2021 was a banner year for cryptocurrency, with digital tokens, such as bitcoin and dogecoin, hitting all-time highs and making millionaires of investors. The overall crypto market briefly surpassed $3 trillion in value and the growing popularity of digital assets like NFTs helped bring the once-niche technology to the mainstream.
While tokens like bitcoin and dogecoin have different levels of technological development and scarcity, both saw strong growth in 2021, along with other top coins. But in 2022, the market experienced a sharp decline, resulting in the loss of many assets. Some crypto's dropped completely. However, despite this bear market, some crypto's performed pretty well.
Watch this video till the end to see how much money you would have if you invested $1,000 in 4 of the major cryptocurrencies last year.
Hi Cryptopreneurs! What is your favorite crypto, let us know in the comments!!
If you like making crazy money with crypto, this is the place for you, here we explore new gems, and explain the best new tiny undervalued cryptos with 100X, or 1000x potential. You will also find all the news of the crypto space every day. So, make sure to subscribe and activate notifications for all the upcoming videos. Follow us on our social channels and join as members for added perks!!
Now, let's get started.
Before talking about the first crypto's performance, you should know that, when it comes to crypto, remember that past performance is no guarantee of future returns, and experts caution investors to put no more money into cryptocurrencies than they are comfortable losing.
If you do decide to get into crypto, consider not making a large purchase all at once, but instead dollar-cost averaging by spreading it out into smaller purchases over time. On this channel, we share the best crypto gems that will help you diversify your portfolio. Be sure to subscribe and turn on notifications so you always know when we post a new video.
Now, let's talk about how much money you would have if you invested $1,000 in 4 of the major cryptocurrencies last year.
Let's start with Bitcoin. A $1,000 investment in bitcoin in August 2021 for $44,428 would have bought you 0.0225 tokens, which would be worth about $539 at the time of this recording. Wow, that's a disaster. Basically, you would have lost almost half of your investment.
The world's largest cryptocurrency by market capitalization had a strong 2021, with its value rising about 65% between January 1 and the end of December. In February, it reached a market capitalization of $1 trillion for the first time but has since fallen back to nearly $900 billion. Bitcoin's downfall began in November 2021, when its price reached almost $70,000. Since then, it has continued to decline, until today when its price is $24,000.
Anyway, bitcoin would have been a bad investment if you had invested $1,000 in August 2021 and kept it till today. Now, what about Ether?
Just like Bitcoin, Ether will have made you lose a lot of money.
The value of a single Ether, the token of the Ethereum blockchain, has dropped by nearly 50% between August 2021 and today.
One year ago, to the day, Ether was worth $3043. At the time of recording this video, it is August 12, 2022, and the value of Ether is $1891. If you had invested $1000 in Ether last year, your $1000 would have become $621. Which is a significant drop.
Ethereum supporters say the blockchain will become more scalable, secure, and sustainable after its Eth2 upgrade, scheduled for September 2022, during which the network will move to a proof-of-stake model. Currently, Ethereum operates on a proof-of-work model, in which miners must compete to solve complex puzzles in order to validate transactions. This model is frequently criticized for its environmental impact, as it requires an extreme amount of computing power.
Moving to the PoS model will allow users to validate transactions based on the number of coins they hold, rather than using the energy-intensive mining devices currently in use.
So just because Ether has lost nearly 50% of its value over the past 12 months, it won't be the same in the months to come.
It is important to note that Ether has gained more than 400% during the year 2021. Thus, most of its collapse happened in 2022 when the entire crypto market was in decline. But this is very common in crypto. There are down trends, and there are up trends. With the upcoming merger, the future promises great things for Ether.
Now, if you would have invested $1,000 in SOL of the Solana blockchain in early 2021 when a coin was $1.53, your investment would have grown to about $28,372 at the time of this recording.
Although it only launched in 2020, Solana has grown rapidly and was worth $259 in November 2021.
Solana is currently the ninth largest cryptocurrency with a market capitalization of over $15 billion. Solana is considered a competitor to the Ethereum blockchain. Its founder, Anatoly Yakovenko, designed Solana to support smart contracts, which are collections of code that execute a set of instructions on the blockchain, and the creation of decentralized applications, or dapps. Solana has been hacked several times, but despite this, Solana has always maintained a growing momentum. Solana is already one of the most popular blockchains in the world for non-fungible tokens (NFT) and decentralized finance (DeFi). And there's no doubt that interest in Solana's NFTs, in particular, is growing. With upcoming security updates to the Solana blockchain, in our opinion, the token will likely make more ATH in the near future.
Now let's talk about dogecoin.
If you placed $1,000 in dogecoin in early 2021 at $0.0056 per coin, it would be worth $12,678 today at $0.071. Not bad for a digital token that started as a joke inspired by a meme. In early 2021, against all odds, DogeCoin (DOGE) rose dramatically. Within a few months, this crypto-currency, initially created as a joke, saw its price increase 100-fold, a move that then boosted Dogecoin-related integrations and developments.
But 2022 has not been a good year for the crypto space and Dogecoin in particular. However, major upgrades are on the way and may well push DogeCoin's price up.
On August 5, Michi Lumin, one of the lead developers of the DogeCoin project, announced the release of a new tool for developers - LibDogecoin.
In practice, LibDogecoin is a development library designed in C, which allows developers to create DogeCoin-enabled products and software without having to understand the underlying mechanisms of the protocol.
For example, it makes it easy to generate and store a private/public key pair for the DogeCoin network. Furthermore, LibDogecoin implements other basic features such as transaction signing. Thus, all the features inherent in the DogeCoin blockchain are easily accessible and usable via this development library.
The creation of this library is intrinsically linked to the desire to improve the tools surrounding the DogeCoin ecosystem. Thus, as explained on the official website, LibDogecoin should have several major impacts such as diversifying the dependency on the Wallet Core, facilitating the development of other wallets; Facilitating integration to improve the adoption of Dogecoin by platforms; Improving the Dogecoin network membership process so that more people manage Dogecoin nodes.
The ball is now in the developers' court. It remains to be seen if they will be tempted to develop more tools on Dogecoin.
We hope we were able to provide some value and helped you to move a step ahead in your crypto journey Be sure to check out our Crypto Brand called Cryptopreneur, get yourself the highest quality Crypto Merch available right now on the market, and make sure to subscribe so that you don't miss out on any of our content. Till next time, Goodbye.