Value Preservation: Which Top 10 Cryptos Have Performed Best?
Since the beginning of 2022, the crypto market has further descended into the bear market. The current bitcoin cycle low was hit back in June 2022 and the price is only up about 11% from that point. Throughout the bear market, there have been some cryptocurrencies that have held up better than the others. This report takes a look at the top 10 digital assets by market cap and how they’ve fared since then.
Performance of the top crypto
The top 10 cryptocurrencies by market cap have performed quite well compared to their smaller counterparts, but they are still down by a wide margin. This excludes the 3 stablecoins that are pegged to the US dollar and have managed to maintain their peg throughout this time.
The remaining seven cryptocurrencies have had mixed performances. However, BNB has been the best performer of them all. Although it is the 5th largest by market capitalization, it has done a better job of holding on to its value with only a decrease of approx. 60% from all-time high. Even more impressive is that despite being down 60%, it’s still up 47% from its low cycle.
Bitcoin ranks second in this regard, as it is down 71.57% from all time at the time of writing. The largest cryptocurrency by market cap had hit a new high of $69,000 back in November 2021 and is now trending around $19,500 at the time of writing.
Ethereum comes in third with a 72.65% decline from its all-time high of $4,800. The second largest digital asset had an incredible 2021 with the rise of decentralized finance (DeFi) and non-fungible tokens (NFT). However, it is up 47% from the cycle low of $897.
Total market cap below $900 million | Source: Crypto Total Market Cap on TradingView.com
XRP ranked 4th on the list of assets that had held up its value the best with a decline of 85.85% from its peak value. However, unlike the others in this report, the XRP price did not reach a new all-time high in 2021. The ATH price of $3.30 was recorded back in early 2018. XRP’s growth was severely derailed by Ripple’s lawsuit with the SEC which has not yet been concluded.
Cardano and Solana are two networks that are strong competitors to the Ethereum network, and they are both tied in terms of how well they have held their value. Both ADA and SOL are down 88% from their 2021 highs. But while SOL is up 17% from its cycle low, ADA is down 7% from its cycle low.
The last in this list is the meme coin Dogecoin. DOGE had seen an impressive rally following the backing of billionaire Elon Musk, but once the hype died down, it didn’t take long for the price of the digital asset to plummet. It is currently down 91.96% from its peak price of $0.7 in May 2021. This makes it the worst performer of the top 10 cryptocurrencies by market cap.
Despite the declines these digital assets have seen in the market, these top cryptocurrencies are still considered a safe bet by investors due to their prominence and large community.
Featured image from The Economic Times, chart from TradingView.com
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