1 year ago
89 Most cryptos have plunged by over 90% from their all-time highs. However, a core group has now managed to stay ahead of the pack. Based on price data from CoinGecko compiled by CoinGoLive, the current crypto winter has seen a staggering 72% of the top 100 coins lose at least 90% of their value from their all-time highs.
The bigger cap coins are faring better than most other small ones. Among the top 10 cryptos by market cap, none have lost less than 90% in the current downturn. Bitcoin, the biggest crypto, has lost 70% from its November highs of $69,000. Ether is down 78% from its highs of $4,878.
Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Polkadot (DOT) are down between 68% and 88%. Ripple is the only exception in this list having lost 90.56% from its all-time highs. The average drop from all-time highs is 81.1%. Exchange tokens seem to be doing better than many other sectors, with an average 68.3% fall from their all-time highs.
The best performer there is LEO token. It had lost only 38% after it saw some aggressive buying at lower levels on June 13. LEO is the Ethereum-based utility token for the Bitfinex exchange and trading platforms managed by iFinex and is used to mitigate fees for traders.
Coinflex exchange’s native FLEX token is the 83rd largest crypto. It also seems relatively immune to the devastating pushbacks and is down only 38.6% from its all-time highs. FLEX is used to pay for various transactions and reduce trading fees on its trading platform. The project touts its token burning mechanism as a major reason for its price resilience.
Notably, the utility token for the KuCoin trading platform, KCS, has recorded a 61.43% drop from its all-time highs. KCS is an ERC-20 token mainly used to reduce the fees on the exchange and is the native token for KuChain, a blockchain developed by the exchange.
Nonetheless, KCS might see a further drop of more than 60% below its all-time highs. Most cryptos have experienced a huge segment of their losses within the past week as the cumulative crypto market cap lost 24%, dropping from $1.3 trillion to $996 billion. Within that time, Bitcoin also lost nearly 35% from $30,500 to lows of $20,200 on June 15.
Bitcoin is now struggling to remain above $20,500 since the Federal Reserve confirmed a 75 basis point hike in interest rates aiming to combat inflation.
Elsewhere, stablecoins have not been immune to the current bear market, despite theoretically being stable. Since 2018, most of them have wobbled by 10% to 30% at different points including USDC, USDT, FRAX, USDP, PAXG, BUSD, DAI, CDAI, and XAUT. Notably, TUSD recorded a 38.4% deviation from its peg in 2018.
