Do You Own Any of The Cryptos That Soared 50,000% In One Year?

The fascination with cryptocurrencies is feverish as the demand for them is exponentially growing. For getting superlative returns investors across the globe are in a hurry to buy even relatively obscure digital token which are highly volatile.  

Notwithstanding the high market volatility in April-May, many of the altcoins delivered exponential returns to investors rallying whopping 50,000 per cent in the last one year.  

Sharan Nair, Chief Business Officer of CoinSwitch Kuber, said that investors were expecting to reap huge returns from these cryotcurrencies on lines of bitcoin, which delivered astronomical returns in its initial days, reported Economic Times.

Axie Infinity, an Ethereum-based gaming token, is said to have increased by over 48,380 per cent with millions of users from developing countries like Philippines and Indonesia buying them within a short period of time.

Vikram Subburaj, CEO and Co-founder of Giottus Cryptocurrency Exchange told Economics Times that Axie Infinity was likely to face tough competition which would limit its growth, reported Economics Times.  

Blockchain payment network Terra’s LUNA coins have soared over 6,000 per cent during the last year.  The Luna coins use dollar-pegged stablecoins for powering price-stable payments platforms.

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Amongst the giants of cryptocurrencies, Ethereum has delivered impressive returns of 770 percent in the last one year. Market experts opined the rally was because of the publicity around the London Hard Fork, the latest software update which is said to have strengthened the network.

Vincent Lau, Managing Director of International Operations, Huobi Global,sad that the growth in the leading crypto continue unabated.  “The entire blockchain will be able to provide more functionalities and make the ecosystem more sustainable,” he told the Economic Times.