The stock market has performed very well in the past couple of years, and virtually anything investors have touched has turned to gold. In fact, the SPDR S&P 500 ETF SPY total return since its COVID-19 bottom on March 23, 2000 is 83.6%.
However, as well as stocks have performed in the past two-plus years, most cryptocurrency returns have left the S&P 500 in the dust.
Despite the extreme volatility in cryptocurrency prices and the relatively limited utility of cryptos as actual currency at this point, cryptocurrency investors that bought in 2020 and held on for the long-term have generated tremendous overall gains.
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COVID-19 Winners: Most top cryptocurrencies caught fire in early 2021, and some experts and analysts believe cryptos will eventually replace gold as the preferred inflationary hedge among younger investors. Even after crypto markets cooled off in recent months, most HODLers from 2020 are still sitting on major gains.
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Here’s about how much $1,000 invested in each of the following cryptocurrencies on the days they hit their 2020 respective pandemic lows would be worth today.
Benzinga’s Take: If you're one of the many investors who has made a killing in the cryptocurrency market in the past few years, you should certainly feel proud of your gains, especially if you had the foresight to buy some of the top-performing cryptos mentioned above near their pandemic lows.
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