đ„3 Big Cryptos Furthest from Their All-Time Highsđ„
While Bitcoin is getting closer to its all-time high, and some tokens are hitting new peaks, not every crypto is enjoying this bullish momentum.
Let's dive into the top 3 tokens, among the top 50 by market cap, that are currently the furthest from their ATHs.đ
3ïžâŁ $DOT -92% from ATH
Polkadot hit its all-time high (ATH) of $55 in November 2021. Fast forward to today, and it's trading around $4.25 â a drop of over 92%! So, what caused this decline?
Initially, DOT gained massive attention, especially with the launch of its parachains, which promised to revolutionize blockchain interoperability. But after the hype, the network faced technical challenges and external factors, such as bearish conditions following the collapse of FTX.
Despite the setbacks, development continues, and there are hopes that Polkadot could get an ETF in the future.
2ïžâŁ $FIL -98.5% from ATH
Filecoinâs fall is even more dramatic. In April 2021, it peaked at $237.24. Today, itâs down to just $3.69 â a shocking 98.5% decline. What went wrong?
A big factor is supply inflation. When Filecoin reached its ATH, there were around 63 million tokens in circulation. That number has ballooned to over 592 million now, making it harder for the price to sustain itself.
Moreover, Filecoinâs use case â allowing users to rent out unused storage â is said to be too difficult to use, making it hard to compete with traditional cloud storage services.
1ïžâŁ $ICP -99% from ATH
The largest drop on the list goes to Internet Computer. In May 2021, ICP hit $750.73. However, today itâs trading at just $7.87, marking a nearly 99% decline!
Unlike most cryptos, the ATH was hit on day one, which many believe was due to price manipulation by FTXâs futures trading. The price quickly crashed and has remained low ever since. Although the technology behind ICP is still considered promising, its controversial launch means it may never reclaim its initial ATH â which many argue was artificially inflated to begin with.
