Cryptocurrency startups have drawn over $100B in total funding since 2014, as per data compiled by DeFiLlama, with $3.54B raised up to May this year alone amid a surge in bitcoin (BTC-USD) and other digital tokens.

DeFiLlama is an aggregator that tracks the crypto sector’s total value locked – or the total U.S. dollar value of digital assets locked, or staked, on a particular blockchain network via decentralized finance platforms.

According to the data, since 2014, crypto startups have seen a total of 5,287 funding rounds that have raised in total $101.36B. October 2021 was the best month in this time period, with over $7B raised.

Earlier this year, crypto industry news and research outlet The Block said the total, all-time dollar amount invested into crypto and blockchain-related companies exceeded $90B in February. The firm cited funding data for startups that it tracked since 2017.

The $100B milestone comes a few months after the crypto industry received a shot in the arm from the U.S. Securities and Exchange Commission’s (SEC) long-awaited approval of spot bitcoin (BTC-USD) exchange-traded products in January.

Not long after, bitcoin (BTC-USD) surged to a record high north of $73,000 in March, though it has since retreated after its last halving on April 19, 2024. Halving events reduce the rate at which new coins are created and thus lower the available amount of new supply.

For investors that want to track bitcoin (BTC-USD) focused funds, here are some names to look at: (IBIT), (GBTC), (FBTC), (ARKB), (BITB), (HODL), (BRRR), (BTCO), (EZBC), and (BTCW).

More on Bitcoin and Crypto

It is worthy of note that in the past decade the whole financial-sphere has changed drastically due to the appearance of cryptocurrencies. While in the beginning they were treated simply as a curiosity for hackers and anarcho-capitalists, disruptive to the contemporary financial systems and on the cusp-of becoming a global currency, digital currencies have developed at an incredible pace.

Cryptocurrency began is said to have begun in 2009 when an unknown person or group, or group of people going by the pseudonym Satoshi Nakamoto launched Bitcoin. The blockchain technology which forms the foundation of Bitcoin brought efficient, unprejudiced, secure, and IMMEDIATE means for doing business without relying on traditional financial institutions. This advancement embodied the prospect of cheaper transaction costs, faster transaction clearing as well as better anonymized layer two solutions that in return would create a large and diverse set of users and investors.

Since the inception of Bitcoin, thousands of other digital currencies, [also known as altcoins] appeared that aimed to be different in certain ways. As for Ionic, founded in 2015, Ethereum advanced the use of blockchain through implementing smart contracts— the execution of the conditions of the contract stated through code. This development led to decentralized applications or dApps and helped drive the adoption of cryptocurrency even more.

When cryptocurrencies started to become relevant in the world economy, they recommended its functions. What were once regarded as cryptocurrencies that have high risks involved in trading them same digital currencies are now being accepted because of change they bring to different sectors.

First, financial Inclusion. Despite the current volatile nature of some of the virtual currencies, cryptocurrencies provide banking facilities to the financially excluded and neglected sections in today’s growing world especially in the developing world. Even through an ordinary mobile phone and internet, people can work, borrow, and transfer funds globally, and largely without incurring any costs.

Second, unlike the hawala system, the formal remittance services are expensive in terms of the commissions they charge and may also take 1–5 days to complete the transaction. Cryptocurrencies also proved to be more efficient than the traditional form of financial remittance and highly efficient since workers can instantly transfer money to their families anytime with very low charges.

Third, in places where hyperinflation is a worrisome problem, cryptoassets proved to be a safe haven for value. While fiat money is inclined to facing such problems as inflation due to the policies made by governments, many cryptocurrencies have their agreed limits on the number of coins to be in circulation.

Fourth, the major trading corporations have started to involve the cryptocurrencies in their activities. Many companies such as Tesla and Square have begun integrating bitcoin into their payment system, while others such as PayPal and MasterCard have planned to adopt blockchain technology for their operations in supply chain, security, and others.

Fifth, regarding the increasing role of cryptocurrencies, several central banks are in the process of creating their digital money. CBDCs intend to foster the advantages of DC’s to the stability and reliability of Fiat currencies and bring about effective mix of traditional and digital finance.

However, before cryptocurrencies can become a popular medium of exchange that operates seamlessly in the global market as a worldwide currency or a unit of account, there are numerous challenges they are yet to overcome.

First, governments around the world have been having great difficulty in how to control such currencies. While certain countries either promote the usage of this technology or encourage innovation in this domain, other countries simply set high barriers of entry or ban it outright. To this end, it is imperative that there is a coherent and consistent framework of rules in the market that would address the matters of security and fraud prevention in addition to encouraging the development of new services.

Second, and probably more seriously, many cryptocurrencies are infamous for their price fluctuations, which can negate their suitability as a reliable means of payment. Stable coins that are cryptocurrencies stabilized using other stable and less risky assets such as the U. S dollar are a good solution here, but adoption and the level of trust is still in the process of building.

Third, although, the underlying technology of bitcoin and other digital money systems or ledger technologies is very secure, abuses of the broader ecosystem of cryptocurrencies include hacks, scams, and cons. It is imperative that the system is designed to include improved security features and a strong support system to safeguard the interest of the users.

Fourth, is the number of individuals using cryptocurrencies increases, that automatically translates to puts pressure on the blockchain networks. There are currently solutions under development, like layer 2 protocols and shards, that will enable Ethereum to cope with high transaction rates while maintaining transaction velocity and security.

Cryptocurrencies in general and Bitcoin in particular’s journey to become a global currency is an evolving process, replete with innovation as well as opportunities and risks. 

Some of the motivational factors include the following; With technological enhancements and changes in the regulatory framework, digital currencies are likely to revolutionize the financial sector by enhancing its efficiency and making it more accessible and adaptive. 

Although the prospects are still foggy, the emergence of cryptocurrencies is an unambiguous trend, which hints at the organization of society by combining the linear and logarithmic financial models.

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BlockDAG is setting new benchmarks in the crypto mining game with its X1 Mobile Miner app’s beta release, enabling efficient mining right from your smartphone. Amidst Bonk’s ascent as a key player in the altcoin market and the dip in Optimism’s $OP token value, BlockDAG steals the spotlight with its cutting-edge tech and remarkable presale achievements. The company’s presentation underscored its adoption of Directed Acyclic Graph (DAG) technology, spurring vast investor interest. With an impressive presale raising $50.2 million and prices skyrocketing by 1120%, BlockDAG is quickly becoming the go-to investment in the crypto world.

Bonk’s Rapid Climb: A Rising Star in Altcoins 

Bonk (BONK), the first cryptocurrency with a dog motif on the Solana blockchain, has been capturing widespread attention since its introduction in 2023. Its swift rise to prominence in the final months of the year and a peak in March highlight its sustained allure. Recently, heightened engagement from significant investors suggests a looming boost for BONK. Market experts predict a new peak by June’s end, positioning it as an excellent investment opportunity.

BONK’s low entry cost makes it an appealing choice for investors looking for robust growth without heavy upfront investments. With its compelling meme-driven charm and escalating interest from the investment community, BONK distinguishes itself as a leading altcoin for those seeking major returns.

A Whirlwind for Optimism’s $OP Token 

Recently, Optimism’s $OP token has seen a downtrend, driven by a massive sell-off by a whale, causing a 4.2% dip in its value. This sale, involving over two million $OP tokens, resulted in a nearly $1 million loss for the seller, emphasizing the token’s heightened market volatility. Despite this, Optimism’s underlying layer 2 solutions continue to enhance Ethereum’s efficiency, keeping investor interest alive. With $OP’s fate closely tied to internal ecosystem developments, it remains a critical watch.

BlockDAG: Pioneering the Future of Crypto Mining

BlockDAG is restructuring the crypto mining scene with its innovative X1 Miner app, designed for efficiently mining BDAG coins using smartphones. This app incorporates a power-saving consensus algorithm significantly reducing battery and data consumption. Its user-friendly design and integrated referral program cater to both novice and expert miners alike.

During a recent keynote presentation, BlockDAG unveiled ongoing enhancements and frequent updates, ensuring the community remains well-informed about network upgrades. Adopting Directed Acyclic Graph (DAG) technology facilitates scalable management of intricate dependencies, thus improving the speed and security of transactions.

Furthermore, BlockDAG is dedicated to refining Smart Contract capabilities and Asset Balance management, thereby significantly boosting cryptocurrency operations’ efficiency. The deployment of BlockDAG Nodes is a critical development, ensuring smooth and reliable transactions, which are crucial for the platform’s scalability.

Utilizing DAG architecture has propelled BlockDAG to substantial financial achievements. It has amassed over $50.20,000 daily from presales, with a notable spike to $3 million on a particularly successful day. With $50.2 million raised and an impressive 1120% price escalation from the initial to the eighteenth batch, BlockDAG sets the stage for a potential 30,000x return on investment, marking a revolutionary shift in the investment realm.

Final Remarks

BlockDAG’s advanced technology and focused expansion uniquely qualify it as a top investment prospect in the dynamic cryptocurrency arena. As Bonk leverages its viral charm and the $OP token from Optimism weathers market fluctuations, BlockDAG’s impressive $50.2 million presale results and mining innovations highlight its dominant position. BlockDAG emerges as the standout option for investors hunting for significant gains, ready to dominate the market with its scalable and proficient solutions.

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