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Saturday, January 28, 2023

72 of the top 100 coins have fallen 90% or more: Here are the holdouts

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According to cost information from CoinGecko compiled by CoinGoLive, the present bear market has seen a whopping 72 out of the top 100 tokens fall greater than 90% from their all-time highs.

The larger-cap coins are faring higher than most. Among the top 10 cryptocurrencies by market capitalization, 9 have dipped lower than 90% throughout the present market downturn. Bitcoin (BTC), the largest crypto, is down 70.3% from its November 2021 excessive of $69,000. In second place is Ether (ETH), which is down 78% from its excessive of $4,878.

Others in the top 10 embrace Binance’s BNB, Cardano’s ADA, Solana’s SOL and Polkadot’s DOT, which 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 excessive.

The common fall from ATH for these top 10 coins is 79%. Among the top 20 coins, the common fall from the all-time excessive 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 Unus Sed Leo (LEO), which has solely fallen 38.87% and which Cointelegraph reported saw “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 reduce fees for traders.

The CoinFLEX exchange’s native FLEX token is the 83rd-largest crypto. It also appears relatively immune to the devastating drawback, down just 38.6% from its ATH. FLEX is used to pay for transactions and reduce trading fees on the trading platform. The project touts its token-burning mechanism as a reason for its price resilience.

The utility token for the KuCoin trading platform, KuCoin Token (KCS), has seen a 61.43% drawdown from its ATH. KCS is an ERC-20 token used to reduce fees on the exchange and is the native token for KuChain, a blockchain developed by the exchange.

However, KCS could see a further dip to greater than 60% under its ATH if Cointelegraph’s June 12 predictions show right.

Many cryptocurrencies have skilled a big portion of their losses within the past week as the whole 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.

(*100*)Related: Bitcoin bounces 8% from lows amid warning BTC price bottom ‘shouldn’t be like that’

BTC is presently buying and selling at $20,486 after the Federal Reserve introduced a 75-basis-point 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 secure. Since 2018, many have wobbled by 10% to 30% at numerous factors, together with USDT, USDC, BUSD, Dai, FRAX, Pax Dollar (USDP), Pax Gold (PAXG), Compound Dai (CDAI) and Tether Gold (XAUT). TrueUSD (TUSD) recorded a 38.4% deviation from its peg in 2018.