Top reasons that led to the explosive growth of cryptocurrencies.

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By Marilyn Royce

If you are aware of how blockchain technology works in day-to-day life, chances are that you are aware of how cryptocurrencies and bitcoins operate. These fantastic pieces of technology have changed our world in more ways than one, and the manner in which they have exploded in popularity is genuinely mind-boggling. 

This surge in popularity and prices have turned them into the perfect investment option for anyone who wants to reach a decent amount of return over a significant period of time. When it comes to storing these keys and coins, a hard wallet is one of the best options there is.

Here, we will be taking a look at some of the primary factors that caused the sudden explosion of crypto’s popularity, and trust us when we say this, this is a phenomenon that was strongly happening for quite some time now, and even if you haven’t entered the market yet, we can confidently say that it’s never too late when it comes to crypto. With that out of the way, let’s get started.

Price gain awareness. 

While cryptos had entered the market segment prominently during the late 2000s, the transformation really took place during the late 2010s when the media started to report heavily on the gains that these coins were bringing to the table. This encouraged more and more people to invest in these coins while the prices just kept going up. Now, there was a time when Bitcoin used to be the sole authority when it came to defining the crypto industry, but this status quo changed pretty easily as more and more coins started to enter the market. 

With exchanges going public, it became that much easier for investors to buy these coins and store them in the best crypto hard wallet out there. Yes, it is true that the market witnessed a slight turbulence during 2022 with a number of factors acting against the interests of the market, but we have witnessed a strong reversal in the prices of these coins, so much so that the meme coins like Doge coin and Shiba Inu have charged forward massively as well. If you are someone who wants to reap the benefits of this industry, the time is just about right to do that. 

Rise in the number of brokers. 

Thanks to the internet, the idea of cryptocurrency started to circulate among people long ago, but one of the major factors that held them back is the factor that there just weren’t enough exchanges to cater to this demand, and when combined with a lack of public knowledge about the same, you can easily assume that their widespread adoption was pretty limited. 

As more and more online brokers started to enter this much-revered space, awareness regarding the concepts, advantages, and coins soon started to grow, and this encouraged more and more people to pick these coins up, something that helped the prices to go up. If you are someone who started off in this industry during the late 2010s, chances are that you fall in this category of people as well. 

This boost in accessibility helped grow the popularity of cryptocurrencies as a whole, and as investors of the same, you must consider getting a hard wallet, something that would help you store your coins safely for a very long period of time as they keep rising in value over the years. 

The role of El Salvador. 

While cryptos started to rise in popularity, an increasing group doubted how states and legislatures would take to these coins, and this lack of legitimacy from the states kept these coins from rising at an even faster rate. That is until El Salvador decided to step in and classify cryptos as legal tender. This sudden burst of legitimacy helped sceptics believe in the potential that these coins had, and soon, the prices started to rally once more. 

Yes, it was expected that more governments around the world would adopt these coins as well, but the reaction that we have witnessed until now can be described as something of a mixed bag of sorts, but this is particularly advantageous for anyone who decides to hold cryptos for the long term as they can expect to witness a surge in value as more and more states around the world legalize them as mediums of exchange and accept them as legal tender. If you want to ride this tide as well, you must get the best crypto hardware wallet to store these coins in a safe and secure manner. 

Besides these factors, the advent of modern technological developments like Metaverse has fuelled the growth of cryptos as well. The investment aspect of things is going pretty well as well, and the returns to be expected are significant as well. 

Final take:

The best crypto hardware wallet can help store cryptocurrencies in the long term, something that would let you earn massive returns over a period of time. As these coins keep growing in popularity, it can safely be assumed that the trend would be maintained in the future as well.