The COVID-19 pandemic initially caused a downturn in the cryptocurrency market in 2020.

Lockdowns increased public interest in cryptocurrencies, leading to a rise in market capitalization.

Decentralized finance (DeFi) experienced growth, with yield farming and decentralized autonomous organizations (DAOs) becoming more prominent.

Bitcoin's third halving in May 2020 decreased mining rewards but spurred demand, contributing to a price surge by April 2021.

Nonfungible tokens (NFTs) emerged as a significant trend in 2021, expanding into gaming, collectibles, and art, with a market that continues to grow.

Despite lower trading volumes, NFT revenue is on an upward trajectory, projected to hit $2.4 billion by 2024.