What Would $1,000 Invested in ETC, DOGE and XRP in 2020 Look Like Now?
Cryptocurrency market investors have made a lot of money in a short period of time, as well as those who lost all their money. Some investors even became crypto millionaires for a while and then lost their titles. So, if you invested $1,000 in Ethereum Classic (ETC), Dogecoin (DOGE) and Ripple (XRP) in March 2020, how much money would you have now?
The process of cryptocurrencies entering the focus of investors
Investors who have put money into the major US indices have seen significant returns since March 2020. In fact, the SPDR S&P 500 ETF, Invesco QQQ Trust Series 1 and SPDR Dow Jones Industrial Average ETF Trust have returned 60.82%, 61.40% and 54.17%, respectively, since the bottom of the US markets in 2020.
The crypto boom is linked to central banks opening the money spigots wide open during the pandemic. 2020 was the year when Covid-19 was on the world's agenda. In order to overcome the economic bottleneck during this period, the Fed, in particular, went for monetary expansion. In an environment of zero or even sub-zero interest rates, cryptocurrencies entered a long-term bull market.
As you have been following on cryptoify.blogspot.com, cryptocurrencies entered the agenda of investors mostly in 2021. Many of the cryptocurrencies gained significant value in 2021 as they became more talked about. Dogecoin (DOGE), the popular meme coin, was one of the cryptocurrencies that increased the most in 2021. Ripple (XRP), on the other hand, has been troubled by its lawsuit with the US Securities and Exchange Commission (SEC). As a matter of fact, the case has not yet been resolved.
How much is $1,000 worth of DOGE, ETC and XRP?
Now, to answer our question, "If you invested $1,000 in Ethereum Classic, Dogecoin and Ripple in March 2020, how much money would you have now?"
- Ethereum Classic (ETC): $6,277.40
- Dogecoin (DOGE): $40,466.50
- Ripple (XRP): $3,923.10
The popular meme-coin Dogecoin (DOGE) has yielded the highest return on investments of $1,000. Tesla CEO Elon Musk's beloved dog performed poorly in 2022. However, a long-term view shows that it is still one of the most profitable investments.
Dogecoin is followed by Ethereum Classic (ETC). Compared to DOGE, its returns are quite modest. Ethereum Classic is a hard fork of Ethereum (ETH), launched in July 2016. That is, a smart contract network capable of hosting and supporting decentralised applications (DApps).
Ripple (XRP), which is on the agenda with its lawsuit with the SEC, has the lowest return among them. However, it is noteworthy that crypto investments are more successful when compared to index returns.
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