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Home » 2021’s Biggest Crypto Moments: Bitcoin’s $1T Milestone, NFTs, and More
Crypto

2021’s Biggest Crypto Moments: Bitcoin’s $1T Milestone, NFTs, and More

Karly MarieBy Karly MarieDecember 31, 2021Updated:March 13, 2025No Comments5 Mins Read
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The year 2021 cemented cryptocurrency’s place in mainstream finance, with the market briefly exceeding $3 trillion in value in November. Bitcoin and Ethereum reached record highs, meme coins like Dogecoin experienced rollercoaster rides, and NFTs sold for millions at prestigious auction houses. Meanwhile, blockchain-based finance (DeFi) and Web3 development surged, attracting institutional and retail investors alike.

With so many groundbreaking developments, here are 12 defining moments that shaped the crypto landscape in 2021.

1. Bitcoin Surpassed $1 Trillion in Market Value

On February 19, Bitcoin (BTC) achieved a historic milestone, crossing $1 trillion in market value for the first time. The surge was fueled by institutional backing from companies like Tesla, Square, and MicroStrategy, which began holding Bitcoin on their balance sheets. This marked a turning point in crypto’s acceptance among major financial players.

2. NFTs Took Over the Art World

March witnessed a seismic shift in digital art with the $69.3 million sale of Beeple’s NFT artwork Everydays: The First 5000 Days at Christie’s auction house. The event catapulted non-fungible tokens (NFTs) into mainstream consciousness, with artists, musicians, and gaming companies jumping on board. By the end of 2021, the NFT market saw over $23 billion in trading volume, revolutionizing digital ownership.

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3. Elon Musk and the Dogecoin Frenzy

Elon Musk’s influence on Dogecoin (DOGE) was undeniable. His Twitter endorsements sent DOGE soaring to an all-time high of $0.73 on May 8, just before his Saturday Night Live appearance. However, the price tumbled 29% as Musk jokingly called Dogecoin a “hustle” on the show. Despite its volatility, Musk’s tweets kept DOGE in the spotlight throughout the year.

4. El Salvador Became the First Nation to Adopt Bitcoin

In a groundbreaking move, El Salvador made Bitcoin legal tender in June, requiring businesses to accept it as payment. The country launched Chivo Wallet, gave citizens $30 in Bitcoin, and even invested in BTC reserves. Despite global skepticism, this step positioned El Salvador as a pioneer in national crypto adoption.

5. Ethereum’s Game-Changing EIP-1559 Upgrade

Ethereum (ETH) underwent a major upgrade in August with EIP-1559, changing the way transaction fees (gas fees) were calculated and introducing ETH burning, reducing supply. This set the stage for Ethereum’s transition to Ethereum 2.0 in 2022, replacing energy-intensive mining with proof-of-stake (PoS) for improved efficiency and scalability.

6. DeFi Hacked: The $600 Million Poly Network Breach

August also saw one of the largest DeFi hacks ever, with over $600 million stolen from Poly Network. The hacker later returned the funds, but the breach underscored security risks in decentralized finance (DeFi). In total, $7.7 billion was lost to crypto scams in 2021, with rug pulls—fraudulent projects that disappear with investor funds—becoming alarmingly common.

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7. China’s Complete Ban on Cryptocurrency

China intensified its crypto crackdown in September, declaring all crypto transactions illegal and forcing Bitcoin miners out of the country. As a result, the U.S. overtook China as the world’s largest Bitcoin mining hub, with 35.4% of global hashrate by October. This marked a major shift in Bitcoin’s decentralization.

8. The First U.S. Bitcoin Futures ETF Launched

In October, the ProShares Bitcoin Strategy ETF (BITO) debuted on the New York Stock Exchange, marking a regulatory milestone. This futures-based ETF allowed investors exposure to Bitcoin without directly buying it, fueling optimism for broader institutional adoption.

9. Bitcoin’s Biggest Upgrade in Four Years: Taproot

November saw Bitcoin’s first major upgrade since 2017—Taproot. It enhanced transaction privacy, efficiency, and smart contract capabilities, making Bitcoin more versatile. This upgrade is expected to drive decentralized applications (dApps) on the Bitcoin blockchain in the coming years.

10. Crypto Regulation Takes Center Stage

Regulators took a tougher stance on crypto in 2021. SEC Chairman Gary Gensler pushed for clearer rules, while the Infrastructure Bill introduced new tax-reporting requirements for crypto exchanges. The bill’s broad definition of “brokers” sparked controversy, with crypto lobbyists pushing for amendments.

See also  Bitcoin Adoption in a Changing World: The Benefits of Uncertainty

11. Ethereum Competitors Rise: Solana and Avalanche Gain Market Share

With Ethereum gas fees skyrocketing, alternative blockchain networks like Solana (SOL) and Avalanche (AVAX) surged in popularity. Solana’s lightning-fast transactions and Avalanche’s eco-friendly model attracted developers, with both networks seeing billions in total value locked (TVL). Ethereum still dominated DeFi, but its challengers proved formidable.

12. DAOs Enter the Spotlight

In November, ConstitutionDAO made headlines by raising $40 million in an attempt to buy a rare copy of the U.S. Constitution. Though it lost to hedge fund billionaire Ken Griffin, the event highlighted the power of Decentralized Autonomous Organizations (DAOs)—a community-driven model shaping the future of governance and crowdfunding.

The Future of Crypto: What’s Next?

2021 was a year of explosive growth, regulation battles, and technological advancements for cryptocurrency. With Ethereum 2.0 on the horizon, continued NFT adoption, and institutional investment increasing, crypto’s mainstream integration is just beginning.

As we head into 2022, the question remains—how high can crypto go, and what challenges lie ahead?

altcoins Bitcoin Blockchain China ban Crypto Crypto Market Crypto Regulation DAO DeFi Dogecoin Ethereum NFTs Web3
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Karly Marie
Karly Marie

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