Investors doing good research and displaying patience have had many potential opportunities to make large gains in cryptocurrency this year
Volatility is the name of the game when it comes to cryptocurrency. Blockchain technology has many amazing uses that are growing by the day, which has in turn led to a number of projects that are increasing commensurately. Not all crypto investments are winners but investors who research and identify the right ones can literally reap fortunes under the right circumstances and with a healthy dose of patience. Nothing shows this better than looking at eight popular cryptos and seeing what purchasing $1,000 worth of them on January 1, 2021 would be resulted in today.
*Please note that all prices are approximate and are as of October 4, 2021
Bitcoin (BTC)- $29,413
VALUE OF $1,000 OF BTC BOUGHT 1/1/2021: APPROXIMATELY $1,673
The big daddy of them all has had quite the up and down year. After reaching nearly $65,000 in April, it sank all the way to just under $30,000 in late July before rebounding to it’s current level around $50,000. Still the weather vane of the market, as Bitcoin goes, so typically goes the rest of the market.
Cardano (ADA)- $0.18
VALUE OF $1,000 OF ADA BOUGHT 1/1/2021: APPROXIMATELY $12,277
A darling of the crypto world, founder Charles Hoskinson’s baby has made huge strides in 2021, including their recent launch of smart contracts. They have already announced deals to do projects with the Ethiopian and Tanzanian governments, in addition to collaborations with Boost Mobile and Dish Network.
Ethereum (ETH) $730.97
VALUE OF $1,000 OF ETH BOUGHT 1/1/2021: APPROXIMATELY $4,625
Excitement has been mounting regarding Ethereum’s potential to possibly overtake Bitcoin as the largest and most powerful entity in the crypto world. Their anticipated transition to Ethereum 2.0 in the near future will update its scalability and security along with moving from proof of work to proof of stake. Having begun burning tokens earlier this year, this move to become deflationary should only enhance their value.
Solana (SOL)- $1.84
VALUE OF $1,000 OF SOL BOUGHT 1/1/2021: APPROXIMATELY $90,135
Few cryptos have broken out in such a significant and meaningful way this year as Solana. It is a fast Ethereum alternative that has also been accumulating a number of interesting projects, including heavy involvement with the red-hot NFT market.
Polygon (MATIC)- $.02
VALUE OF $1,000 OF MATIC BOUGHT 1/1/2021: APPROXIMATELY $64,500
After skyrocketing earlier in the year, the last few months have seen more up and down volatility. However, there is strong sentiment for Polygon’s layer-2 network, which is Ethereum compatible and strives to solve some of their negatives, such as delayed transactions.
Dogecoin (DOGE)- $.005685
VALUE OF $1,000 OF DOGE BOUGHT 1/1/2021: APPROXIMATELY $42,216
Considered by many to be the crypto of the people, it has seen surging growth despite the meme coin starting as a joke and having an unlimited supply. In addition to strong retail investor support, DOGE has also attracted the fealty of Tesla’s Elon Musk, whose tweets and comments about the currency have directly correlated with positive price movement.
Tezos (XTZ)- $2.01
VALUE OF $1,000 OF XTZ BOUGHT 1/1/2021: APPROXIMATELY $4,114
The proof of stake crypto has been literally built to evolve. It has also partnered with multiple Swiss banks to help develop new tokens, which should prove to be an intriguing project to monitor.
Binance Coin (BNB)- $37.98
VALUE OF $1,000 OF BNB BOUGHT 1/1/2021: APPROXIMATELY $11,225
BNB is the official coin of the Binance Exchange, the largest crypto exchange around the globe. It’s strongly deflationary, using a fifth of its quarterly profits to burn BNB held in its treasury.
In addition to the positive attributes these cryptos offer, investors who have found success with them have largely employed several key strategies. These include due diligence, patience and taking profits while not becoming too attached to any one asset. Sometimes it seems like a coin will never go up in price (and sometimes they don’t ever go up), but finding ones that you truly believe in and employing smart strategies can create amazing results.
Investors frequently ask when they’re going to make “Lambo money.” Naturally, there is no guarantee of that, and perhaps it may not even be likely. However, looking at how the eight popular cryptos discussed above have performed since the start of this year, the proof is in the pudding about exactly how much profit is possible by finding the right coins and tokens and then balancing your nerve against impatience.
DISCLAIMER: The author is not a financial advisor or expert. The opinions expressed in this article are intended for general educational purposes and entertainment only. They are not intended in any way to provide specific advice or recommendations for any individual or on any specific security or investment product. Individual investors are responsible for their own money and investment decisions. Remember there is no guarantee that stocks or cryptocurrency will fulfill the analysts’ projections or increase in value. Please always do your own due diligence and if you invest, do so with proper caution. The author holds a small position in some of the primary holding(s) discussed in the article at the time of publishing.
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