Since the beginning of 2022, the crypto market has descended further into the bear market. The current bitcoin cycle low was hit back in June 2022, and its price is only about 11% up from that point. Through 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 have done 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 large margin. This is excluding the 3 stablecoins which are pegged to the US dollar and have managed to maintain their peg through this time.
The remaining seven cryptocurrencies have seen varying degrees of performance. However, BNB has been the best performer out of all of them. Even though it is the 5th largest by market cap, it has done a better job of holding on to its value with only about a 60% decline from its all-time high. Even more impressive is that despite being 60% down, it is still 47% up from its cycle low.
Bitcoin ranks second in this regard as it is down 71.57% from its all-time at the time of this writing. The largest cryptocurrency by market cap had hit a new peak of $69,000 back in November 2021 and is now trending around $19,500 at the time of this writing.
Ethereum comes in third place 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 (NFTs). It is, however, up 47% from its cycle low of $897.
Total market cap below $900 million | Source: Crypto Total Market Cap on TradingView.com
XRP ranked 4th in the list of assets that had held up their value best with an 85.85% decline from its all-time high value. However, unlike the others in this report, the XRP price did not hit a new all-time high in 2021. Its ATH price of $3.30 was recorded back at the beginning of 2018. XRP’s growth was greatly derailed by Ripple’s court case with the SEC which is yet to be concluded.
Cardano and Solana are two networks that are strong competitors of the Ethereum network, and they both are tied in terms of how well they have held their value. Both ADA and SOL are down 88% from their all-time high prices in 2021. 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 support of billionaire Elon Musk but once the hype died down, it wasn’t long until the price of the digital asset had declined rapidly. It is currently down 91.96% from its all-time high price of $0.7 back in May 2021. This makes it the worst performer of the top 10 cryptocurrencies by market cap.
Despite the declines that these digital assets have seen in the market, these top cryptocurrencies are still regarded as a safe bet by investors due to their prominence and large communities.Â
Featured image from The Economic Times, chart from TradingView.com
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