Bitcoin prices may be trailing around $6000, but investors in the space for longer than a year can still celebrate a 150 percent return on investment (ROI).
Bitcoin Hodlers ‘Only’ Made 1.5 Times Returns Since July
Data from cryptocurrency price trackers confirms that despite BTC/USD continuing to trend down this month, capping over 75 percent losses against all-time highs in December, prices are still up one-and-a-half times versus July 2017.
Out of the top ten cryptocurrencies by market cap, only Stellar and IOTA have performed better, other assets either trailing or having only begun their existence less than twelve months ago.
Bitcoin’s proportionally stable mid-term performance comes as well-known commentators become increasingly suspicious of newer altcoins, regardless of their success at generating quick profits for shorters.
Leading those voices this week was veteran trader Tone Vays, who paraphrased the words of Bitcoin educational author Saifedean Ammous during public criticism of altcoin TokenPay, which launched in April.
He recently wrote on Twitter:
The ONLY [shitcoin] that is NOT a Scam is the ones you have not yet Research (sic).
TokenPay had come under fire from Vays after he unearthed what he called “connected” people between the project and fellow altcoin Verge, which has suffered multiple hacks this year.
Despite the criticism, TokenPay remains up 300 percent versus its initial trading price.
Prior to that, Vays had joined other industry figures in delivering a damning response to decentralized exchange platform Bancor.
Famous for raising $153 million in three hours during its ICO last July, Bancor suffered a theft of funds worth around $12 million, something which a fully-decentralized setup should avoid, Vays and others argue.
The platform’s move to freeze a smart contract containing another $12 million of funds likewise drew calls of centralized control.
Litecoin creator Charlie Lee, discussing the hack, did not mince his words, drawing attention to both Litecoin and Bitcoin’s nascent Lightning Network implementation. This, he suggested, would not suffer the same fate, becoming the “ultimate” decentralized exchange option.
What do you think about Bitcoin’s annual ROI? Let us know in the comments section below!
Images courtesy of ATHCoinIndex, Shutterstock