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At the beginning of this year, in February, Tom Lee – co-founder of Fundstrat Global Advisors, the first Wall Street strategy company to embrace bitcoin – said that the cryptography market had turned around and saw new highs in July. Nine months and several reductions in the year-end price target, cryptocurrency activities remain firmly in red. In fact, according to the data of OnChainFX, almost all the major cryptocurrencies are down by at least 90 percent compared to its historical maximum.
Three quarters of Cryptocurrencies up to 90% or more
Ripple (XRP), which has distinguished itself as the second largest cryptocurrency since it hit etereum from this pedestal last month, is one of the few large-capitalized cryptic tokens whose return to a year remains positive. However, this will not be true for a long time, as the price of ripple has dropped 91 percent since it made a parabola at $ 3.84 at the beginning of January. At present, XRP – which has not yet been listed on Coinbase – can be purchased for around $ 0.34.
The price of ethereum (ETH), meanwhile, stands at $ 107, a decrease of 92% from the all-time high of $ 1,431. This is particularly significant considering that, as reported by CCN, crypto-whales have accumulated ETH over the course of the year, offsetting the sales of their disillusioned counterparts who have already left the market. Altogether, these whales have expanded their holdings of 80 percent to about 20 million ETHs – almost a fifth of the total cryptocurrency offer.
Bitcoin cash (BCH) and cardan (ADA) were the largest hardcover currencies hit by the crisis, each of which had a 97% cut from the $ 4.29 peak and $ 1.33, respectively. Bitcoin money, as reported by CCN, struggled to rebound after a tiresome setback that divided BCH – which in turn had separated from BTC – into two competing currencies. Cardano, on the other hand, has made progress in development throughout the year, but has not been immune from "ICO Winter".
NEO and NEM (XEM) both fell 96 percent from their peaks, with the latter having never fully recovered from the crisis that took place after the hackers stole $ 530 million of XEM from the cryptographic exchange of Coincheck in Tokyo in January. Following closely, tron (TRX), IOTA and dash exchange each time with 95% discounts up to the highs of 2017 and the beginning of 2018. Other top 15 cryptocurrencies with decreases of 90 percent or greater include EOS and litecoin (LTC).
The best cryptocurrency performance is still 70%
Among the 15 major cryptocurrencies circulating on the market (excluding stablecoins, for obvious reasons), each blockchain has seen its native cryptocurrency decline of at least 70%, and only four have decreased by less than 90%: bitcoin (BTC), stellar (XLM), Monero (XMR) and Binance currency (BNB).
Bitcoin, the cryptographic market record, has dropped 81 percent from the peak of around $ 20,000 and can now be purchased for only $ 3,812. Stellar, which often mirrors rippling movements, has effectively outperformed the XRP by a small margin, although it continues to fall 85 percent from its previous year's peak. Meanwhile, the privacy-centric is declining by 89 percent, despite one of its most established use cases – dark web transactions – being essentially agnostic to the market and recent network updates have transaction fees were significantly reduced.
The best top performer of the top 15 is BNB, which – unlike its peers – has substantial support for purchases in the form of Binance's quarterly purchase program, through which the cryptographic exchange is committed to using 20% of its profits to repurchase and destroy the BNB tokens until the offer was cut in half. Even so, at $ 6.08, the cryptography market hit a 73% blow to BNB.
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