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Crypto Market Turning Point — Most Cryptocurrencies Down 57% to Over 80% From Price Highs

Roughly six months ago, bitcoin and a number of digital assets reached all-time highs and the crypto economy crested above $3 trillion in value. Today is a different story as a great majority of cryptocurrencies are down between 57% to over 80% against the U.S. dollar.

While Cryptos Are Down From the ATHs, 2020 Holders Are Still in the Green

On November 9, 2021, or 196 days ago, the crypto economy was valued at over $3 trillion, and today it’s worth roughly 56% less at $1. 31 trillion. Six months ago, bitcoin (BTC) touched an all-time high (ATH) at $69K per unit and today, it’s down more than 57% in USD value.

The second leading asset, ethereum (ETH), has lost 59. 85% after reaching $4,847. 57 per ether six months ago. The fourth-largest crypto asset BNB is down 52. 65% after tapping $689 per unit. XRP is not even close to its January 07, 2018 ATH the digital asset tapped four years ago when it reached $3. 40 per coin. XRP today is down more than 87% against the U.S. dollar from that point in time.

Crypto Market Turning Point — Most Cryptocurrencies Down 57% to Over 80% From Price Highs
Since November 10, 2021, or roughly six months ago, bitcoin (BTC) changed hands for $69K per unit. At the time of writing, bitcoin has lost more than 57% since its all-time price high.

Cardano (ADA) hit its ATH nine months ago at $3. 10 per ADA and currently, ADA is down 83.5% against the U.S. dollar. Solana (SOL) touched its ATH seven months ago and is down 81.5% in USD value.

The tenth-largest crypto asset today, dogecoin (DOGE) is down 88.8% from the meme coin’s ATH a year ago. While prices are down since 2021’s high, crypto investors that purchased digital assets in 2020 have seen it their cryptocurrencies rise. For instance, the price of bitcoin (BTC) since 2020 is up 303. 28% and ethereum (ETH) is up 465.70%.

The same is true for many of today’s top coins. Binance’s BNB token has jumped 173. 53% in two years and cardano (ADA) is up 443.83%. Gains are even bigger for those who purchased crypto assets in 2017 as bitcoin (BTC) is up 1,294. 85% since that year. The second leading crypto asset ethereum (ETH) is up 8,985. 15% since 2017 against the U.S. dollar.

XRP holders have seen the most gains since 2017 as XRP has skyrocketed in value by 31,346. 47% during the last four years. 2017 was a bullish time for crypto investors as BTC hit an all-time price high that year at $20K per unit and 2021 was similar in terms of bullish price values.

Crypto’s Strong Correlation With Stocks, 289-Day Bear Runs, and Further Capitulation

Market strategists believe that most bear markets last less than 9.5 months. Moreover, in recent times cryptocurrencies have been correlated with equities markets and more specifically stock indexes like Nasdaq 100 and the S&P 500. This could indicate that the crypto bear market will continue until the stock market bear runs are over.

Bank of America strategists recently detailed that the S&P 500 has recorded a total of 19 bear market cycles. The average duration for each cycle was roughly 289 days and the S&P 500’s average bottom was 37.3% lower than the ATH.

If cryptocurrencies follow the same pattern, it could mean that bearish sentiment could continue for three more months. This is assuming history repeats itself and digital assets follow the current correlation to equities. Unfortunately for crypto investors, S&P 500’s average drop of 37.3% is nothing like the lows the crypto economy has seen during extreme capitulation. Three bitcoin (BTC) bottoms have been more than 80% lower than the ATHs recorded during the bull cycle.

While the top ten crypto assets are down 57% to over 80% already, prices could go much lower. An 80% drawdown from BTC‘s $69K high would be $13,800 per unit and an 80% cut in ether’s ATH value would result in a price of $970.

Currently, crypto assets like BTC and ETH are seemingly at a turning point that will take the value one of three ways. The price of bitcoin could stabilize in this area for quite some time. However, it could rise back into a bullish scenario or drop even further, resulting in more capitulation.

What do you think about crypto assets being down 57% to over 80% lower than their price highs? Please comment below to let us know your thoughts on this topic.

Jamie Redman

Jamie Redman, the News Lead at Bitcoin.com News, is a Florida-based financial journalist. Redman has been an active member of the cryptocurrency community since 2011. Redman is passionate about Bitcoin, open-source codes, and decentralized applications. Since September 2015, Redman has written more than 5,000 articles for Bitcoin.com News about the disruptive protocols emerging today.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. This article is not intended to be a solicitation or offer to buy or sell any products or services. Bitcoin.com does not provide investment, tax, legal, or accounting advice. The author and the company are not responsible for any loss or damage resulting from or related to the use or reliance of any content, goods, or services in this article.

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What is the reason why SAND has risen by more than 10% within 24 hours?

The cryptocurrency market continues its positive start to the week with major coins trading in the green area. The cryptocurrency market has performed well in the last two days. In the last 24 hours, the market has added more than 3% to its value, pushing the total market cap above the $900 billion mark. Bitcoin…

The cryptocurrency market continues its positive start to the week with major coins trading in the green area.

The cryptocurrency market has performed well in the last two days. In the last 24 hours, the market has added more than 3% to its value, pushing the total market cap above the $900 billion mark.

Bitcoin surged past the $21k resistance level after adding 2.5% to its value over the last few hours. Ether is eyeing the $1,200 psychological level thanks to its ongoing rally.

However, SAND, the native token of The Sandbox metaverse, is one of the best performers amongst the top 50 cryptocurrencies by market cap.

SAND is up by more than 10% in the last 24 hours and currently trades at $0. 935 per coin. This positive step is primarily due to The Sandbox’s partnership and TIMEPieces (the NFT community initiative of TIME).

In a Medium post on Monday, The Sandbox said it has partnered with TIME to develop ‘TIME Square’, TIME’s first-ever destination in the metaverse.

Key level to watch

The SAND/USD 4-hour chart at the moment is bullish, as SAND has been doing well in recent days.

The MACD line is in the neutral zone. This is a significant improvement over the territory it held last week. The 14-day RSI of 64 shows that SAND could soon enter the oversold region over the coming hours or days.

If the market momentum continues, SAND could surge above the $1 psychological level in the next few hours. SAND could test $1 in the event of a prolonged rally. 08 resistance level before the end of the day.

However, we are still in bear market and the bears may regain control. SAND could fall towards the $0. 83 support level in the next few hours.

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Highlights June 21: Celsius rises almost 50%, cryptos remain green

The crypto market is bullish at the moment, with all the top 100 cryptocurrencys in the green as of this writing. Top cryptos Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of…

The crypto market is bullish at the moment, with all the top 100 cryptocurrencys in the green as of this writing.

Top cryptos

Solana stood out, gaining more than 15%, followed by Cardano, Ethereum, and BNB, all gaining more than 7% over the past 24 hours. Bitcoin was trading above $21,000 at the time of writing, up more than 4% over the past 24 hours.

Cryptos outside the top 10 also fared well. Polkadot jumped more than 7%, but the standout is Polygon with 14%.

Top movers

Aside from the top 20,, the trend was similar with most coins adding 5-9% value. Notable standouts include Chainlink, up 12%, Aave with 14%, and Waves with 18%.

Elrond gained another 15% today. Since announcing a major partnership, Elrond has been rallying with institutions of the Romanian government.

Stacks has 16%, and 1inch Network has 17%.. Recent statistics show that Atomic Swaps on CurveFinance and 1inch registered an average 100 million daily volume.

Zilliqa was one of the largest winners, up 22% during the last 24 h.

XCAD Network allows YouTubers to issue their own fan tokens and NFTs. It allows Youtubers the ability to issue their own fan tokens. Zilliqa’s rally was supported by XCAD’s participation at a recent, very successful live event in NYC.

The big win is Celsius with gains in 49%. Even though Celsius Network is in trouble, the efforts to stabilize it are evidently effective or have an impact on its value.

Compound completes the #100 winners’ list with gains of 26%. The Compound III beta version app is now available to the community.

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PetSneakers is today’s biggest winner. It allows you to train your pets and also work out in a virtual environment. It records your workout results and converts them into PSC tokens that you can stake for more profit. PSC is up 363% right now.

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US Regulator Charges South African MTI and Its Operator With $1.7 Billion Fraud Involving Bitcoin

US Regulator Charges South African MTI and Its Operator in CFTC's Largest Bitcoin Fraud Case

The U.S. Commodity Futures Trading Commission (CFTC) has charged Mirror Trading International (MTI) and its operator with a $1.7 billion fraud involving bitcoin. This action is the regulator’s largest fraud scheme case involving the cryptocurrency.

CFTC Takes Action Against MTI

The CFTC announced Thursday that it has charged a “South African pool operator and CEO with $1.7 billion fraud involving bitcoin.” The regulator added:

This action is CFTC’s largest fraud scheme case involving bitcoin.

The derivatives watchdog has filed a civil enforcement action, charging Cornelius Johannes Steynberg and Mirror Trading International Proprietary Ltd. (MTI) with “fraud and registration violations.”

From approximately May 18, 2018, through March 20 last year, “Steynberg, individually and as the controlling person of MTI, engaged in an international fraudulent multilevel marketing scheme … to solicit bitcoin from members of the public for participation in a commodity pool operated by MTI,” the CFTC detailed, elaborating:

During this period, Steynberg … accepted at least 29,421 bitcoin — with a value of over $1,733,838,372 at the end of the period.

The announcement adds that the CFTC “seeks full restitution to defrauded investors, disgorgement of ill-gotten gains, civil monetary penalties, permanent registration and trading bans, and a permanent injunction against future violations of the Commodity Exchange Act and CFTC Regulations.”

The derivatives watchdog described:

The defendants misappropriated, either directly or indirectly, all of the bitcoin they accepted from the pool participants.

The CFTC concluded: “Sternberg is a fugitive from South African law enforcement, but was recently detained in the Federative Republic of Brazil on an Interpol arrest warrant.”

What do you think about the CFTC’s action against MTI and its operator? Let us know in the comments section below.

Kevin Helms

A student of Austrian Economics, Kevin found Bitcoin in 2011 and has been an evangelist ever since. His interests lie in Bitcoin security, open-source systems, network effects and the intersection between economics and cryptography.

Image Credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

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