Bitcoin: Still 9% Away from All-Time High as Altcoins Struggle to Catch Up
While bitcoin managed to stay above the $66,000 mark on Friday, the leading cryptocurrency is still down 9% from its all-time high (ATH). In contrast, most other cryptocurrencies are even further away from their ATHs, with many alternative crypto assets still having a long way to go to reach their former peaks.
Bitcoin has maintained its advantage over many of its competitors in the current bull market, despite several crypto assets outperforming it over the past 90 days. With a market cap of approximately $1.28 trillion, bitcoin accounts for over 54% of the total market value of the $2.35 trillion crypto economy.
Bitcoin reached its ATH 64 days ago, hitting $73,794 per coin on March 14, 2024. However, with the current price at $65,368 per coin, bitcoin is now 9% below the peak it reached two months ago.
In contrast, Ethereum (ETH) is 36.6% below its ATH of $4,878 per coin, which was reached on November 10, 2021. BNB is performing slightly better, being 13.4% below its peak from May 10, 2021. Although BNB hasn’t surpassed its ATH in three years, it remains closer to it than most other cryptocurrencies. Solana (SOL) is down 34.4% from its ATH of $259.96 per coin, recorded on November 6, 2021. XRP has experienced one of the steepest declines, down 81.4% since its ATH on January 7, 2018.
Toncoin (TON) is a recent addition to the top ten cryptocurrencies and is down 11.7% from its ATH of $7.63, which it reached last month on April 11, 2024. Dogecoin (DOGE) is down 77% from its ATH, and cardano (ADA) is down 84.8% from its peak, rounding out the top ten. While bitcoin may not be at its absolute peak, its dominance within the cryptocurrency market has been undeniable during this latest bull run.
The question now is whether bitcoin will regain its former glory and continue to set new records, or if alternative assets will surpass it, leaving the king of crypto behind. According to the Altcoin Season Index on blockchaincenter.net, bitcoin has consistently held its top position month after month, with the elusive “altcoin season” still far from reality. As usual, the crypto space is never dull, and the unfolding dynamics may redefine the landscape of digital currencies in unexpected ways.
What are your thoughts on the current prices of cryptocurrencies compared to their all-time highs? Share your opinions in the comments section below.
