascot. This could be attributed to the massive growth the asset experienced this year, with Dogecoin at one point even surpassing Ripple’s XRP to become the fourth largest cryptocurrency by market cap.
A Lot of Things Have Happened This Year
Dogecoin is currently priced at roughly 17 cents. While this is nowhere near the 70 cents it was approaching earlier in the year, it’s still rather solid when one considers that Dogecoin was priced at one-tenth of a cent back in January. Many believe the currency garnered heavy boosts from the likes of Elon Musk, the South African entrepreneur behind billion-dollar companies such as SpaceX and Tesla.
Since the beginning of the year, the overall valuation of the crypto space has grown tremendously. At press time, the market is priced at roughly $2.3 trillion. This is huge considering that it was worth only $800 million in the early portions of the year. Aside from bitcoin and Dogecoin, Ethereum was another asset that did very well for itself in 2021, having hit a new all-time high in November of around $4,700.