Value Preservation Which Top 10 Crypto Has Performed the Best
Since the beginning of 2022, the cryptocurrency market has continued to descend into the bear market. Bitcoin’s current cycle bottom was reached in June 2022, and its price has only increased by 11% since then. During the bear market, there were some cryptocurrencies that have held up better than others. This report looks at the top 10 digital assets by market cap and how they’ve performed since then.
Performance of The Top Crypto
The top 10 cryptocurrencies by market cap have performed quite well compared to their smaller counterparts, but are still far behind. This excludes the 3 stablecoins pegged to the US Dollar that have managed to maintain their peg throughout this period. The remaining seven cryptocurrencies have experienced varying degrees of performance.
However, BNB has shown the best performance of all. Despite being the fifth largest by market cap, it has managed its value better with a dip of just 60° from its all-time high. More impressively, despite falling 60%, it’s still 47% above the cycle low.
Bitcoin is second in this regard, being down 71.57% from its historical value at the time of writing. The largest cryptocurrency by market cap hit a new high of $69,000 in November 2021 and is now hovering around $19,500 at the time of writing. Ethereum is in third place with a 72.65 surge 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 its cycle low of $897. XRP ranked fourth in the list of assets that had held its value the best with an 85.85 drop from its all-time high. However, unlike the others in this report, the price of XRP did not hit a new all-time high in 2021.
Its ATH price of $3.30 was recorded in early 2018. XRP’s growth has been largely derailed by Ripple’s pending court case with the SEC. Cardano and Solana are two networks that are strong competitors of the Ethereum network, and both are evenly matched in terms of how well they’ve held their value. Both ADA and SOL are down 88% from their 2021 all-time highs. But while SOL is up 17% from the cycle low, ADA is down 7% from the cycle low.
Last on this list is the Dogecoin meme coin. DOGE had had an impressive rally after backing billionaire Elon Musk, but as the hype died down, it didn’t take long for the digital asset’s price to drop rapidly. It is currently down 91.96% from its all-time high of $0.7 set in May 2021.
This makes it the worst performer among the top 10 cryptocurrencies by market cap. Despite the declines these digital assets have seen in the market, investors still consider these top cryptocurrencies a safe bet due to their notoriety and large communities.