Many popular cryptocurrencies have been making headlines in 2024 including Bitcoin (BTC) Solana (SOL) and Shiba Inu (SHIB). These digital assets serve a range of purposes. Have performed impressively since the beginning of the year.
Lets take a look, at how an investment in each of these tokens would have performed in 2024. Bitcoin saw growth factors in 2024 such as the launch of spot exchange traded funds (ETFs) in January and anticipation surrounding the halving event. The introduction of ETFs attracted investors making it the most successful ETF launch, to date. The halving event is expected to reduce the supply potentially leading to higher prices.
If you had invested $10,000 in Bitcoin on January 1st your investment would now be valued at $17,400 by mid April. This is based on Bitcoin starting at $41,700 and reaching a high of $72,700 during that period. Solana has also experienced growth throughout 2024.
In 2023 the challenge faced difficulties following the downfall of FTX Trading Ltd. However things took a turn in 2024 as new meme coins emerged on the scene leading to increased demand, for SOL. Tokens like Bonk (BONK) and dogwifhat (WIF) have played a role in driving up demand on the Solana chain causing congestion issues in April due to interest. An investment of $10,000 in SOL at the beginning of the year could now be valued at $24,400. SOLs price fluctuated between $86 and $210 throughout the year. Has currently settled, around $180 after a drop.
Shiba Inu has stood out as one of the meme coins in 2024 expanding its utility beyond memes to include staking, governance services, decentralized exchange functionalities and non fungible tokens (NFTs). These new applications have attracted users. Boosted the tokens value.
Furthermore the widespread hype surrounding meme coins has significantly contributed to the success of this token, which holds the position, as the largest meme coin after Dogecoin (DOGE) and has been in existence for quite some time.
If you had put $10,000 into SHIB at the start of the year your investment could have grown to $34,200 by now. This calculation is based on SHIBs trading value of $0.0000105 at the beginning of the year and reaching as high as $0.000036. Currently SHIB is being traded at around $0.000025. These profits have exceeded all indices indicating profit potential associated with cryptocurrencies.
For comparison if you had invested $10,000 in the S&P 500 during the period your investment would now be valued at, around $10,883.With plenty of time remaining in 2024 it will be interesting to observe how cryptocurrencies perform compared to types of assets.
