The crypto market has been on a sharp and steady decline for seven months this year. The top 10 cryptos have shed most of the gains from the bullish period. Top cryptos are down 60% to 75% from their all-time highs and are still correcting in the markets. Meme coins, such as Dogecoin and Shiba Inu, which were extremely popular last year, are 90% below their all-time high valuations.
By the end of 2021, the entire crypto market value stood at a whopping $3 trillion. However, in just 8 months, the crypto market shed more than $2 trillion as its losses piled up each day.
The global crypto market cap now stands at $950 billion, which is a dramatic decline in a short period. It is yet again in red at 3.5% in the last 24 hours.
How Much Are Top Cryptos Down From Their All-Time Highs?
The top 10 cryptos are bleeding heavily from their all-time highs leaving investors’ portfolios sinking underwater. The majority of investors are at losses with little or no hope of a quick recovery due to a looming recession.
Below is how much the top 10 cryptos are down from their ATH:
- Bitcoin -70.4%
- Ethereum -76.6%
- Binance -66.6%
- Ripple -90.6%
- Cardano 85.4%
- Solana -86.5%
- Dogecoin -91.1%
- PolkaDot -87.7%
- Shiba Inu -87.3%
- Tron -71.5%
Though the markets remained in the green last week, at press time, the overall enthusiasm among investors is on a decline. Institutional investors are exiting the markets at a record pace. CoinShares data shows that the market faced more outflows than inflows last month.
Bitcoin billionaire Mike Novogratz had predicted early this year that being a crypto investor in 2022 will be tough. His prediction has turned out to be accurate up until today as the market is testing the patience of investors.
The markets are expected to plummet further as JP Morgan predicted that the price of crude oil might spike to $380. The price of crude oil currently is $98 per barrel. Read here about why Bitcoin and the overall crypto market could drop to new lows.