The vast majority of cryptocurrencies are down over 90% from their all-time highs, but the main group has managed to stay ahead of the pack.
In the current bear market, a whopping 72 of the top 100 tokens are down over 90% from their all-time highs, according to CoinGecko price data compiled by CoinGoLive.
Coins with larger caps perform better than most. Among the top 10 cryptocurrencies by market cap, nine have fallen less than 90% during the current market downturn. Bitcoin (BTC), the largest 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 in the top 10 include Binance’s BNB, Cardano’s ADA, Solana’s SOLana, and Polkadot’s DOT, which are down 68-88%. The list excludes Tether (USDT), USD Coin (USDC), and Binance USD (BUSD) stablecoins. XRP is an exception, falling 90.56% from its all-time high.
The average drop in ATH for these top 10 coins is 79%. Among the top 20 coins, the average drop from all-time highs is 81.1%.
The exchange’s tokens seem to be performing better than many other sectors, with an average drop of 68.3% compared to their ATH.
The best performer here is Unus Sed Leo (LEO), which fell just 38.87% and showed “aggressive buying at lower levels,” according to Cointelegraph reports on June 13. LEO is an Ethereum-based utility token for the Bitfinex exchange and iFinex manages trading platforms and is used to reduce trader fees.
CoinFLEX exchange’s native FLEX token is the 83rd largest cryptocurrency. He also seems relatively immune to a devastating bug, just 38.6% below his ATH. FLEX is used to pay for transactions and reduce trading fees on the trading platform. The project cites its token burning mechanism as the reason for its price resistance.
Utility token for KuCoin trading platform, KuCoin Token (KCS), lost 61.43% of its ATH. KCS is an ERC-20 exchange fee reduction token and a native token for KuChain, an exchange-developed blockchain.
However, KCS could see another drop of more than 60% below its ATH if Cointelegraph’s June 12 predictions prove correct.
Many cryptocurrencies have suffered most of their losses over the past week as the total cryptocurrency market cap has fallen 24% from $1.3 trillion to $996 billion. During this period, BTC also fell about 35% from $30,500 to a low of $20,216 on June 15.
Related: Bitcoin Bounces 8% Off Lows As Warning BTC Price Bottom ‘shouldn’t Be Like This’
BTC is currently trading at $20,486 after the Federal Reserve announced it would hike interest rates by 75 basis points to fight inflation.
Furthermore, stablecoins are not immune to falls either, although they are theoretically stable. Since 2018 many of them have fluctuated between 10% and 30% at various points including USDT, USDC, BUSD, Dai, FRAX, Pax Dollar (USDP), Pax Gold (PAXG), Compound Dai (CDAI) and Tether Gold (XAUT) .
