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Cryptocurrency prices have been climbing to their highest levels since the 2017 crypto bubble burst.
Monday, the Bitcoin Trust in grayscale (OTC: GBTC) hit $ 22 for the first time since early 2018.
The market appears to have cryptomania once again, so let’s take a look at what was happening in 2017.
Some things have changed dramatically in the cryptocurrency world over the past three years, while others have remained the same.
The Securities and Exchange Commission is not yet willing to approve a crypto ETF for listing on a major US exchange due to investor safety concerns.
Bitcoin is still the most valuable and most popular cryptocurrency in the world, as it was in 2017.
Many of the other major cryptocurrencies of 2017 have fallen by the wayside.
Related Link: Bitcoin Bull Mark Yusko Calls Cryptocurrency “ An Asset Most People Don’t Understand ”
The best cryptocurrencies of 2017: At the end of 2017, bitcoin was the largest digital currency in the world and had a market capitalization of $ 247 billion. Three years later, bitcoin’s market cap is now $ 340.2 billion.
Over the past three years, the price of bitcoin has risen by 68.1%, a solid return compared to 45.5% of the total return of the SPDR S&P 500 ETF Trust (NYSE: SPY) at that time.
Ripple was the second largest cryptocurrency in the world at the end of 2017, trading at a price above $ 2.20 and with a market capitalization of $ 86.3 billion. Today, Ripple is priced at just 53.4 cents and has a market cap of just $ 24.1 billion.
Today, Ethereum is a distant second to bitcoin in terms of market capitalization. At the end of 2017, Ethereum was trading at around $ 753 and had a market cap of $ 72.8 billion. Three years later, ethereum is priced at $ 593 and has a market capitalization of $ 67.3 billion.
Bitcoin Cash ended 2017 at a price of $ 2,533 and a market cap of $ 42.7 billion. Today, the cryptocurrency is trading at $ 296.75 and has a market cap of $ 4.16 billion.
Finally, Litecoin was the fifth largest cryptocurrency at the end of 2017, trading at $ 232.10 with a market cap of $ 12.6 billion. Today, Litecoin is the fourth largest cryptocurrency and is trading at $ 86.93 with a market cap of $ 6.8 billion.
Performance of the crypto basket 2017: Here’s how much the $ 1,000 invested in each of the world’s five largest cryptocurrencies at the end of 2017 would be worth today:
Bitcoin: $ 1,295
Ripple: $ 231
Ethereum: $ 784
Bitcoin Cash: $ 117
Litecoin: $ 374
Benzinga’s point of view: Cryptocurrencies have been spectacular investments for anyone who bought before the bubble in 2017.
Yet most major cryptocurrencies are still not close to the bubble peaks of 2017, and $ 5,000 invested in the top five cryptocurrencies on the last day of 2017 would now be worth just $ 2,801.
© 2020 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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