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Almost Every Crypto Asset Is Down Over 90% From Peak

By Crypto BriefingCryptocurrencyJun 16, 2022 02:42AM ET
www.investing.com/analysis/almost-every-crypto-asset-is-down-over-90-from-peak-200625856
Almost Every Crypto Asset Is Down Over 90% From Peak
By Crypto Briefing   |  Jun 16, 2022 02:42AM ET
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As the total crypto market capitalization has fallen 70% from its all-time high, the vast majority of cryptocurrencies have suffered hard.

Key Takeaways

  • Data from crypto price aggregator CoinGoLive shows that 98.5% of all cryptocurrencies are down more than 90% from their all-time highs.
  • Around 95.5% of cryptocurrencies have fallen by more than 99.99% from their peaks, with the vast majority effectively plummeting to zero.
  • The total crypto market cap is trading 70% from its peak, with Bitcoin's market dominance at around 42.9%.

The seven-month-long cryptocurrency bear market has exposed a painful reality: the vast majority of cryptocurrencies eventually lose practically all of their value.

Crypto Crash Exposes Painful Reality

With few exceptions, virtually all crypto assets have now lost more than 90% of their value against their all-time highs.

According to data from the crypto price aggregator CoinGoLive, 13,240, or 98.5% of the 13,436 cryptocurrencies in existence, are currently down 90% from their all-time highs.

Of the 196 coins that have retraced less than 90% from their highs, 19 are stablecoins, meaning the exact percentage is slightly higher.

Judging by the size of the pullback from their record prices, the best-performing significantly capitalized coins are BNB, Bitcoin, FTX, TRON, and Ethereum, with respective drawdowns of 68.9%, 69.1%, 72.4%, 75.1%, and 77.14%.

Interestingly, Bitcoin’s market dominance, which has historically fallen during bull markets and risen significantly during bear markets, is 42.9%, or roughly the same now as it was during the crypto market’s peak last November.

Ethereum’s market dominance, on the other hand, has fallen from around 18.5% to 14.9% over the same period.

Close inspection of the data reveals another alarming fact—namely, that 12,836 (95.5%) of all cryptocurrencies on the market have fallen by more than 99.99% from their all-time highs. For a vast majority of cryptocurrencies in this bracket, a drop of this magnitude effectively means that their price has fallen to practically zero.

The only asset class that hasn’t suffered a significant drawdown in market capitalization is stablecoins. Despite the $18.6-billion blowup of Terra’s UST, the current total market capitalization of stablecoins is around $157.8 billion—not much lower than its record size and roughly $24 billion higher than the size of the largest smart contract platform on the market, Ethereum.

This is especially interesting considering that a significant portion of stablecoins is issued as ERC-20 tokens on the network.

With inflation at 41-year highs and more aggressive monetary tightening policies from global central banks on the horizon, expert expectations are that risk-on assets like stocks and cryptocurrencies may continue extending losses.

With the global crypto market 70% short of its peak, further losses could mean an even greater percentage of coins effectively going to zero.

Original Post

Almost Every Crypto Asset Is Down Over 90% From Peak
 

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Almost Every Crypto Asset Is Down Over 90% From Peak

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