The cryptocurrency market surged Thursday, extending the rise sparked by the Federal Reserve’s first interest rate cut in more than four years.
The rally was spearheaded by popular dog-themed memecoin Shiba Inu , which spiked more than 20% in the last 24 hours, touching levels not seen since mid-June.
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What happened : The latest uptick expanded SHIB's year-to-date gains to 85%, beating coins with higher market capitalizations like Bitcoin and Dogecoin .
But a year ago, things weren't this hunky-dory. The canine coin struggled during the cryptocurrency bear market, losing 90% of its value from all-time highs.
Exactly a year ago, SHIB was priced at $0.000007256. So, $1,000 invested in the memecoin then, would have fetched 137,816,979 SHIBs.
Today, the value of this stash is worth $2621.27, indicating a 162% increase.
See Also: Dogecoin millionaires are increasing – investors with $1M+ in DOGE revealed!
In comparison, $1,000 invested in Bitcoin and Dogecoin exactly a year ago, would have turned into $2,480 and $2,033, respectively, reflecting a 148% and 103% increase.
|
Cryptocurrency |
Price On Sept. 27, 2023 |
Current Value Of $1000 Investment |
Gains +/- |
|
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 Matters: Since the announcement of the 0.5% rate cut last week , the total cryptocurrency market cap has increased from $2.21 trillion to $2.3 trillion as of this writing.
Over the last 24 hours, Bitcoin climbed to $65,000 for the first time since Aug. 1, with spot exchange-traded funds (ETFs) tied to the cryptocurrency recording five consecutive days of net inflows since the Fed's decision.
Analysts at investment management firm Bernstein said last week that r ate cuts could rekindle 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 $1000 In Bitcoin, Dogecoin, And Shiba Inu Exactly A Year Ago, This Crypto Would Give You The Best Returns Today originally appeared on Benzinga.com
