Since these important assets reached their ATH in November of last year, the bitcoin market has begun a negative cycle. Eight months later, the market capitalization had decreased by $2 trillion. Given that the top 10 cryptocurrencies on the market lost between 70 and 90 percent of their value over this time, this loss is all the more astounding. Let’s go back to the main players in this collapse.
In the past 90 days, the value of Bitcoin and Ether has decreased by 46.21 percent and 60.11 percent, respectively.
When the cryptocurrency market reached its peak, bitcoin was trading little over $69,000 per unit. After breaching below $18,000, it has since lost 69 percent of its value and is currently having trouble maintaining the $20,000 mark. The last 90 days saw 46.21 percent of BTC losses, which is significant. Despite this disaster, bitcoin has continued to rule the market, with a current market share of more over 40%.
Ether, the dominant alternative currency on the market, has experienced the same decline as bitcoin after reaching $4,850 on November 10, 2021. After this day, eight months later, it has lost 75.46 percent of its worth. Since they account for 60.11 percent of the losses incurred by the altcoin, the previous three months have been very difficult. Its market capitalization, which is now less than $140 million, represents only 14.5% of the market.
Despite the collapse of the UST, two stablecoins are in the top 5.
With the demise of the Terra ecosystem and the removal of the UST peg in May, the bear market in cryptocurrencies become even more severe. Stablecoins were introduced during this time despite the incident that exposed dubious industry practices and harmed crypto lending platforms. Three of them, namely USDT, USDC, and BUSD, are currently in the top 10 cryptocurrencies by market capitalization.
Along with bitcoin, ether, and BNB, the top 5 also includes the first two stablecoins mentioned. The latter has lost 25.7% of its value since the year’s beginning and is down 65.6% from its previous high. The other cryptocurrencies in the top 10 only account for less than 10% of the total market capitalization, with the exception of bitcoin, ether, and the three stablecoins stated above.
Investors are pessimistic about the future notwithstanding the recent losses in the bitcoin market. According to MLIV Pulse’s poll, the majority of respondents think bitcoin would likely rally to $10,000 rather than $30,000.
