More than 70 Crypto Tokens Are Down 90%
The abrupt decline in the crypto market has caused the prices of 72 of the top 100 tokens to fall by more than 90% from their all-time highs (ATH).
According to the data, Bitcoin, the most valuable cryptocurrency in the world, has dropped more than 30% in the last seven days and is now worth less than 70% of its November high of $69,000. Ether, the second-largest cryptocurrency, is also down 78 percent from its November peak of $4878. Nine of the top ten cryptocurrencies have plunged by more than 90% during the market collapse, which began in April of this year.
More Declines Coming
Binance Coin, Cardano, and Solana, ranking in the top 10, have also plummeted by 68 to 88 percent. According to the data, the top 10 tokens fell by an average of 79 percent in the last two odd months, and the top 20 coins fell by 81.1 percent from their ATH figures. According to that platform, Bitcoin’s price dropped from over $41,000 three months ago to around $20,000 at the time of writing. Some experts have cautioned that the industry’s bear market could result in even more cryptocurrency declines.
During the same period, Bitcoin’s market cap decreased from about $800 billion to under $400 billion. Ethereum’s market cap fell from around $353 billion to around $140 billion in the last three months. The bear market in the market has impacted the community and the crypto industry as a whole. Due to the slump, cryptocurrency poster boy Coinbase said earlier this week that it would be laying off 18% of its workforce, or around 1100 individuals. Bitcoin has reached levels not seen since late 2020. The digital currency has lost more than 20% in the previous week and more than 60% from its all-time peak in November.
The crypto revolution began, and its consequences will be far-reaching. However, its progression has been anything from gradual or predictable. BlockFi revealed plans to reduce personnel by 20% and 5%, respectively, while Argentine crypto exchange Buenbit will lay off 45 percent of its workforce.
