Here’s a look at how three of the most popular cryptocurrencies have performed in the first six months of 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, the start of 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 BlockFi exploring rescue options. The big news items have caused losses for many cryptocurrency investors.
Let's examine the first half of the year:
- 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 ended the first six months of 2022 at a price of $19,280.20. The $1,000 investment was worth $416.45 at the end of June.
- 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 ended the first six months of 2022 at a price of $0.06497. The $1,000 investment was worth $381.06 at the end of June.
- 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 ended the first six months of 2022 at a price of $1,050.99. The $1,000 investment was worth $285.45 at the end of June.
Investing $1,000 in each of the three cryptocurrencies on Jan. 1 would have ended 2022 at a valuation of $1,082.96. This represents a loss of 63.9% from the $3,000 investment.
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 six-month performance for the three cryptocurrencies were:
- Bitcoin: -58.4%
- Dogecoin: -61.9%
- Ethereum: -71.5%
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 $0.3510
- Ethereum: $896.11 to $4,891.70
© 2022 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Ad Disclosure: The rate information is obtained by Bankrate from the listed institutions. Bankrate cannot guaranty the accuracy or availability of any rates shown above. Institutions may have different rates on their own websites than those posted on Bankrate.com. The listings that appear on this page are from companies from which this website receives compensation, which may impact how, where, and in what order products appear. This table does not include all companies or all available products.
All rates are subject to change without notice and may vary depending on location. These quotes are from banks, thrifts, and credit unions, some of whom have paid for a link to their own Web site where you can find additional information. Those with a paid link are our Advertisers. Those without a paid link are listings we obtain to improve the consumer shopping experience and are not Advertisers. To receive the Bankrate.com rate from an Advertiser, please identify yourself as a Bankrate customer. Bank and thrift deposits are insured by the Federal Deposit Insurance Corp. Credit union deposits are insured by the National Credit Union Administration.
Consumer Satisfaction: Bankrate attempts to verify the accuracy and availability of its Advertisers' terms through its quality assurance process and requires Advertisers to agree to our Terms and Conditions and to adhere to our Quality Control Program. If you believe that you have received an inaccurate quote or are otherwise not satisfied with the services provided to you by the institution you choose, please click here.
Rate collection and criteria: Click here for more information on rate collection and criteria.