Bitcoin’s ascent continued in 2021, rallying to an all-time high of US$68,649.05 in November, a 98.82 percent increase from January’s value. By the end of the year, the digital asset had shed some of its value, ending the 12 month period at US$47,897.16 — still a 62 percent year-over-year increase.Much of the growth in 2021 was attributed to investor risk-on appetite, as well as Tesla’s (NASDAQ:TSLA) announcement that it had purchased US$1.5 billion in bitcoin. Activity was further compounded when Tesla reported plans to begin accepting bitcoin as payment for its electric vehicles. Following some criticism from investors and environmentalists, the electric car maker is currently conducting its due diligence on the amount of renewable energy used to mine the cryptocurrency before allowing customers to buy cars with it.Increased money printing in response to the pandemic has also benefited bitcoin, as investors with more capital looked to diversify their portfolios. The success of the world’s first crypto amid the market ups and downs of 2020 and 2021 led to more interest and investment in other cryptocurrencies and digital assets.2021 also saw the rise of the non-fungible token (NFT). Utilizing blockchain technology, NFTs are data units that are stored, sold and traded digitally. These unique crypto assets are widely used for art and other digital mediums.It is estimated that the NFT market grew to more than US$40 billion in 2021, driven exclusively by cryptocurrencies, the only form of payment for NFTs.Bitcoin’s mainstream acceptance may be a continued price catalyst as more businesses accept the digital token as payment; the growing market for digital assets, as well as the burgeoning Metaverse, could all aid in the momentum of the cryptocurrency space.