The cryptocurrency market surged Thursday, extending the rise sparked by the Federal Reserve’s first interest rate cut in more than four years.
The rally was spearheaded by popular dog-themed memecoin Shiba Inu, which spiked more than 20% in the last 24 hours, touching levels not seen since mid-June.
Don’t Miss:
1 in 4 Americans own a share of Bitcoin according to NASDAQ, how many people got started through this free crypto faucet?
If you invested $100 in DOGE when Elon Musk first tweeted about it in 2019, here’s how much you’d have today.
What happened: The latest uptick expanded SHIB's year-to-date gains to 85%, beating coins with higher market capitalizations like Bitcoin and Dogecoin.
But a year ago, things weren't this hunky-dory. The canine coin struggled during the cryptocurrency bear market, losing 90% of its value from all-time highs.
Exactly a year ago, SHIB was priced at $0.000007256. So, $1,000 invested in the memecoin then, would have fetched 137,816,979 SHIBs.
Today, the value of this stash is worth $2621.27, indicating a 162% increase.
See Also: Dogecoin millionaires are increasing – investors with $1M+ in DOGE revealed!
In comparison, $1,000 invested in Bitcoin and Dogecoin exactly a year ago, would have turned into $2,480 and $2,033, respectively, reflecting a 148% and 103% increase.
Cryptocurrency | Price On Sept. 27, 2023 | Current Value Of $1000 Investment | Gains +/- |
Shiba Inu (CRYPTO: SHIB) | $0.000007256 | $2,621.27 | +162% |
Bitcoin (CRYPTO: BTC) | $26,352.72 | $2,480 | +148% |
Dogecoin (CRYPTO: DOGE) | $0.0605 | $2,033 | +103% |
Why It Matters: Since the announcement of the 0.5% rate cut last week, the total cryptocurrency market cap has increased from $2.21 trillion to $2.3 trillion as of this writing.
Over the last 24 hours, Bitcoin climbed to $65,000 for the first time since Aug. 1, with spot exchange-traded funds (ETFs) tied to the cryptocurrency recording five consecutive days of net inflows since the Fed's decision.
Analysts at investment management firm Bernstein said last week that rate cuts could rekindle cryptocurrency credit markets and boost sectors like decentralized finance (DeFi).
Read Next:
Don’t miss out on the next Nvidia – you can invest in the future of AI for only $10.
If there was a new fund backed by Jeff Bezos offering a 7-9% target yield with monthly dividends would you invest in it?
Photo courtesy: Unsplash
UNLOCKED: 5 NEW TRADES EVERY WEEK. Click now to get top trade ideas daily, plus unlimited access to cutting-edge tools and strategies to gain an edge in the markets.
Get the latest stock analysis from Benzinga?
This article If You Invested $1000 In Bitcoin, Dogecoin, And Shiba Inu Exactly A Year Ago, This Crypto Would Give You The Best Returns Today originally appeared on Benzinga.com
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.