Crypto’s Bear Market Casualties: Top 15 Coins Down from All-Time Highs

The cryptocurrency market is arguably the world’s most volatile digital assets ecosystem. Historical data reflect a classic division of the crypto market into two seasons: the bullish and the bearish seasons.

Most cryptocurrencies typically spend more time in the bearish season, with momentary rallies providing investors profit-making opportunities. They can lose significant value during such periods, leaving traders and investors with mixed feelings. 

While some investors panic and fear the potential extinction of cryptos during bear markets, others see the falling prices as an opportunity to buy cryptos at cheaper prices, hoping to make significant gains when the bull market returns.

Here’s a list of the top 15 cryptocurrencies ranked by how much their prices have fallen from all-time highs.

JasmyCoin (JASMY)

JasmyCoin is a Japan-based blockchain project that gives users control over their data. It allows them to monetize that data by storing it in data lockers where merchants need to pay to access it.

JASMY is the biggest loser in the current bear market after dropping 99.6% from its all-time high (ATH). The altcoin surged to $4.79 shortly after it launched in February 2021 before dropping sharply during the bear market that followed. CoinGecko’s data shows JASMY traded for $0.02074 at the time of writing. 

Internet Computer (ICP)

ICP is the second most’ bearish crypto token, according to data from CoinGecko. The “World Computer” blockchain’s native token dropped from a $700.65 ATH in May 2021 to trade for $7.14 at the time of writing, reflecting a 99% drop in value. ICP’s price drop was sharp, and the altcoin has traded below $50 since November 2021.

Filecoin (FIL)

At $3.69, Filecoin has lost 98.4% value from its ATH. The native coin of the decentralized IPFS protocol reached an ATH of $236.84 in May 2021 before a sharp trend reversal during the 2021 bear market. The downtrend continued for the past few years, leaving FIL to trade for $3.69 at the time of writing, per CoinGecko’s data.

EOS (EOS)

EOS’ 97.8% drop puts the blockchain protocol’s native coin among the top losers per ATH value. EOS rallied to $22.71 in 2018, marking its highest-ever value. A price surge during the 2021 bull run did not match the previous bull run’s value. Instead, EOS’ price dropped alongside other cryptocurrencies to trade for $0.4983 at the time of writing.

Axie Infinity (AXS)

Axie Infinity gained significant adoption in 2021 following the hype around decentralized blockchain gaming. Many crypto users explored the gaming protocol for significant revenue, which led to a spike in the value of its native token. AXS surged to $164.9 during the 2021 bull run before crashing. The blockchain gaming altcoin has lost 97.7% value from its ATH and traded for $4.69 at the time of writing.

Algorand (ALGO)

A 96.7% drop from ATH puts Algorand among the top losers in the crypto market’s current climate. ALGO’s price topped out at $3.23 in June 2019 before nose-diving. Despite re-surging in 2021, ALGO reached a seasonal high of $2.66 and reversed downwards with the following bear trend. CoinGecko’s data shows ALGO traded for $0.1181 at the time of writing.

NEO (NEO)

NEO, a blockchain protocol for running smart contracts and decentralized applications, gained significant adoption in 2018, with its native token’s price rallying to $198.38 to mark an ATH. The price dropped shortly after spiking, with an attempt at recovery during the 2021 bull run. However, NEO’s price has since dropped to $9.36 at the time of writing, reflecting a 95.3% decline from its ATH.

The Graph (GRT)

GRT has lost 95% value since reaching a $2.84 ATH in 2021. The Ethereum-based crypto token made several attempts at recovery on its way down but continued in an overall downward trend alongside most cryptocurrencies. CoinGecko’s data shows GRT traded for $0.1401 at the time of writing.

VeChain (VET)

VET’s rally to $0.27983 in April 2021 marks the cryptocurrency’s ATH, as the price reversed after a remarkable rally, dropping during the bear market that followed. VET has lost 94.8% of its highest-ever value despite making a few attempts to climb higher. The crypto’s price at the time of writing was $0.02282, according to data from CoinGecko.

Polkadot (DOT)

DOT was one of the best-performing blockchain tokens during the 2021 bull run, making two significant back-to-back rallies before the cycle’s end. The first rally saw DOT surge to $49.78 in May, before dropping significantly ahead of a second rally by the end of the year that pushed the altcoin’s price to a $55.09 ATH. DOT’s price decline followed the rally and has lasted a few years. The once-vibrant altcoin has lost 91.8% of the value from its ATH to trade for $4.47 at the time of writing, per CoinGeko’s data.

Hedera (HBAR)

HBAR’s 90.8% decline from its ATH puts it among the top 15 cryptos with the most significant drops from their ATH. HBAR attained a remarkable $0.576 price during the last bull cycle before heading for a decline. The bear market pushed the decentralized public network’s native token to a significantly low level, leaving it to trade for $0.05205 at the time of writing.

Fantom (FTM)

FTM, the native token of the layer-1 EVM-compatible Fantom blockchain, spiked remarkably towards the end of the 2021 bull cycle. The innovative blockchain token reached an ATH of $3.4842 before heading south, despite notable attempts at returning to the upward direction. At a current price of $0.3378, FTM has lost 90.1% value from its ATH to join the top losers in the current crypto market era.

Cardano (ADA)

Cardano’s ADA falls among the cryptocurrencies that have experienced significant losses from their ATH. At its current $0.3335 price, ADA is 89.1% short in value from its ATH. The Proof-of-Stake blockchain network made waves when its native token’s price surged to $3.1010 in 2021. However, ADA did not sustain that price level for long, as it declined almost immediately in a classic bear trend.

Cosmos Hub (ATOM)

The Cosmos Hub native cryptocurrency, ATOM, has lost 88.8% value from its highest-ever price, which it achieved during the last bull cycle. ATOM rallied to $44.8 in 2021 and made efforts to remain within that price zone before declining. The price has since dropped with ATOM recording its worst period between April and May 2022. The altcoin traded for $4.93 at the time of writing, according to CoinGecko’s data.

Stellar (XLM)

XLM is also 88.8% away from its ATH, similar to ATOM. The altcoin surged to $0.798 at the peak of the 2021 bull cycle before embarking on an immediate decline. After almost three years, XLM’s price has dropped to $0.09799, qualifying it as one other altcoin that has declined significantly from its ATH.

Conclusion

It is crucial to note that it is not all gloom for the listed altcoins, considering how most traders view market declines of such a nature. Most experienced traders consider such a decline a blessing in disguise. From their perspective, falling prices provide better entry opportunities in the market. Also, the downtrend leaves landmarks that could be beneficial for market analysis and predictions in terms of historical support and resistance.

Additionally, with the crypto industry still in its early stages, many users believe the existing all-time highs for most cryptos are potential targets for when the bull cycle returns. Ironically, many analysts believe the further an altcoin declines from its ATH, the more potential it has for profit.