Key Takeaways
- Knowledge from crypto mark aggregator CoinGoLive reveals that 98.5% of all cryptocurrencies are down bigger than 90% from their all-time highs.
- Around 95.5% of cryptocurrencies private fallen by bigger than 99.99% from their peaks, with the colossal majority successfully plummeting to zero.
- The total crypto market cap is buying and selling 70% from its peak, with Bitcoin’s market dominance at around 42.9%.
The seven-month-prolonged cryptocurrency endure market has exposed a painful fact: the colossal majority of cryptocurrencies within the raze lose virtually all of their mark.
Crypto Wreck Exposes Painful Reality
With few exceptions, nearly all crypto assets private now lost bigger than 90% of their mark against their all-time highs.
In accordance with recordsdata from the crypto mark aggregator CoinGoLive, 13,240 or 98.5% of the 13,436 cryptocurrencies in existence are for the time being down 90% from their all-time highs. Of the 196 money that private retraced less than 90% from their highs, 19 are stablecoins, meaning the precise share is a shrimp bit greater.
Judging by the dimensions of the pullback from their epic costs, basically the most appealing-performing very much capitalized money are BNB, Bitcoin, FTX, TRON, and Ethereum, with respective drawdowns of 68.9%, 69.1%, 72.4%, 75.1%, and 77.14%. Curiously, Bitcoin’s market dominance, which has historically fallen all the plot in which thru bull markets and risen very much all the plot in which thru endure markets, is 42.9%, or roughly the identical now as it become all the plot in which thru the crypto market’s peak closing November. Ethereum’s market dominance, on the loads of hand, has fallen from around 18.5% to 14.9% over the identical length.
Conclude inspection of the recordsdata unearths yet another alarming truth—namely, that 12,836 (95.5%) of all cryptocurrencies on the market private fallen by bigger than 99.99% from their all-time highs. For a colossal majority of cryptocurrencies on this bracket, a drop of this magnitude successfully methodology that their mark has fallen to virtually zero.
The handiest asset class that hasn’t suffered a prime drawdown in market capitalization is stablecoins. Without reference to the $18.6-billion blowup of Terra’s UST, the most recent full market capitalization of stablecoins is around $157.8 billion—no longer mighty lower than its epic size and roughly $24 billion greater than the dimensions of basically the most appealing clear contract platform on the market, Ethereum. Here’s especially appealing pondering that a prime fragment of stablecoins is issued as ERC-20 tokens on the network.
With inflation at 41-one year highs and more aggressive financial tightening insurance policies from global central banks on the horizon, knowledgeable expectations are that possibility-on assets admire shares and cryptocurrencies would possibly perhaps perhaps furthermore objective continue extending losses. With the worldwide crypto market 70% searching its peak, further losses would possibly perhaps perhaps furthermore indicate an very supreme greater share of cash successfully going to zero.
Disclosure: On the time of writing, the creator of this portion owned ETH and loads of alternative loads of cryptocurrencies.
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