Key points.
More than 80% of cryptocurrencies are down more than 90% from their record highs.
Aside from stablecoins, Bitcoin and Binance Coin are the least worst of the top 10 cryptocurrencies by market capitalization, down 70% and 68% from their highs respectively.
Ripple’s ongoing lawsuit with the SEC means it’s the only top 10 crypto that hasn’t recorded a record high in 2021.
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Bitcoin (BTC) fell below $20,000 this weekend in what some insiders describe as the worst week of crypto ever. Unfortunately, we’re not just talking about one week. This is part of the current decline in cryptocurrency prices, which may continue for some time. On top of which, Bitcoin is faring better than many other digital currencies – smaller altcoins are suffering more.
According to CoinGoLive, a staggering 81% of cryptocurrencies have fallen 90% or more from their record levels. Some have registered even greater price declines, and their numbers have completely collapsed. The site measures how far nearly 4,000 of the top cryptos have fallen from their highs. Since there are many stablecoins included in the 19% of cryptos that did not record such sharp drops, the true number is even higher.
Even investors who didn’t buy at record highs are likely to struggle. Trading conditions this year have negated many of the gains of 2021, so a number of investors who bought for the first time last year will be looking at significant losses.
How low has crypto fallen
The overall capitalization of the crypto market peaked last November and is now down about 70% from its high. This pattern has been repeated through the crypto charts – – many digital currencies have recorded similar losses.
Here’s how the top 10 cryptocurrencies by market capitalization stack up as a percentage of losses from their record highs:
CRYPTO’S RECORD HIGH PERCENTAGE OF LOSSES
Bitcoin (BTC) $69,045.00 (Nov. 10, 2021) – 69.41%
Etherium (ETH) $4878.26 (Nov 10, 2021) – 76.52%
Tether (USDT) Stablecoin Stablecoin
USD Coin (USDC) Stablecoin Stablecoin
Binance Coin (BNB) $686.31 (May 10, 2021) – 67.50%
Binance USD (BUSD) Stablecoin Stablecoin
Cardano (ADA) $3.09 (September 2, 2021) – 84.13%
Ripple (XRP) $3.40 (July 1, 2018) – 90.23%
Solana (SOL) $259.96 (Nov 6, 2021) – 85.63%
Dogecoin (DOGE) $0.73157800 (May 8, 2021) – 90.95%
The least worst performers are Binance Coin and Bitcoin. Bitcoin is the largest and most established crypto. It represents about 40% of the total crypto market, and is slightly less volatile than other cryptos as a result. Binance Coin is the native cryptocurrency for the popular cryptocurrency exchange. So far in this bear market, Binance is swimming against the tide, hiring new staff even as other crypto platforms have announced job cuts.
