How these top 3 cryptos performed in the first quarter of FY22

Bitcoin and Ether remain highly speculative assets.
The post How these top 3 cryptos performed in the first quarter of FY22 appeared first on The Motley Fool Australia. –

If you blinked, you may have missed it.

That’s right, the first quarter of the 2022 financial year (Q1 FY22) has come and gone.

We know it’s been a bit of a tough march for the S&P/ASX 200 Index (ASX: XJO), which largely gained for the first half of the quarter only to give most of those gains back in the second half.

As of 30 September, the ASX 200 was up 0.3% since the closing bell on 30 June.

That’s the share market snapshot. But how did cryptos perform over the quarter?

Below we look at 3 of the most recognised names in the crypto world and what investors would have made or lost during Q1 FY22.

First up…

Dogecoin (CRYPTO: DOGE)

Dogecoin is perhaps best known for its Shiba Inu dog logo.

The token was created as somewhat of a joke back in 2013. But its rise in popularity and price more recently, and some helpful tweets from Elon Musk, has raised its profile well beyond joke status.

So how did Dogecoin perform over the past financial quarter?

Not very well.

On 1 June the token was trading for 37 US cents. On 30 September it was worth 20 US cents. Or a loss of 46%

Next up…

The world’s number 2 crypto by market cap

Ethereum (CRYPTO: ETH), the world’s number 2 crypto by market cap, has been gaining popularity due to its functionality in real-world cases. It can be used to execute smart contracts on the blockchain and serves as a platform for a number of other cryptos.

Ether has been around since 2014. But how did it perform in the financial quarter just past?

Quite well!

Ether was trading for US$2,663 on 1 June. By 30 September it was worth US$3,001. Or a gain of 13%.

Which brings us to…

Bitcoin (CRYTPO: BTC)

Bitcoin is the world’s first and still dominant crypto, with a current market cap of US$967 million.

It was launched way back in 2009 by someone (or a group of someones) going by the name of Satoshi Nakamoto. Unlike Ether, Bitcoin mainly serves as an alternative to fiat currencies. Users can spend it or save it in hopes it goes up in price.

So, did it go up in price in Q1 FY22?

It did.

On 1 June Bitcoin was worth US$36,684. By 30 September it was trading at US$43,790. Or a gain of 19%.

Foolish takeaway

Crypto price movements remain notoriously volatile. While Bitcoin and Ether both posted gains over Q1 FY22, and Dogecoin lost, all 3 tokens are still trading well below their record highs.

Whether they return to beat those highs or fall sharply in the future remains the subject of much debate.

The post How these top 3 cryptos performed in the first quarter of FY22 appeared first on The Motley Fool Australia.

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More reading

What’s driving the Bitcoin price surge?

Why the Ethereum (CRYPTO:ETH) price is trouncing Bitcoin’s gains
Why inflation angst is driving more Aussie investors to Bitcoin

Will Ethereum overtake Bitcoin?

China brings the hammer down on Bitcoin and all other crypto transactions

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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