Cryptocurrency prices are soaring to their highest levels since the 2017 crypto bubble burst.
On Monday, the Grayscale Bitcoin Trust GBTC reached $22 for the first time since early 2018.
The market seems to once again have cryptomania, so let's take a look back at what was happening in 2017.
Some things have changed dramatically in the crypto world in the last three years, while others have remained the same.
The Securities and Exchange commission is still unwilling to approve a crypto ETF for listing on a major U.S. exchange out of concerns for investor safety.
Bitcoin is still the most valuable and most popular cryptocurrency in the world, as it was in 2017.
Several of the other top cryptos of 2017 have fallen by the wayside.
Related Link: Bitcoin Bull Mark Yusko Calls The Cyptocurrency 'An Asset Most People Don't Understand'
Top Cryptos Of 2017: At the end of 2017, bitcoin was the largest digital currency in the world and had a $247-billion market cap. Three years later, bitcoin’s market cap is now $340.2 billion.
In the last three years, the price of bitcoin is up 68.1%, a solid return compared to the 45.5% total return for the SPDR S&P 500 ETF Trust SPY in that time.
Ripple was the second-largest cryptocurrency in the world at the end of 2017, trading at a price above $2.20 and sporting a market cap of $86.3 billion. Today, ripple is priced at just 53.4 cents and has a market cap of only $24.1 billion.
Today, ethereum is a distant second to bitcoin in terms of market cap. 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 cap of $67.3 billion.
Bitcoin Cash closed 2017 at a price of $2,533 and a market cap of $42.7 billion. Today, the cryptocurrency trades 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 crypto and trades at $86.93 with a $6.8-billion market cap.
2017 Crypto Basket Performance: Here’s how much $1,000 invested in each of the five largest cryptocurrencies in the world at the end of 2017 would be worth today:
Bitcoin: $1,295
Ripple: $231
Ethereum: $784
Bitcoin Cash: $117
Litecoin: $374
Benzinga’s Take: Cryptocurrencies have been spectacular investments for anyone who bought in before the bubble back in 2017.
Yet most of the top cryptocurrencies are still nowhere near their 2017 bubble peaks, and $5,000 invested in the top five cryptos on the last day of 2017 would now be worth just $2,801.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
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