The cryptocurrency market rose on Thursday, extending the rise sparked by the Federal Reserve’s first rate cut in more than four years.
The rally was led by a popular dog-themed memecoin Shiba Inuwhich spiked by more than 20% in the last 24 hours, a level not seen since mid-June.
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What happened: The latest upswing extended SHIB’s gains to 85% this year, beating higher market cap coins like Bitcoin And Dogecoin.
But a year ago, things weren’t so good. The dog coin struggled during the cryptocurrency bear market, losing 90% of its value from record highs.
Exactly one year ago, SHIB cost $0.000007256. So $1,000 invested in the memecoin would have yielded 137,816,979 SHIBs.
Today, the value of this stock is worth $2621.27, indicating an increase of 162%.
See also: Dogecoin Millionaires on the Rise – Investors With $1M+ in DOGE Revealed!
For comparison, the $1,000 invested in Bitcoin and Dogecoin exactly a year ago would have become $2,480 and $2,033 respectively, reflecting increases of 148% and 103%.
|
Cryptocurrency |
Price on September 27, 2023 |
Current value of $1000 investment |
Profit +/- |
|
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’s important: Since the announcement of the 0.5% interest rate cut last week, the total cryptocurrency market capitalization has increased from $2.21 trillion to $2.3 trillion at the time of writing.
Over the past 24 hours, Bitcoin has risen to $65,000 for the first time since August 1, with spot exchange-traded funds (ETFs) linked to the cryptocurrency recording five consecutive days of net inflows since the Fed’s decision.
Analysts at investment management company Bernstein said last week that interest rate cuts could reignite cryptocurrency credit markets and boost sectors like decentralized finance (DeFi).
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Photo courtesy: Unsplash
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This article If You Invested $1,000 In Bitcoin, Dogecoin, And Shiba Inu Exactly One Year Ago, This Crypto Would Give You The Best Returns Today originally appeared on Benzinga.com
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