Photo: 2021 Crypto Year-in-Review / Tokocrypto

Crypto Year-in-Review: Hitting the Highs with Toko Token (TKO) in 2021

In the blink of an eye, 2021 has flashed by before our eyes. At the start of 2021, the market capitalization of Altcoins constituted about 30% of the total market capitalization of the general crypto domain but come the end of the year, this has increased to 62% whereby this is a sure-fire indication of the increasing decoupling of the crypto market from Bitcoin which in turn reflects on the growing maturity of the market. As any financial market analyst worth their salt would know, this is a positive development for the crypto market as it is not too conducive for the long term prospects of the stability of any financial market if it is too dependent on any particular asset regardless of how legendary the asset may be.

From an intra-sectoral perspective, the NFT sector led the way in terms of growth rate over the course of 2021 as it recorded an increase of ≈13,500% in terms of its sales volume from its 7-day moving average sales volume of USD2+ million at the start of 2021 to a 7-day moving average sales volume USD270+ million by the end of the year. As for the DeFi sector, the total value locked (TVL) of the sector recorded a growth rate of ≈640% from USD22+ billion at the start of 2021 to USD141+ billion by the end of the year.

A newcomer to the crypto market during the course of 2021 is that of the GameFi sector whose growth rate is not too shabby either as its number of users recorded a growth rate of ≈300% from about 400,000+ at the start of the year and reaching more than 1.209 million by the end of the year whereas the sector’s sales volume recorded a growth rate of ≈280% from USD28+ million at the start of the year and reaching USD82+ million by the end of the year. Fair to say, the crypto market has achieved considerable cross-sectoral growth which straddles across the whole spectrum of the market over the course of 2021.

A Roller-Coaster Crypto Ride

Notwithstanding the impressive growth of the crypto market in 2021, the market has had its fair share of ups and downs as reflected in the highs and lows of the market throughout the year. As we got near mid-2021, the crypto market suffered its worst pullback in history in May 2021 whereby USD500 billion worth of market capitalization was wiped off in a flash. A month later there were more ominous signs that the crypto market is in trouble whereby on 21 June 2021, Ethereum, the second biggest cryptocurrency by market capitalization fell by 12.5% in a mere 24 hours and nearly 24% over the course of the following week. On the very same day, Bitcoin’s 50-day moving average dropped below its 200-day moving average resulting in the appearance of the Bitcoin death cross.

At that time, the crypto market was bracing for the worst with there being talks among industry observers that the market could be entering a bearish state with there being a possibility of a crypto winter on the horizon. With the benefit of hindsight, the crypto market went on a rampaging recovery drive over the next few months reaching a peak market capitalization in excess of USD2.966 trillion in mid-November led by the top two cryptocurrencies i.e. Bitcoin (BTC) and Ethereum (ETH) both of which recorded their respective new all-time high (ATH) of USD68,789 and USD4,891 on 10 November 2021 .

On the regulatory front, the crypto market has also had hits and misses in 2021. A notable hit is the announcement on 7 September 2021 by the government of El Salvador that it is designating Bitcoin as legal tender in the Central American country making it the first in the world to do so. With the designation of Bitcoin as legal tender, the cryptocurrency joined the United States Dollar (USD) as a means of payment which must be accepted by vendors and providers of goods and services in El Salvador.

Following up on this, the government of El Salvador further announced on 21 November 2021 that it is planning to build the world’s first “Bitcoin City”’ with the initial funding to be raised through Bitcoin-backed bonds. In contrast with the pro-crypto approach of the government of El Salvador, just a few weeks after the announcement by the El Salvadoran government of the designation of Bitcoin as legal tender in the country, the Chinese government had on 24 September 2021 sent seismic waves rippling through the crypto market when it announced an outright ban all forms of cryptocurrency-related activities including the trading and mining of cryptocurrencies.

In relation to its ban on the trading of cryptocurrencies, the underlying basis put forth by the Chinese government was that the volatile nature of these currencies could undermine its control of the country’s financial and monetary systems resulting in increased systemic risks and propensity of financial crimes which could hurt investors. As logical as this may sound, another perhaps more plausible reason for the ban could be because cryptocurrencies pose a threat to China’s upcoming sovereign digital-yuan which as of 9 December 2021 has entered into the phase of cross-border trials.

As for the ban on the mining of cryptocurrencies, the underlying basis put forth by the Chinese government was that the imposition of the ban was premised on the environmental concerns relating to the mining of these currencies though this is rather paradoxical considering the fact that China was the biggest global polluter by a mile in 2020 with 10.67 billion metric tons of carbon dioxide emissions last year. Regardless of the soundness of the purported justifications, the fact remains that the Chinese government has decided that private cryptocurrency is something that the country won’t miss.

Photo: Crypto Highs and Lows in 2021 / Tokocrypto

Birth of a Crypto Star

On 7 April 2021, a crypto star was born when Toko Token (TKO)’s launch on the Binance Launchpad resulted in a record-breaking 50,000% oversubscription of its hard cap of 75 million units from 201,406 individuals, with a total of 10,502,201 Binance Coins (BNBs) (approximately USD 4 billion in value based on the price of BNB on 7 April 2021) subscribed for the launch. Three months later, Tokocrypto had on 24 July 2021 brought together 36,000 virtual participants from around the world for its first TKO Summit. During the Total Kripto Overview (T.K.O) Summit 2021, Tokocrypto harnessed the quadruplicate force constituted by the elements of industry outreach, network connections, constructive engagement and hyper-awareness to unlock Asia’s crypto sphere to take it to unprecedented heights.

Later in the year on 13 September 2021, Tokocrypto lived up to TKO’s hype by launching TokoMall as the first multi-category non-fungible token (NFT) marketplace in Indonesia which serves as an interdimensional portal for local and global NFT fans alike to enter its NFT metaverse with TKO serving as the instrument of exchange. Comprising five departments namely Original, Lifestyle, Creative, Stars as well as Games and Sports, TokoMall functions as a trading and exchange hub that connects artists, talents, brands as well as games and sports teams and idols with NFT collectors.

About three months later on 4 December 2021, it was time for the second TKO Summit in the form of The Kripto Odyssey (T.K.O) Summit 2021 which empowered the growing crypto community by taking its members on an exploratory voyage of the crypto sphere covering a 360° overview of the crypto landscape including the elements of blockchain as its technological foundation. The showstopper of The Kripto Odyssey (T.K.O) Summit 2021 was the launch of TKO’s white paper which charts the future of the token by setting out Tokocrypto’s blueprint for the development of its native utility token as a thread which weaves through the various components of Tokoverse. With this, TKO closed 2021 with a bang.

Photo: TKO’s Milestones in 2021 / Tokocrypto

As we usher in the new year of 2022 which brings with it immense possibilities for the crypto domain, albeit tempered with possible uncertainties, one thing we know for sure is that TKO will be with the crypto community every step of the way.

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Tokoverse by Tokocrypto

Tokoverse by Tokocrypto

Tokoverse by Tokocrypto is a crypto ecosystem comprised of an exchange, a utility token, an NFT marketplace, a community center and venture building platforms.