CRYPTOCURRENCY holders who invested at the start of the Covid pandemic have seen a better return on their money than those who backed big tech companies.
Despite recent plummeting prices on crypto exchanges, those who have bought digital currencies are doing better than many would believe, new analysis shows.
For days news headline have warned of a “crypto winter”, following a large slump in prices.
At the time of writing, Bitcoin is worth $29,088, down from $39,669 just 10 days ago, and a drop from a high of $67,582 in November last year.
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Dogecoin is worth $0.086, down almost 30 percent in a week.
Meanwhile, Shiba Inu is worth $0.0000119, a drop from a high of $0.00008 on November 27 2021.
Yesterday alone, more than $200billion was wiped off the value of all cryptocurrencies.
Price instability has marred the crypto market ever since its inception, with unexpected sudden large peaks and troughs not uncommon.
The current recent drop remains relative when compared to the surge in value seen during the pandemic.
A $100 investment in Dogecoin March 23 2020 is now worth $956.67.
The same size investment in Bitcoin when Covid first ravaged the globe would pay $446.60 today.
Shiba Inu, which only launched in August 2020, has also seen its price surge since first sale.
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In contrast, a $100 investment into Apple made in March 2020 would now return $261.18 – far less than those who bought crypto stock.
Similarly, Meta has seen about a 20 percent growth in share price since the start of the pandemic.
A $100 investment in March 2020 is now worth just $127.44.
The only big tech firm that is closely comparable to digital asset investment is Tesla.
Anyone who put $100 into Elon Musk’s car firm back in March 2020 now owns shares worth $845.06.
EToro global market strategist Ben Laidler said: “Since March 23, 2020 market low, Dogecoin has perhaps surprisingly led price performance, narrowly outperforming Tesla.
“Meanwhile Bitcoin, the market’s largest crypto asset, has outperformed other major tech stocks despite its recent dip, beating the likes of Apple, Amazon and Meta.”
Following the plummeting crypto prices in recent days, there are also signs the market panic is beginning to ease.
In the past 24 hours prices have started to stabilise and even begin to rebound.
