17 Jun 2022 Samantha McLauren
Nearly Two-Thirds Of The Top-100 Cryptos Are Down Over 90% Of Their All-Time Highs, Here Is Why
A whopping 72 out of the top-100 crypto projects recorded a fall of more than 90% from their all-time highs, according to data from CoinGecko.
It turns out that the top cryptos are bearing the stagnation in the sector better than other crypto projects, with Bitcoin (BTC), the largest crypto, going down 70.3% from its November high of $69,000. Ethereum (ETH) places second with 78% from its high of $4,878 per ETH.
Interestingly, data from CoinGecko shows that exchange-owned tokens performed better than others with an average fall of 68.3%, while among the top 20 coins the average fall from the all-time-high is 81.1%.
The LEO token induced the smallest price slump, recording a loss of only 38.87%, which suggests intense buying amid the falling crypto market. However, the Bitfinex exchange and trading platform-owned token is not the only one that appears safe from the crypto havoc from the past month. Coinflex exchange’s native FLEX token appears relatively immune to the devastating drawback and is down just 38.6% from ATH, while the utility token for the KuCoin trading platform, KCS, has seen a 61.43% drawdown from its ATH.
The main reasons for the drop
Many of the cryptos recorded their highest drops over the past seven days, as the total crypto market cap dropped 24% from $1.3 trillion to below $900 billion in just one week. According to experts, the correlation between Bitcoin’s price performance and the events, occurring in traditional markets is the top reason for the drop.
It turns out that the push down came as the Federal Reserve announced a 75 basis point hike in interest rates to try to combat inflation. Inflation hedging is seemingly falling apart for the crypto sector, as the losses are far greater than those of the traditional stock market.
Stablecoins also suffered from losses
Despite being relatively stable, stablecoins also felt the market wrath in what it seems to be a devastating blow to the crypto economy. Apart from TerraUSD’s plummet, many stablecoin projects have wobbled between 10% to 30% at various points including USDT, USDC, BUSD, DAI, FRAX, USDP, PAXG, CDAI, and XAUT, with TRON's USDD joining TerraUSD, falling down to a low of $0.9582.Bitcoin Ethereum Ripple btc eth Ethereum news Bitcoin price Cardano cryptocurrencies binance coin bnb bitcoin news cryptocurrency news crypto news Crypto Price Ethereum Price Polkadot Solana