At the end of 2015 the Ethereum cryptocurrency was worth $0.90. As I’m writing this, it’s worth $91.30. Those who bought it at the end of 2015 had a ten-bagger on their hands by January 16, 2017. Those who bought at that time also have ten bagger on their hands. Those that rode it all the way up over the 16 months have a 100-bagger. For percentage fans, that’s a gain of 10,000%!
The comments above & below are edited ([ ]) and abridged (…) excerpts from the original article written by Wolf Richter (WolfStreet.com)
Here is the chart of this financial miracle…:
What miracle “asset” did they get when they bought it? Don’t even ask. Just believe in it. It certainly isn’t a usable currency for legit purposes, obviously, given this kind of insane instability but it really doesn’t matter what it is as long as it is going up.
By “market capitalization,” ethereum is now the second largest cryptocurrency at $8.4 billion. The largest one is Bitcoin with a “market cap” of nearly $30 billion. It’s the granddaddy of the cryptocurrencies. The value of a single bitcoin, at $1,789 on Sunday, is 46% higher than the value of one troy ounce of gold. In mid-May 2015, bitcoin was at $240. Over the two years since, it has soared 645%…:
Number three in line, in terms of “market cap,” is Ripple, valued at $7.3 billion. It now trades for $0.215 up from $0.006 at the end of February 2017 so, in the 11 weeks since, it has soared by 3,542% or, to use my friend’s term, it’s a 35-bagger in 11 weeks.
This is its ludicrous chart…:
There are over 830 “alt-coins,” as the alternatives to bitcoin are called, out there, with new ones being added constantly. The “market cap” of all these cryptocurrencies combined, according to the Financial Times, has pierced the $50 billion mark.
It’s not some kind of bad joke. This is being played with real money. That it will inflict maximum pain on the latecomers – whenever this happens – is now perfectly clear….
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