Cryptocurrency trade may be more action-packed in 2021, say analysts

The network to promote cryptocurrencies will likely become larger, say analysts

Cryptocurrencies are expected to see increased activity this year with more avenues opening up for their utility, including banking services, trade, and remittances, apart from the investment interest in India.

Trading volumes have increased almost eight times since March after the Supreme Court allowed banks to deal with cryptocurrency exchanges.

As 2021 started, the price per Bitcoin, the world’s largest and oldest cryptocurrency, crossed $34,500 globally on January 3.

However, it slipped a day later to $30,000 levels. In India, it is currently around Rs 22 lakh.

The sharp spurt in price has again generated curiosity among investors. As a result, 2021