In response to CoinGecko value information compiled by CoinGoLive, a whopping 72 of the highest 100 tokens are down greater than 90% from their all-time highs within the present bear market.
The bigger cap cash are doing higher than most. Among the many high 10 cryptocurrencies by market cap, 9 have fallen lower than 90% through the present market downturn. Bitcoin (BTC), the biggest cryptocurrency, is down 70.3% from its November 2021 peak of $69,000. In second place is Ether (ETH), which is 78% down from its peak of $4,878.
Others within the high 10 embrace Binance’s BNB, Cardano’s ADA, Solana’s SOLana, and Polkadot’s DOT, that are down between 68% and 88%. The listing excludes the stablecoins Tether (USDT), USD Coin (USDC) and Binance USD (BUSD). XRP is the exception, falling 90.56% from its all-time high.
The typical drop in ATH for these high 10 cash is 79%. Among the many high 20 cash, the common decline from the all-time high is 81.1%.
Trade tokens appear to be doing higher than many different sectors, with a mean drop of 68.3% from their ATHs.
The very best performer there may be Unus Sed Leo (LEO), which is down simply 38.87% and seen “aggressive shopping for at decrease ranges” on June 13, in line with Cointelegraph. LEO is the Ethereum-based utility token for iFinex’s Bitfinex-managed trade and trading platforms and is used to cut back charges for merchants.
CoinFLEX trade’s native FLEX token is the 83rd largest crypto. It additionally appears comparatively resistant to the devastating drawback, sitting simply 38.6% beneath its ATH. FLEX is used to pay for transactions and cut back trading charges on the trading platform. The undertaking cites its token burning mechanism as the rationale for its value stability.
The utility token for the KuCoin trading platform, KuCoin Token (KCS), is down 61.43% from its ATH. KCS is an ERC-20 token used to cut back charges on the trade and is the native token for KuChain, a blockchain developed by the trade.
Nevertheless, KCS might see one other decline to greater than 60% beneath its ATH if Cointelegraph’s June 12 predictions show appropriate.
Many cryptocurrencies have suffered a big chunk of their losses over the previous week as the entire crypto market cap has fallen 24% from $1.3 trillion to $996 billion. Throughout this era, BTC additionally fell about 35% from $30,500 to a low of $20,216 on June 15.
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BTC is presently trading at $20,486 after the Federal Reserve introduced a 75 foundation level price hike to battle inflation.
That being mentioned, stablecoins haven’t been resistant to falls both, though they’re theoretically secure. Since 2018, many have dropped 10% to 30% at numerous factors, together with USDT, USDC, BUSD, Dai, FRAX, Pax Greenback (USDP), Pax Gold (PAXG), Compound Dai (CDAI), and Tether Gold (XAUT). . TrueUSD (TUSD) noticed a 38.4% deviation from its peg in 2018.