Earlier this year, in February, Tom Lee — co-founder of Fundstrat Global Advisors, the first Wall Street strategy firm to embrace bitcoin — opined that the crypto market had turned a corner and would see new highs in July. Nine months and several year-end price target reductions later, cryptocurrency assets remain firmly in the red. In fact, according to data from OnChainFX, nearly every major cryptocurrency is down at least 90 percent from its all-time high.
Three-Fourths of Top Cryptocurrencies Down 90% or More
Ripple (XRP), which has distinguished itself as the second-largest cryptocurrency since knocking ethereum off this pedestal last month, is one of the handfuls of large-cap crypto tokens whose one-year return remains positive. However, this will not be true for long, as the ripple price is down a full 91 percent since it made a parabolic run to $3.84 in early January. As it stands, XRP — which still hasn’t been listed on Coinbase — can be purchased for about $0.34.
The ethereum (ETH) price, meanwhile, now sits at $107, down 92 percent from its all-time high at $1,431. This is particularly remarkable considering that, as CCN reported, crypto whales have been stockpiling ETH throughout the year, offsetting sales from their disillusioned counterparts who have already exited the market. Altogether, these whales have expanded their holdings by 80 percent to around 20 million ETH — nearly a fifth of the cryptocurrency’s total supply.
CCN |
https://www.ccn.com/nearly-every-major-cryptocurrency-is-down-at-least-90-from-all-time-high/
