2021 has been a banner year for cryptocurrencies, with digital tokens, such as bitcoin and dogecoin, reaching all-time highs and turning investors into millionaires. The global crypto market briefly surpassed $ 3 trillion in value, and the growing popularity of digital assets, such as non-fungible tokens, or NFTs, has helped incorporate previously specialized technology.
While tokens like bitcoin and dogecoin have different levels of technological development and scarcity, they both saw strong growth in 2021, along with other leading currencies. Read on to see how much a $ 1,000 investment in four popular cryptocurrencies would be worth now at the beginning of the year. (All prices are at 3:30 pm on December 28).
But take it with a grain of salt: When it comes to cryptocurrencies, remember that past performance is no guarantee of future returns, and experts warn investors not to invest more money in cryptocurrencies that they are not comfortable losing.
If you decide to go into crypto, consider not making a large purchase in one go, but rather averaging the costs by dividing them into smaller purchases over time.
- Price on January 1: $ 730.30
- Price as of December 28: $ 3,816.67
The value of a single ether, the Ethereum blockchain token, has risen by more than 400% in the last 12 months. A $ 1,000 Ether purchase on January 1 at a price of $ 730.30 would now be worth about $ 5,226.16 at a Tuesday afternoon price of $ 3,816.67.
Proponents of Ethereum say the blockchain will become more scalable, secure and sustainable after its Eth2 upgrade, scheduled for 2022, during which the network will move to a proof-of-stake or PoS model. Ethereum currently operates on a proof-of-work model, where miners must compete with each other to solve complex puzzles in order to validate transactions. This model is frequently criticized for its environmental impact because it requires extreme computing power.
The switch to PoS will allow users to validate transactions based on the number of coins they have, rather than the power-hungry mining rigs in use today.
- Price on January 1: $ 1.53
- Price as of December 28: $ 181.18
If you had invested $ 1,000 in Solana’s native blockchain cryptocurrency in early 2021 when a coin cost $ 1.53, your investment would have reached around $ 118,418 at a price of $ 181.18 on Tuesday.
Even though it was only launched in 2020, Solana has grown more than 13,800% in the last year and is currently the number 5 largest cryptocurrency with a market capitalization of more than $ 57 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.
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