The news is full of hacks of cryptocurrencies and carpet runs practically every day. But what about those legit crypto currencies that have been around for a while? They’re not doing as much these days, either.
Over the weekend, bitcoin dipped below $34,000 for the first time. since January. In fact, six months ago, Bitcoin hit an all-time high of $68,990. And it’s not just bitcoin. Almost all cryptocurrencies have had problems in 2022.
What if you bought your cryptocurrency on November 9, when Bitcoin hit a record high and many popular media outlets seemed convinced that the world’s most popular cryptocurrency was headed for $100,000 either even more soon? We did the math for the most popular coins and it’s not a pretty picture, with just one exception.
- if you bought $100 bitcoin six months ago, you have $50.65 bitcoin right now.
- if you bought $100 ethereum six months ago, you have $51.74 ethereum right now.
- if you bought $100 BNB six months ago, now you have $53.73 BNB.
- if you bought $100 worth of XRP (Ripple) six months ago, you have $43.13 worth of XRP right now.
- if you bought Solana’s $100 six months ago, now you have $30.46 from Solana.
- if you bought $100 of Cardano six months ago, you have $33.82 from Cardano right now.
- if you bought $100 from Terra Luna six months ago, now you have $119.49 from Terra Luna.
- if you bought $100 Dogecoin six months ago, now you have $40.82 Dogecoin.
Where did all that lost money go? It was cashed out with real money by people who bought the cryptocurrency before you and sold it before you too.
Again, there are many other cryptocurrency projects in the world. And if you were lucky enough to find one and make money, good for you. But you are definitely in the minority, as most retail investors lost money to crypto in 2022.
Still, not everyone has been suffering. The Ethereum Foundation sold 20,000 ether at a price of $4,722.68 per ether on November 11, 2021, grossing more than $94.4 million. That was almost Ethereum’s all-time high of $4,891.70, reached just a couple of days earlier on November 9.
Even the players know that you will never beat the house. But that won’t stop people from trying.