It’s been slightly more than two years since the 2021 cryptocurrency boom, a time when the crypto economy reached its zenith with a valuation of $2.90 trillion on November 10, 2021. Although it has been an extended and harsh crypto winter marked by numerous upheavals, a substantial number of crypto assets have seen considerable growth in 2023, mitigating the losses they endured from their peak values. The following analysis focuses on a selection of leading crypto assets, aiming to evaluate their current standings in relation to their historic price highs.
Cryptocurrencies Strive to Regain Peaks
Since the beginning of the year, bitcoin (BTC) has seen a 120% surge in value against the U.S. dollar, while ethereum (ETH) has experienced a 63% increase during the same timeframe. Despite these gains, many of the top cryptocurrencies still need to make significant strides to reach and exceed their high points set in November 2021.
This review offers insight into the extent to which these digital assets need to rise to return to these levels. On November 10, 2021, bitcoin (BTC) attained a peak value of $69,044 per unit, whereas today, its value hovers around $36,400 per coin.
BTC needs an upward push of just over 47% to surpass its former pinnacle, which previously brought its total market value to $1.25 trillion. Ethereum (ETH), ranking second in market capitalization, is currently priced at $1,950 per coin.
On the same date in 2021, ETH reached a high of $4,878 per unit. To reclaim its previous high, ETH must ascend by at least 60%, aiming to regain the stature it once maintained.
Currently, tether (USDT) ranks as the third largest cryptocurrency by market capitalization, but back in the day, it was Binance’s BNB, priced at $646 per coin, that held this position. BNB reached its zenith months earlier than the November 2021 surge, hitting an all-time high of $686 per unit on May 10, 2021.
Presently, BNB’s value is 64% below its highest recorded level. Similarly, XRP did not achieve a new peak that month either, but in November 2021, it was trading at $1.24 per coin.
This translates to a 50.88% decrease in XRP’s value since November 2021, as it is now trading at $0.609 per coin as of November 19, 2023. Additionally, XRP has experienced an 82% drop from its ultimate high of $3.40 per coin, recorded on January 7, 2018.
Solana (SOL) had a market value of $241 per coin two years ago on November 10, 2021, and reached its all-time high shortly before, on November 6, at $259 per coin. SOL currently stands 76% below its peak at $60 per coin and needs to regain this percentage to surpass its lifetime high.
Progressing further, polkadot (DOT) was among the top ten cryptocurrencies back then, and on November 10, 2021, it was being traded at $54.98 per unit. As of now, DOT’s trading price has plummeted to $5.23 per coin, marking a 90% decline from its peak.
Cardano (ADA) reached its highest price point a month earlier on September 2, 2021, peaking at $3.09 per coin. Currently, ADA’s value is over 87% below its all-time high at $0.37.
Among the aforementioned seven cryptocurrencies discussed, bitcoin (BTC) stands as the one nearest to reclaiming its peak value. ETH and BNB are also relatively closer to their respective price highs compared to the others.
What do you think about the gains these cryptos need to achieve to get back to their 2021 price highs? Share your thoughts and opinions about this subject in the comments section below.