Cryptocurrency is a medium of exchange created to ensure transaction safety and control of trading unit in accordance with cryptography principles.
Cryptocurrencies are based on decentralized consensus mechanisms. In contrast to the bank financial system that relies on centralized regulatory systems, cryptocurrencies have become the capital favourite of the 21st century due to their high degree of anonymity, decentralization and inalterability, and have been highly recognized by the global market.
BTC became the first decentralized cryptocurrency in 2009, and was officially included in the bulk commodity category together with other virtual currencies by the US Commodity Futures Trading Commission (CFTC) in 2015. At the end of 2020, under the impact of the global pandemic, government currencies of various countries were continuously overissued, which triggered the super bull market of cryptocurrency, and BTC thereby became the sixth largest currency in circulation in the world. In the following year, the Government of El Salvador officially declared BTC the legal tender of his country.
At present, the price trend of cryptocurrency is mainly judged by technical analysis, but the policies of the Federal Reserve (whether the currency is overissued or not) and regulations of various countries still have a direct influence on the price of cryptocurrency. At the same time, price trends of BTC and ETH become a major barometer of the cryptocurrency market.
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