Bitcoin may be once again ready for a bull run, but the rest of the crypto space has a lot of catching up to do in order to return to peak prices set years ago.
A list circulating social media depicts the most popular cryptocurrencies then and now, and shows just how far the entire crypto market needs to recover in order to return to those prices, and potentially beat them.
Two Years Later: The Crypto Market Is Still 80% Or More Down From All-Time High
In 2017, cryptocurrencies and Bitcoin went from a completely unheard of technology for mainstream common-folk, to the talk of the town.
The allure of rags to riches stories and ballooning asset prices drew in a massive influx of retail investors with little to no previous investment experience, and the end result was them getting stuck holding extremely heavy bags, as early adopters sold off the assets at all-time high prices.
Many of the top ten cryptocurrencies by market cap have completely fallen out of favor since, and are down anywhere between 94% to as much as 100% from their all-time high prices. Even the current top ten, comprised of actual crypto assets with real utility, are down anywhere from 82 to 92%, with only one rare altcoin outperforming Bitcoin, which itself is still down 54% from its previous all-time high of $20,000.
ATH vs Current Price pic.twitter.com/r7ufra0vtg
— Mario Lemieux (@MarioLemieux99) November 11, 2019
According to the list, Binance Coin tops the entire market in terms of performance, down only 48% from the asset’s all-time high. Bitcoin is right behind it, at 54%. At one point, Bitcoin had reclaimed even more lost ground, but a rejection around $14,000 sent the first-ever cryptocurrency back into a downtrend, and it is still struggling to return to the bull run it appeared to be kicking off earlier this year.
Altcoins, however, haven’t fared as well as Bitcoin, with the majority of the…