According to cost information from CoinGecko compiled by CoinGoLive, the present bear market has seen a whopping 72 out of top-100 tokens fall greater than 90% from their all-time highs.
The bigger cap coins are faring higher than most. Among the top ten cryptocurrencies by market cap, 9 have dipped lower than 90% throughout the present market downturn. Bitcoin (BTC), the largest crypto, is down 70.3% from its November excessive of $69,000. Second place is Ether (ETH) which is down 78% from its excessive of $4,878.
Others in the top ten embrace 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, monitoring a fall of 90.56% from its ATH.
The common fall from ATH for these top 10 coins is 79%, whereas amongst the top 20 coins the common fall from the all-time-high is 81.1%.
Exchange tokens look like doing higher than many different sectors with a 68.3% common fall from their ATHs.
The finest performer there may be LEO token, which has solely fallen 38.87%, which Cointelegraph reported noticed “aggressive buying at lower levels” on June 13. LEO is the Ethereum-based utility token for the Bitfinex change and buying and selling platforms managed by iFinex and is used to scale back charges for merchants.
Coinflex change’s native FLEX token is the 83rd largest crypto. It additionally seems comparatively proof against the devastating disadvantage and is down simply 38.6% from from ATH. FLEX is used to pay for transactions and scale back buying and selling charges on its buying and selling platform. The undertaking touts its token burning mechanism as a purpose for its value resilience.
The utility token for the KuCoin buying and selling platform, KCS, has seen a 61.43% drawdown from its ATH. KCS is an ERC-20 token that’s used to scale back charges on the change and is the native token for KuChain, a blockchain developed by the change.
However KCS might see an additional dip greater than 60% under its ATH if Cointelegraph’s June 12 predictions are proper.
Many cryptocurrencies have skilled a big portion of their losses inside the previous week as the complete crypto market cap dropped 24% from $1.3 trillion to $996 billion. In that point, BTC additionally fell about 35% from $30,500 to a low of $20,216 on June 15.
Related: Bitcoin bounces 8% from lows amid warning BTC value backside ‘should not be like that’
BTC is at present buying and selling at $20,486 since the Federal Reserve introduced a 75 foundation level hike in rates of interest to attempt to fight inflation.
As an apart, stablecoins haven’t been proof against falls both, regardless of theoretically being steady. Since 2018, many have wobbled by 10% to 30% at numerous factors together with USDT, USDC, BUSD, DAI, FRAX, USDP, PAXG, CDAI and XAUT. TUSD recorded a 38.4% deviation from its peg in 2018.
