Home / Latest Breaking News / Coinbase Bundle performance tracker reveals the sad state of the crypto market

Coinbase Bundle performance tracker reveals the sad state of the crypto market

Bitcoin price isn't doing well today. Or this month. Or this year.
Bitcoin value is not doing neatly nowadays. Or this month. Or this yr.

Symbol: Ulrich Baumgarten by the use of Getty Photographs

In case you purchased so much Bitcoin in 2011, you would be wealthy now. 

However in case you purchased Bitcoin a yr in the past, or perhaps a month in the past…neatly, let’s simply say your portfolio can be an attractive unhappy sight. 

Which is why it is humorous that cryptocurrency trade Coinbase nonetheless has this chart on its webpage. 

Ouch.

Ouch.

The chart, featured reasonably prominently on Coinbase’s web page and spotted lately by way of Dogecoin author Jackson Palmer, tracks the efficiency of an imaginary $100 funding in Coinbase Package deal, a kind of fund that tracks the costs of the highest five cryptocurrencies by way of marketplace cap, indexed on Coinbase: Bitcoin, Ethereum, Bitcoin Money, Litecoin and Ethereum Vintage. 

Sadly, now not this kind of cash carried out rather well within the final week, month or yr. 

You need to, alternatively, set the chart to “all,” which begins the timeline at Jan. four, 2013, and turns the imaginary $100 into $12,530.18. However Coinbase Package deal introduced in September, so there used to be no means to shop for into it in 2013. 

In spite of everything, kudos to Coinbase for nonetheless having the braveness to stay that chart on-line. 

As for Palmer, his feedback from January, on the peak of the crypto bubble, really feel prescient now that the costs have plummeted. 

“Whilst it is nice to look mainstream enthusiasm for cryptocurrency, I feel the top valuations and inflated marketplace caps serve extra to distract from the actual purpose of those initiatives than anything else,”  he wrote on the time. “My one hope is that after that does occur and other folks lose massive sums of cash, the negativity available in the market does not stifle technological innovation or pastime in virtual forex from the mainstream.”

Disclosure: The writer of this article owns, or has lately owned, various cryptocurrencies, together with BTC and ETH. 

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