Updated: Oct 8, 2021
Crypto currency is a type of currency which uses digital files as a medium of exchange. Most of these crypto currencies are created using codes and have to be mined in order to get them into your account.
The first crypto currency generated was Bitcoin which was founded by Satoshi Nakamoto in 2009. In 2009 the price for single bitcoin was nearly worth 0$ but in today's date it is almost valued at 54690$ ( fluctuations take place daily). As the price of each bitcoin rose by such a huge margin the demand for bitcoin continued to rise. Billionaires like Elon Musk had also bought bitcoin, which encouraged other public to also buy them. Bitcoin now has been recognised by many firms and have started accepting Bitcoin (BTC) as a method of payment. The hype and the demand for Bitcoin was as it is the first crypto currency and also the return on investment is seen to be high. But after the BTC the market for ethereum tends to be high, which is another type of crypto currency. The current price of 1 ethereum is valued at 3500$ which is very low compared to Bitcoin, but as per many analysts they prefer ethereum over Bitcoin. It is mainly because ethereum processes transactions faster compared to Bitcoin, and also mining ethereum consumes less energy compared to Bitcoin.
Crypto currency might be the one of the most used digital currencies in the future thus it could be meaningful to invest in any of the crypto as you invest in stocks and mutual funds.