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 (CRYPTO: LUNA) and the stablecoin TerraUSD (CRYPTO: UST). 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.
Related Link: 2021 Was The Year Of Dogecoin: A Month By Month Retrospective With Top Stories
Let's examine the first half of the year:
Investing $1,000 in BTC, DOGE, ETH: A $1,000 investment in Bitcoin (CRYPTO: BTC), Dogecoin (CRYPTO: DOGE) and Ethereum (CRYPTO: ETH) in 2022 would have posted a big loss in 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.