For many Americans across the country, today (Thursday) means meals with families to celebrate the Thanksgiving holiday. PHOTO BY KANCHANARA/UNSPLASH
For many Americans across the country, today (Thursday) means meals with families to celebrate the Thanksgiving holiday.
One topic of conversation that has likely come up in recent years at holiday family gatherings is cryptocurrency. Here’s a look at how crypto has performed since last year’s Thanksgiving.
The Thanksgiving Day holiday for many includes traditions such as family, food and football. Dinner conversations could center on school, work, politics and potentially investments like stocks and cryptocurrencies.
The cryptocurrency markets were riding high in November 2021 when Bitcoin (CRYTPO: BTC) and Ethereum (CRYPTO: ETH) hit all-time high prices and Dogecoin (CRYPTO: DOGE) was also up significantly from the start of the year.
Family members discussing cryptocurrency that year were likely either supporting a further move up or questioning if investments in crypto were risky.
Family members who tried to talk their relatives into buying cryptocurrencies that year have likely received some questions from relatives in the past year or so with the sector facing high volatility and items such as cryptocurrency bankruptcies sending the price of major cryptocurrencies down in 2022.
As Benzinga previously shared, investing in Bitcoin, Dogecoin and Ethereum on Thanksgiving Day 2021 would have been down 72.3%, 64.6% and 72.5%, respectively.
A $3,000 investment split between the three leading cryptocurrencies would have been down 69.8% to $905.69 from Thanksgiving 2021 to Thanksgiving 2022.
While cryptocurrency prices have still not recovered fully and hit the levels seen around Thanksgiving Day 2021, family members who were convinced to buy cryptocurrency on Thanksgiving Day 2022 might have a more favorable attitude towards their crypto friendly relatives.
Investing $1,000 in BTC, DOGE, ETH: If a relative did end up convinced and decided to invest in cryptocurrency for the first time on Thanksgiving Day 2022, they have been blessed with a good entry point.
Here’s a look at how investments would have fared over the last nearly one-year period, investing $1,000 in each of Bitcoin, Dogecoin and Ethereum.
A $1,000 investment in Bitcoin on Thanksgiving 2022 could have purchased 0.0596 BTC. The investment would be worth $2,233.20 today based on a price of $37,469.73 at the time of writing. The investment would be up 123.3% since the holiday last year.
A $1,000 investment in Dogecoin on Thanksgiving 2022 could have purchased 11,947.43 DOGE. The investment would be worth $908 today based on a price of $0.076 at the time of writing. The investment would be down 9.2% since the holiday last year.
A $1,000 investment in Ethereum on Thanksgiving 2022 could have purchased 0.8253 ETH. The investment would be worth $1,705.09 today based on a price of $2,066.03 at the time of writing. The investment would be up 70.5% since the holiday last year.
In total, a $3,000 investment in the three well-known and discussed cryptocurrencies would be worth $4,846.24 today, up 61.5%
For comparison a $1,000 investment in the SPDR S&P 500 ETF Trust, which tracks the S&P 500 stock market index, would be worth $1,128.45 and up 12.8%.
Produced in association with Benzinga
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