Traders of Crypto analysed what investments would’ve given investors returns in the thousands if they invested only $100 (£72). With so many different crypto types and risk levels, investors may look to include a few cryptocurrencies in their investment portfolio in order to spread the risk.
However, with any investment there is always risk – including the capital – which is why many say that investors should not invest more than they can afford to lose.
So, how well did cryptocurrencies do in the last 365 days? Many know of the popular Bitcoin, Ethereum and Dogecoin but are there other up-and-comers on the market for investors to be keeping an eye on?
Top three crypto investments
Despite being based on a meme, Dogecoin increased by an unbelievable 12,649 percent over the last year.
Meaning that investing a meagre £72 last year would give an investor £9,237 in returns today.
The Binance Exchanges’ digital currency increased by 1,972 percent giving investors a comfortable £1,501 today.
This cryptocurrency can be used to buy a range of online services and activities such as travel bookings.
One of the more well-known cryptocurrencies, Ethereum is the third highest performing option over the one year timeframe seeing investors with £849 twelve months after their first investment.
Other top cryptos currently rising
Nio – 899 percent increase which would see £723 returns.
Ripple – £72 last year in Ripple will have turned into £371 this year.
NEO – 410 percent increase over 12 months translating into £369.
Litecoin – £328 returns due to its 354 percent rise.
Traders of Crypto also noted that out of the top ten performing assets across the markets, eight of them were cryptocurrencies.
Bitcoin did not see growth quite as large as the other cryptos but is still ahead of competitors in terms of market capitalisation and is the most well-established and integrated cryptos at the moment.
The research also unearthed a new trending term: the Musk Effect.
Over the last year, Elon Musk’s Tesla is the top performing stock with increases of 265 percent.
This puts Tesla in the same league as vaccine producer Moderna, the only two companies to outperform cryptocurrencies in this timeframe.
However, Elon Musk himself is an advocate for crypto-investments, becoming irrevocably tied with Dogecoin through both his own investments and public/social media praise.
This public praise is said to have had a large role in growing the value of Dogecoin and making mainstream audiences more aware of it.
Traders of Crypto found that since 2018, both Dogecoin and Tesla shares have seen colossal growth, but Dogecoin has more than doubled Tesla’s performance, suggesting Elon Musk may have an innate ability to create incredible investment opportunities.