More than 70 crypto tokens are down 90% from their peak
- Most of the top crypto tokens in the world are trading at less than 90% of their all-time-high values.
- Bitcoin and Ethereum have lost over 50% of their market caps.
- Crypto firms, including exchanges, have been cutting staff.
The data shows that Bitcoin, the most valuable cryptocurrency in the world, fell more than 30% in the last seven days and has fallen to less than 70% of its November high of $69,000. The second-largest crypto, Ether, too is down by 78% against its November high of $4878. Of the top 10 cryptocurrencies, nine have fallen by over 90% during the market downturn, which began around April this year.
Binance Coin, Cardano and Solana, which all rank in the top 10, have also fallen massively and are down by 68% to 88%. The data showed that the average fall across the top 10 tokens was 79% in the last two odd months, and the top 20 coins registered an average fall of 81.1% from their ATH figures.
Brutal sell-off in crypto
The same data can also be gauged from listings on Coinmarketcap. According to that platform, Bitcoin’s price has fallen from around $41,000 three months ago to around $20,000 at the time of writing. Some experts have warned that the industry’s bear turn could lead to even more drops across cryptocurrencies.
During the same period, Bitcoin’s market cap fell from nearly $800 billion to under $400 billion, while Ethereum went from around $353 billion market capitalization to under $140 billion in the last three months. A similar near 50% drop in market cap can also be seen in other tokens in the top 10, including BNB (Binance Coin), which fell from around $66 billion to around $35 billion at the time of writing.
Crypto: Sell-off, lay-offs and hiring freeze
Coinbase isn’t the only one either. On June 2, the Gemini Trust announced that it will be cutting 10% of its staff.
“The crypto revolution is well underway and its impact will continue to be profound. But its trajectory has been anything but gradual or predictable. Its path can best be described as punctuated equilibrium — periods of equilibrium or stasis that are punctuated by dramatic moments of hypergrowth, followed by sharp contractions that settle down to a new equilibrium that is higher than the one before. This is where we are now, in the contraction phase that is settling into a period of stasis — what our industry refers to as ‘crypto winter’. This has all been further compounded by the current macroeconomic and geopolitical turmoil. We are not alone,” wrote billionaires Tyler and Cameron Winkelvoss in a blog post.
BlockFi and Crypto.com have also announced plans to cut staff by 20% and 5%, respectively, while Argentinian crypto exchange Buenbit will be laying off 45% of its staff.
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