According to CoinGecko price data compiled by CoinGoLive, the current bear market has seen a whopping 72 of the top 100 tokens drop more than 90% from their all-time highs.
The larger cap coins are doing better than most. Among the top ten cryptocurrencies by market capitalization, nine have fallen by less than 90% during the current market downturn. Bitcoin (BTC), the largest cryptocurrency, is down 70.3% from its November high of $69,000. In 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 68% to 88% (excluding the three stablecoins USDT, USDC, and BUSD). . Ripple (XRP) is the exception, recording a 90.56% drop in its ATH.
The average ATH drop for these top 10 coins is 79%, while among the top 20 coins, the average drop from the all-time high is 81.1%.
Swap tokens appear to be doing better than many other sectors with their ATHs down an average of 68.3%.
The best performing token there is the LEO token, which is only down 38.87%, which according to Cointelegraph saw “aggressive buying at lower levels” on June 13. LEO is the Ethereum-based utility token for the Bitfinex exchange and trading platforms run by iFinex and is used to reduce fees for traders.
Coinflex Exchange’s native FLEX token is the 83rd largest crypto. He also seems relatively immune to the devastating downside and is down just 38.6% from ATH. FLEX is used to pay transactions and reduce trading fees on your trading platform. The project touts its token burning mechanism as a reason for its price resistance.
The utility token for KuCoin’s trading platform, KCS, saw a 61.43% reduction in its ATH. KCS is an ERC-20 token used to reduce fees on the exchange and is the native token of KuChain, a blockchain developed by the exchange.
However, KCS could see a further drop of more than 60% below its ATH if Cointelegraph’s June 12 predictions are correct.
Many cryptocurrencies have seen a large part of their losses over the last week, as the total cryptocurrency market capitalization fell 24% from $1.3 trillion to $996 billion. At the time, BTC also fell around 35% from $30,500 to as low as $20,216 on June 15.
Related: Bitcoin Bounces 8% Off Lows Amid Warning BTC Price Floor “Shouldn’t Be This Way”
BTC is currently trading at $20,486 since the Federal Reserve announced a 75 basis point hike in interest rates to try and fight inflation.
Furthermore, stablecoins have also not been immune to declines, despite being theoretically stable. Since 2018, many have tumbled 10% to 30% at various points including USDT, USDC, BUSD, DAI, FRAX, USDP, PAXG, CDAI, and XAUT. TUSD posted a 38.4% deviation from its parity in 2018.
This post 72 Of The Top 100 Coins Are Down 90% Or More: Here Are The Holds
was published first on https://cointelegraph.com/news/72-of-the-top-100-coins-have-fallen-90-or-more-here-are-the-holdouts