Recent data published by OnChainFX showed that nearly all the major cryptocurrencies have lost roughly 90 percent of their value since the attained all-time high.
Crypto market going against the predictions
Back in February, Tom Lee — co-founder of Fundstrat Global Advisors stated that he believes that the cryptocurrency market has turned a new corner and new highs should be expected by the middle of the year. However, several months after that, the market is deeper in the red zone than it has been for a very long time.
The data showed that of the 15 largest digital coins by circulating market cap, 11 of them have lost more than 90 percent of their values from their respective all-time highs. Ripple’s XRP which is now the second largest cryptocurrency ahead of Ethereum trades around the USD 0.34 mark, meaning that it has lost roughly 92 percent of its value since the record high of USD 3.84 it recorded back in January.
Ethereum now trades above the USD 100 mark and has subsequently lost 93 percent of its value after it reached a peak of USD 1’431. This is quite surprising as recent reports indicate that crypto whales have been increasing their Ethereum holding since the start of the year as they look to take advantage of a cryptocurrency they believe has huge potential.
Amongst the leading cryptocurrencies, Bitcoin Cash and Cardano are the ones that have been affected the most, with the duo losing 97 percent of their value respectively after peaking at USD 4’329 and USD 1.33. Bitcoin Cash has experienced a torrid time since the controversial hard fork. Cardano has however made developmental strides since the start of the year but none of that has affected the price positively.
The leading cryptocurrency, Bitcoin hasn’t reached that level year as it has lost just 81 percent of its value peaking around USD 20,000 and is now trading around the USD 3,800 mark. NEO and NEM (XEM) are also amongst those to have recorded massive loses, plunging by 96 percent from their peaks. NEM experienced a fall in price earlier this year following the Coincheck hack and it has not been able to fully recover from it. Tron is also amongst the losers, with Justin Sun’s darling project losing 95 percent of its value since the highs it experienced early this year. Other top 15-cryptocurrencies facing declines of 90 percent or greater include EOS and Llitecoin (LTC).
Cryptocurrencies experience a tough couple of weeks
Digital currencies have experienced a tough couple of weeks, with regulatory issues and Bitcoin cash hardfork some of the major catalysts responsible for the recent downfall. We reported earlier this week that the G20 is working on finding ways to regulate cryptocurrencies in line with standards put in place by the Financial Action Task Force (FATF). The organization is looking to regulate the industry with the aim of curbing issues such as tax evasion, money laundering, and other crimes.