The cryptocurrency market surged Thursday, extending the rise sparked by the Federal Reserve’s first interest rate cut in more than four years.
The rally was spearheaded by popular dog-themed memecoin Shiba Inu, which spiked more than 20% in the last 24 hours, touching levels not seen since mid-June.
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What happened: The latest uptick expanded SHIB’s year-to-date gains to 85%, beating coins with higher market capitalizations like Bitcoin and Dogecoin.
But a year ago, things weren’t this hunky-dory. The canine coin struggled during the cryptocurrency bear market, losing 90% of its value from all-time highs.
Exactly a year ago, SHIB was priced at $0.000007256. So, $1,000 invested in the memecoin then, would have fetched 137,816,979 SHIBs.
Today, the value of this stash is worth $2621.27, indicating a 162% increase.
See Also: Dogecoin millionaires are increasing – investors with $1M+ in DOGE revealed!
In comparison, $1,000 invested in Bitcoin and Dogecoin exactly a year ago, would have turned into $2,480 and $2,033, respectively, reflecting a 148% and 103% increase.
Why It Matters: Since the announcement of the 0.5% rate cut last week, the total cryptocurrency market cap has increased from $2.21 trillion to $2.3 trillion as of this writing.
Over the last 24 hours, Bitcoin climbed to $65,000 for the first time since Aug. 1, with spot exchange-traded funds (ETFs) tied to the cryptocurrency recording five consecutive days of net inflows since the Fed’s decision.
Analysts at investment management firm Bernstein said last week that rate cuts could rekindle cryptocurrency credit markets and boost sectors like decentralized finance (DeFi).
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This article If You Invested $1000 In Bitcoin, Dogecoin, And Shiba Inu Exactly A Year Ago, This Crypto Would Give You The Best Returns Today originally appeared on Benzinga.com
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