The Current Crypto Landscape
Bear markets in cryptocurrency are less like a casual Sunday drive and more like accidentally stepping on a Lego in the dark—painful and unexpected. A startling 72 out of the top 100 tokens have plummeted by more than 90% from their all-time highs (ATH). If it sounds like a huge portion, it’s because it is! Fortunately, larger-cap coins are performing slightly better, suggesting they might have had their morning coffee before the drop.
Top 10 Cryptos: Some Staying Power
Among the top 10 cryptocurrencies by market capitalization, nine have managed to keep their dips below 90%. Take Bitcoin (BTC) for instance—it’s down about 70.3% from its November 2021 peak of $69,000. If that sounds like a distant memory, you’re not wrong!
- Bitcoin (BTC): Down 70.3%
- Ether (ETH): Down 78%
- Binance’s BNB: Down 68-84%
- XRP: Exceptionally down 90.56%
Even the average dips of these champions stand at 79%. Crying into your coffee yet? Don’t.
Exchange Tokens Holding Strong
Exchange tokens are the little engines that could in this bearish market. They have averaged a 68.3% descent, which is better than many other sectors. The star performer here is Unus Sed Leo (LEO)—only down by 38.87%. Yup, LEO is the cool kid on the playground, experiencing what some dubbed “aggressive buying at lower levels.”
Tokens of Resilience
The FLEX token from CoinFLEX has also shown remarkable tenacity, down just 38.6%. With its nifty token-burning mechanism, it’s like the crypto equivalent of a fitness freak who shrinks in all the right places. KuCoin Token (KCS) follows closely, displaying a decline of about 61.43% from its ATH.
Market Cap Meltdown
The crypto market cap has taken quite a hit, losing 24% in a blink—going from $1.3 trillion to $996 billion. Ouch! In the whirlwind of this week, BTC also fell about 35%, crashing from $30,500 to a low of $20,216. Talk about a wild ride!
Stablecoins: Not So Stable After All
Even our beloved stablecoins are feeling the heat, losing their grip at times and wobbling by 10% to 30%. These include USDT, USDC, BUSD, Dai, and other supposed “stable” coins. It just goes to show that nothing in the crypto world is truly immune—much like that one friend who can’t resist the dessert table. TrueUSD (TUSD) had a significant 38.4% deviation in 2018, pushing us all to reconsider the definition of ‘stable.’
