If you invested $1,000 in Bitcoin, Dogecoin and Shiba Inu exactly one year ago, this crypto would give you the best returns today

The cryptocurrency market rallied on Thursday, extending the rally sparked by the Federal Reserve’s first interest rate cut in more than four years.

The rally was led by the popular dog-themed memecoin Shiba Inuwhich has risen more than 20% in the past 24 hours, reaching levels not seen since mid-June.

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What happened: The latest rally extended SHIB’s year-to-date gains to 85%, beating coins with larger market caps such as Bitcoin and Dogecoin.

But a year ago, things weren’t so bad. The canine coin struggled during the cryptocurrency bear market, losing 90% of its value from all-time highs.

Exactly one year ago, SHIB was priced at $0.000007256. So $1,000 invested in memecoin would have yielded 137,816,979 SHIB.

Today, the value of this reserve is worth $2621.27, which indicates an increase of 162%.

See also: Dogecoin Millionaires Are On The Rise – $1M+ DOGE Investors Revealed!

In comparison, $1,000 invested in Bitcoin and Dogecoin exactly one year ago would have turned into $2,480 and $2,033, respectively, reflecting growth of 148% and 103%.

Why it matters: Since the announcement of the 0.5% rate cut last week, the total cryptocurrency market cap has grown from $2.21 trillion to $2.3 trillion at the time of writing.

In the past 24 hours, Bitcoin climbed above $65,000 for the first time since August 1, as exchange-traded funds (ETFs) linked to the cryptocurrency posted five consecutive days of net inflows since the Fed’s decision.

Analysts at investment management firm Bernstein said last week that rate cuts could reignite credit markets for cryptocurrencies and boost sectors such as decentralized finance (DeFi).

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This article If You Invested $1,000 In Bitcoin, Dogecoin, And Shiba Inu Exactly One Year Ago, This Crypto Would Give You The Best Returns Today originally appeared on Benzinga.com

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