Here’s a look at how three of the most popular cryptocurrencies have performed in 2022 and how much a hypothetical investment of $1,000 in each would be worth now.
What Happened: After a strong 2021 for the cryptocurrency market, 2022 could go down as one of the darker periods for the sector.
Among the biggest stories in the first half were the collapse of Terra LUNA/USD and the stablecoin TerraUSD UST/USD. The stablecoin lost its peg and went well below the $1 level before crashing. This had a ripple effect for the cryptocurrency market causing prices to fall for many coins. Liquidations followed.
Cryptocurrency trading platforms and lenders are now facing a crunch with big names like Celsius and Voyager declaring bankruptcy. The big news items have caused losses for many cryptocurrency investors.
Bitcoin traded at $46,306.45 on Jan. 1, 2022. A $1,000 investment in Bitcoin on the first day of the year could have bought 0.0216 BTC. Bitcoin currently trades at $21,514.32. The $1,000 investment would be worth $464.71 at the time of writing.
Dogecoin traded at $0.1705 on Jan. 1, 2022. A $1,000 investment in Dogecoin on the first day of the year could have bought 5,685.10 DOGE. Dogecoin currenttly trades at a price of $0.06469. The $1,000 investment would be worth $367.77 at the time of writing.
Ethereum traded at $3,682.63 on Jan. 1, 2022. A $1,000 investment in Ethereum on the first day of the year could have bought 0.2716 ETH. Ethereum currently trades at a price of $1,734.34. The $1,000 investment would be worth $471.05 at the time of writing.
Investing $1,000 in each of the three cryptocurrencies on Jan. 1 would now be worth $1,303.53 as of Sept. 10, 2022. This represents a loss of 56.5% from the $3,000 investment. The three cryptocurrencies have rebounded slightly from the first half of the year performance that saw the hypothetical $3,000 investment down 63.9%.
The return in the first half of 2022 is a significant change from 2021, which saw a hypothetical investment of $1,000 in each of the three mentioned cryptocurrencies worth $36,471.85 at the end of the year.
The year-to-date performance for the three cryptocurrencies were:
Price Action: The 52-week ranges of the three cryptocurrencies are as followed:
Bitcoin: $17,708.62 to $68,789.63
Dogecoin: $0.04972 to $0.3388
Ethereum: $896.11 to $4,891.70
Photo: Courtesy of wikipedia
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