The current bear market has seen a whopping 72 out of top-100 tokens by market capitalization fall more than 90% from their respective all-time highs, which most of them hit last year.
This is according to price data from CoinGecko, compiled by CoinGoLive. The data shows that the larger capitalized tokens are faring better than most. Among the top ten cryptocurrencies by market cap, nine have dipped less than 90% during the current market downturn. Bitcoin (BTC), the largest crypto, is down 70.3% from its November high of $69,000. Second place is Ether (ETH) which is down 78% from its high of $4,878.
Others in the top ten include Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Polkadot (DOT) which are down between 68% and 88%, (excluding the three stablecoins USDT, USDC and BUSD). Ripple (XRP) is the exception, tracking a fall of 90.56% from its ATH.
What you should know
- The average fall from ATH for these top 10 coins is 79%, while among the top 20 coins the average fall from the all-time-high is 81.1%.
- Exchange tokens appear to be doing better than many other sectors with a 68.3% average fall from their ATHs.
- The best performer there is the LEO token, which has only fallen 38.87%. LEO is the Ethereum-based utility token for the Bitfinex exchange and trading platforms managed by iFinex and is used to reduce fees for traders.
- Coinflex exchange’s native FLEX token is the 83rd largest crypto. It also appears relatively immune to the devastating drawback and is down just 38.6% from its ATH. FLEX is used to pay for transactions and reduce trading fees on its trading platform. The project touts its token burning mechanism as a reason for its price resilience.
- The utility token for the KuCoin trading platform, KCS, has seen a 61.43% drawdown from its ATH. KCS is an ERC-20 token that is used to reduce fees on the exchange and is the native token for KuChain, a blockchain developed by the exchange.
- Many cryptocurrencies have experienced a large portion of their losses within the past week as the total crypto market cap dropped 24% from $1.3 trillion to $996 billion. In that time, BTC also fell about 35% from $30,500 to a low of $20,216 on June 15.
BTC is currently trading at $20,486 since the Federal Reserve announced a 75-basis point hike in interest rates to try to combat inflation.
Although they are pegged 1:1 to their respective currencies, stablecoins haven’t been immune to falls either, despite theoretically being stable. Since 2018, many have wobbled by 10% to 30% at various points including USDT, USDC, BUSD, DAI, FRAX, USDP, PAXG, CDAI and XAUT. TUSD recorded a 38.4% deviation from its peg in 2018.
Basically as I’m contributing now, #Bitcoin simply trading below $18900. And still believe the downward movement? Only minority willing. Couldn’t it be concluded that the investors are happy about this. 72 of the top 100 cryptos by market capitalization have fallen 90% or more. Kindly invest the Fiat you can actually afford to lose. Thank you.