The year 2020 saw the world economy crush under the impact of the COVID-19 pandemic. But while the global markets suffered, there was also a surge in crypto market activities. The rate of Bitcoin crossed the $20,000 mark in December 2020 and rose to $35,000 within the first few days of January 2021. The price of ethereum also went up, and there was growth in the DeFi (Decentralised Finance) sector in the year 2020. In 2021, as the global economy is limping back to normalcy, what will be the changes in the cryptocurrency market? Will these changes affect Korean startups in blockchain sector?
Blockchain firm Hashed, founded by a team of blockchain experts and builders based in Seoul and Silicon Valley, has been promoting the idea of a ‘Protocol Economy’ that decentralizes power that can transform the global economy and the internet. Hashed CEO Simon Seojoon Kim has listed out predictions and possibilities of change in the blockchain and crypto market in 2021 in the company’s medium blog article.
The company emphasizes that the predictions are based on research and analysis and do not indicate any digital asset promotion. Koreatechdesk.com presents a quick summary of the 10 predictions by Hashed about various crypto assets and the market. A more detailed outlook about each prediction can be checked on Hashed’s Medium blog.
Prediction 1 — Bitcoin ETF (Exchange Traded Fund) will be approved for the first time in history
Prediction 2 — The price of Bitcoin will test $100K.
Prediction 3 – Ethereum price will reach new ATH.
Prediction 4 – Stablecoins based on public blockchain will exceed the market capitalization of $100B.
Prediction 5 — DeFi (Decentralised Finance) TVL will surpass $100B.
Prediction 6 — By the end of 2021, DeFi tokens will be 13+ among the market cap top 50 tokens (i.e. 30%+ increase).
Prediction 7 — Total DEX (Decentralized Exchange) transaction volume will grow to $500+ billion in 2021.
Prediction 8 — Some companies will start to issue certain portions of their own stocks as tokens.
Prediction 9 — Starting from 2021, there will be more blockchain company M&As, including DeFi projects.
Prediction 10 — A single NFT (Non-fungible Tokens) will be issued at a price of more than $300k in 2021.