Bitcoin and Altcoin Proving Popular Investments During Lockdown

During the Covid pandemic, more and more casual investors have abandoned stocks and shares, even gold to invest in cryptocurrency, with Bitcoin and altcoins proving to be hugely popular. Tesla CEO Elon Musk continues to endorse cryptocurrencies on Twitter and Tesla has invested $1.5 billion into Bitcoin, amounting to a huge 7.7% of its gross cash position – clearly, proving some of the major stock market players can see what a good investment opportunity crypto presents.

The Coin Journal hosted Profit Time Machine, lets you select a cryptocurrency, an amount of capital, and any date in the past, and shows you what that investment would be worth today. It can reveal how much you would have made if you’d invested the same amount in some of the most popular stocks instead. Therefore if you’ve been left wondering ‘What if?’, check out our handy tool to get your answer!

March 2020 saw one of the most severe crashes in the cryptocurrency market, with the months that followed presenting some of the greatest growth rates ever in the cryptocurrency market as the new bull run began.

In a recent article, Coinjournal explored some of the best investments in altcoins and how much investment made 12 months ago would be worth today. Last March saw one of the most severe crashes in the cryptocurrency market, with the months that followed presenting some of the greatest growth rates ever in the cryptocurrency market as the new bull run began. A notable gainer was Binance Coin, which managed to grow from $9.28 to $264 — representing an increase of 2,747%. Other top performers were Dogecoin, Cardano, Chainlink, and Ethereum.

Coming back to Bitcoin, whose market cap has already surpassed $1 trillion, it started 2020 just below $7,200 and, after rapidly recovering from its March drop, ended the year above $28,900, which represents an increase of 302%. If we check this against the largest stock by market cap, namely Apple, we see that Apple was trading at around $74 as 2020 started, and by its end was worth over $132, meaning it rose by 79%. Bitcoin was therefore nearly 4 times as profitable as Apple in 2020.

Ethereum had an even stronger performance. Its price began 2020 at around $129 before growing an amazing 470% to $736 by the year’s end. Many of the smaller cap altcoins also showed impressive gains in 2020: Stellar was up 186%, Litecoin 203%, Cardano 456%, and Chainlink was up a massive 528%.

On the other hand, if we look at some of the most popular stocks for comparison, we see that the price of Amazon shares rose by 74% last year, and Netflix by just 66%.

Click here to read the full article.

Featured image: Scommerce