We all know that cryptocurrencies are doing well in recent months. But the question is;
Exactly how well are they doing?
To answer this question, I decided to examine the market history of today's top ten performing cryptocurrencies. The goal was to see how much profit a $1000 investment would have returned today, if purchased at the start of the year.
You may find this useful if you have been curious about investing in cryptocurrencies.
You may find this painful if you were thinking of investing in altoins at the start of the year, but decided not to.
Bitcoin
Price on 1st of January 2017: $963.06
Price today: $1653.42
A $1000 dollar investment taken on the 1st of January 2017 would now be worth;
$1716.91
Ripple
Price on 1st of January 2017: $0.006540
Price today: $0.222765
A $1000 dollar investment taken on the 1st of January 2017 would now be worth;
$34,061.93
Ethereum
Price on 1st of January 2017: $8.26
Price today: $92.09
A $1000 dollar investment taken on the 1st of January 2017 would now be worth;
$11,148.91
Litecoin
Price on 1st of January 2017: $4.37
Price today: $29.44
A $1000 dollar investment taken on the 1st of January 2017 would now be worth;
$6,736.84
NEM
Price on 1st of January 2017: $0.003666
Price today: $0.115805
A $1000 dollar investment taken on the 1st of January 2017 would now be worth;
$31,588.93
Dash
Price on 1st of January 2017: $11.26
Price today: $100.07
A $1000 dollar investment taken on the 1st of January 2017 would now be worth;
$8,887.21
Ethereum Classic
Price on 1st of January 2017: $1.45
Price today: $6.78
A $1000 dollar investment taken on the 1st of January 2017 would now be worth;
$4,675.87
Stellar Lumens
Price on 1st of January 2017: $0.002473
Price today: $0.049521
A $1000 dollar investment taken on the 1st of January 2017 would now be worth;
$20,024.67
Monero
Price on 1st of January 2017: $13.58
Price today: $30.23
A $1000 dollar investment taken on the 1st of January 2017 would now be worth;
$2,226.07
STEEM
Price on 1st of January 2017: $0.170216
Price today: $0.759043
A $1000 dollar investment taken on the 1st of January 2017 would now be worth;
$4,459.29
So, how well are cryptocurrencies performing in 2017? I'd have to say, very well. But, as well as they are doing now, I expect that they will do considerably better throughout the remainder of the year. These price increases are drawing a great deal off attention to digital currencies. As more people learn of securer ways to store their money, whilst having that money grow in value, rather than suffer through inflation, we can expect to see a lot more money entering the cryptospace.
If you're still wondering whether you should invest in cryptocurrencies, then hopefully this post helped you make up your mind.
