Most cryptocurrencies fell by 90% from their highs

According to CoinGecko, 72 of the 100 most popular cryptocurrencies have fallen by 90% from their historical highs. Among the ten cryptocurrencies with the largest market capitalization, 9 have fallen by an average of 90% during the current market downturn. Bitcoin’s value has fallen by 70% from its previous high in November ($ 69,000). The second place is occupied by Ethereum, which fell by 78% from its previous highest price.

The next top ten includes Binance Coin (BNB), Cardano (ADA), Solana (SOL), and Polkadot (DOT), which have fallen 68−88% from their previous highs. The most stable cryptocurrency at the moment is UNUS SED LEO (LEO), which fell by only 38%. LEO is a digital cryptocurrency designed to be used on the Bitfinex crypto exchange to reduce fees for traders.

Many cryptocurrencies dropped in value this week as the total market capitalization fell by 24% (from $ 1.3 trillion to $ 996 billion in 7 days). During this time, BTC also dropped by about 35% (from $ 30,500 to $ 20,216 in 7 days). At the time of writing, bitcoin is already trading at $ 21,147, as the FRS (Federal Reserve System) announced an increase in interest rates to fight inflation.

It’s worth noting that stablecoins are also not immune to collapse, despite their theoretical stability. Since 2018, many stablecoins, such as USDT, USDC, and BUSD, have fluctuated between 10−30%. Therefore, analysts advise to be prepared for any changes in the market.