VSCryptocurrency has often been touted as a way to decentralize our finances (DeFi), freeing money from the throes of government control. And while crypto has its advantages, it can also be incredibly susceptible to market forces and negative sentiment in the media.
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For example, when Elon Musk called Dogecoin “a stampede” on “Saturday Night Live” in May 2021 and the value of the cryptocurrency dropped 36% the next day. It is hard to imagine what would happen if the US dollar lost so much value so quickly.
But for cryptocurrencies, such extreme volatility is hardly outside the norm. Indeed, Dogecoin is not the only crypto to have seen a big drop. Many popular cryptos have burned investors – often more than once – causing their investments to almost disappear overnight. Here’s a look at some of the most notorious offenders to date.
Bitcoin (BTC) has been the most popular cryptocurrency for years, with a market cap of hundreds of billions. But that hasn’t shielded investors from volatility; in fact, its long-standing dominance in the market only means Bitcoin investors have seen more ups and downs.
At the end of 2017, BTC was priced around $19,000. But by the end of 2018, it was down to under $3,400. In mid-2021, it fell from its peak of around $63,500 to below $30,000 a few months later. It reached a new high of around $67,500 in late 2021, only to fall back below $20,000 once again in mid-2022.
The year-on-year change in BTC is -43.49%.
Ethereum (ETH) is the second largest cryptocurrency, running on the Ethereum blockchain. This blockchain has notable advantages over Bitcoin, such as smart contract functionality. But that hasn’t stopped some Ethereum investors from seeing their investments drop dramatically.
At the start of 2018, ETH fell from its then-high of $1,396 to around $85 at the end of 2018. Lately, the coin has been more volatile. It was priced around $4,800 at the end of 2021, but then lost half its value in just a few months. It rebounded slightly, reaching $3,500 in April 2022, but fell below $1,000 in June 2022.
The one-year change in ETH is -50.87%.
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One could argue that Dogecoin (DOGE) encapsulates the deregulation aspect of cryptocurrency. A so-called “memecoin”, DOGE was inspired by the joke that circulated the internet in the early 2010s depicting a Shiba Inu dog. The meme quickly became very popular; he even has several of his own subreddits.
But it hasn’t all been fun and fun for DOGE investors. Instead, this coin experienced one of the most dizzying rises, followed by what can only be described as a crash. In April 2021, DOGE was priced around $0.06. The following month it skyrocketed – May 6e2021, it was priced at $0.68.
The SNL episode in which Musk, who hosted, called DOGE a “hustle” didn’t happen until two days later, and the play plummeted almost immediately. By mid-June 2021, it had fallen to just $0.17. The coin did not bounce noticeably; its current price is around $0.06, just where it was before its rapid escalation in 2021.
The one-year variation of the DOGE is -78.76%.
TerraClassicUSD (USTC) is the stablecoin that runs on the Terra blockchain. As a stablecoin, Terra’s value is pegged to the US dollar, which means its price should always be as close to $1.00 as possible. For the most part, this had been true since the last quarter of 2020.
However, in May 2022, there was a huge sell-off of USTC (UST at the time), causing the price to drop sharply. Less than a month later, the price of USTC had fallen to about a penny – yes, it was down 99% in just one month.
The one-year change in the USTC is -99.16%.
Polkadot (DOT) is one of the largest cryptocurrencies, operating on its own blockchain of the same name. DOT has a market capitalization of several billion dollars; however, like most popular cryptocurrencies, that hasn’t stopped its price from dropping. It fell from $48 in May 2021 to less than $11 in July 2021.
The crypto rebounded, hitting a new high of $53.44 in November 2021, only to see an even bigger drop. This time, the coin fell below $10 in May 2022, and it even fell below $7 in June.
The year-on-year change in DOT is -62.33%.
Litecoin (LTC) is one of the most popular cryptocurrencies, as it was one of the first altcoins, launched in 2011. Although its price has generally increased during this time, it has seen its share of ups and downs. For example, its price rose above $358 at the end of 2017, falling to below $24 at the end of 2018. It peaked again at $386 in May 2021 before dropping to $113 in July 2021. It had a final peak, selling for $278 in November 2021, and has been steadily declining since, most recently selling for around $50.
The year-on-year change in LTC is -66.52%.
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This article originally appeared on GOBankingRates.com: These 6 Cryptos Really Burned Investors
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