Unlike the other parts of the traditional financial market, the crypto market continued to soar to new heights amidst the deadly pandemic. It eventually led some of the major retailers to start accepting the world’s most famous token.
Amid all this, we are sure that most of you, who have not yet invested in the market, were planning to step your foot in the market, yet they were reluctant by the skepticism around. So, let’s give a sketch of how much you would have made if you had invested only $1,000 in various crypto assets only a month ago.
Bitcoin has been the best performing investment in terms of its performance over the last year. But in recent weeks, following its rally to its all-time high of $60k, it rushed to red and is still struggling to reclaim its position. Despite its highly volatile nature, the value graphs suggest an outstanding performance as, since the beginning of this year, the crypto market has undoubtedly seen unexpected growth.
Even though the rise in the price of BTC had changed the mood of the market, following its fall, many altcoins were pushed towards a rush as well. Many credited it to the growing uncertainty around the government regulations and obviously described the digital asset’s rise as a “speculative bubble.” But so far, a massive six hundred percent surge is nothing short of amazing. It means that if you had invested only one thousand bucks on the BTC, you would have made $7,100 in profits.
Over the last few months, Dogecoin has been making headlines, with major retailers, from supercar dealers to wine sellers and NBA teams, accepting the meme coins as a mode of payment. It tells a lot about the growing interest around the token, which initially started as a joke in 2015.
Since its launch, it has come a long way and rose 123,383 percent. But the token has been skyrocketing since last month when the Dogecoin was valued at 0.060. If you had invested one thousand dollars a month ago, you would have made 6,833 dollars in just a month.
It would be fair to credit Tesla CEO Elon Musk for this bullish run as he continuously took to Twitter and talked about the crypto coin. Yesterday, many coin supporters were expecting a surge in prices during Musk’s special appearance on SNL. However, contrary to the expectations, it went down thirty percent. Still, nearly seven thousand dollars worth of profit in just a month is an exception.
Will The Crypto Market Keep Skyrocketing?
Since the downfall of BTC below its support price of $55,000, many experts suggested that it is likely to hit even the $40,000 mark. Yet, they were wrong as Bitcoin is back on track at nearly $58,000, with hopes that it will touch the $60k mark. Having said that, it is better to first understand the market before putting your money in it.
As the situation keeps changing and the highly volatile and speculative nature of the market, it is quite challenging to determine its future course. Still, the mainstream adoption of crypto tokens tells us the growing trust around digital assets. If you plan to jump on the crypto bandwagon, make sure that you calculate your risks and spend cautiously.
Disclaimer: This article is not trading advice. TheDechained holds no liability for investments made on the basis of this information. We recommend independent research before making a decision to invest.