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According to the analysis of price data, 72 of the top 100 tokens have fallen more than 90% from their all-time highs during the current bear market.
The bigger cap coins are doing better than the majority of the coins.
During the current market collapse, nine of the top 10 cryptocurrencies by market valuation have dropped less than 90%.
The fall of giant cryptocurrencies
The biggest cryptocurrency, Bitcoin (BTC), is down 70.3 percent from its November peak of $69,000. Ether (ETH) is in second place, down 78 percent from its peak of $4,878.
Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Polkadot (DOT) are among the top 10 currencies, all of which are down between 68 and 88 percent (excluding the three stablecoins USDT, USDC, and BUSD).
The exception is Ripple (XRP), which has dropped 90.56 percent from its all-time high.
The average decline from the all-time high for these top 10 coins is 79 percent, while the average fall from the all-time high for the top 20 coins is 81.1 percent. With a 68.3 percent average drop from their ATHs, exchange tokens appear to be performing better than many other sectors.
The greatest performance is the LEO token, which has only dropped 38.87 percent and has seen “aggressive purchasing at lower levels” on June 13, according to reports.
LEO is an Ethereum-based utility token used to lower costs for traders on the Bitfinex exchange and trading platforms run by iFinex.
The native FLEX coin of the Coinflex exchange is the 83rd biggest cryptocurrency. It also looks to be somewhat resilient to the terrible disadvantage, with a drop of just 38.6% from ATH.
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On its trading platform, FLEX is utilized to pay for trades and decrease trading expenses. The project attributes its price stability to its token-burning process.
KCS, the KuCoin trading platform’s utility token, has lost 61.43 percent of its value from its all-time high. KCS is an ERC-20 token that is used to lower exchange costs and is the native token for KuChain, the exchange’s blockchain.
However, if Cointelegraph’s June 12 predictions are correct, KCS may fall more than 60% below its ATH.
Many cryptocurrencies have lost a significant amount of their value in the last week, with the whole crypto market capitalization falling by 24% from $1.3 trillion to $996 billion.
BTC declined roughly 35% over that time, from $30,500 to a low of $20,216 on June 15.
Since the Federal Reserve announced a 75 basis point rise in interest rates to combat inflation, BTC is presently trading at $20,486. Stablecoins, despite their theoretical stability, have not been immune to price drops.
Although the great majority of cryptocurrencies have lost more than 90% of their value since their all-time highs, a small minority has managed to remain ahead of the pack.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
