This time last year, Bitcoin was trading at around $57,500. On October 21, 2022, BTC surpassed $66,000. However, after moving to its current ATH of around $67,000 in November, Bitcoin has been in a continuous downward spiral. It slipped to $48,000 in mid-December 2021 and crashed to $35,000 in late January 2022
The crypto market is currently facing one of its coldest and longest winters on record. Most coins have been trudging through the mud for months with no end in sight. But some time ago – a year ago to be precise – things were very different. The crypto market experienced a classic “uptober” with multiple coins hitting new highs and breaking the proverbial glass ceiling. However, with the crypto market currently in shambles and most crypto investors feeling the blues, we decided to throw it back to October 2021 and take a look at how the top cryptos performed at the time. Last but not least, it will serve as a reminder of the prices these digital assets have achieved in the past and may surpass in the future. Let’s go!
Exactly one year ago, Bitcoin was trading at around $57,500. On October 21, 2022, BTC surpassed $66,000. However, after moving to its current ATH of around $67,000 in November, Bitcoin has been in a continuous downward spiral. BTC slipped to $48,000 in mid-December 2021 and crashed to $35,000 in late January 2022. It then dropped to $29,000 in May and is currently changing hands at $19,083.
About a year ago, Ethereum, the second largest cryptocurrency by market cap, was trading around $3,400. Ten days later, on October 21, ETH continued to recover to $4,161 and reached $4,810 (its current ATH) on November 9. Since then, however, it’s been nothing but pain for investors as ETH is currently trading at $1,289; that’s 73 percent below his ATH. The merger, which signaled Ethereum’s move to proof-of-stake, should yield some gains but add very little to ETH’s price action. Fortunately, the smart contract network has many major upgrades in the future that could fuel a price boom.
Binance Coin (BNB)
Binance is the largest crypto exchange in the world and its native crypto token, Binance Coin (BNB), currently ranks 5th in terms of market cap. However, positions three and four belong to stablecoins (USDT and USDC respectively), whose values remain more or less the same; therefore they have not been considered for this list. Back to BNB, unlike BTC and ETH, BNB hit its all-time high of $661 in May 2021. And at this point last year, BNB was trading at $413, which is still much higher than its current price of $273. Considering Binance is vastly outperforming its peers in terms of market cap and daily trading volume, BNB should rally once the bulls are able to take over the bears that seem to have a firm grip on the market right now.
Last time this year, XRP changed hands at $1.10, around 55 percent higher than its current price of $0.493. In addition to the crypto winter, XRP is also dealing with a long-running court battle with the SEC. This has caused Ripple to become stuck in recent years. However, recent events suggest that a verdict could be reached as early as December this year without the matter even going to court. Additionally, Ripple is also moving towards a positive result, with XRP pumping nearly 38 percent over the past month. However, even if Ripple wins the battle with the SEC, it is still miles away from its all-time high of $3,021 registered almost five years ago in January 2018.
Cardano has a market cap of more than $13.5 billion and is one of the top 10 cryptocurrencies in the world in terms of market cap. However, among all the coins listed here, Cardano (ADA) has had the worst performance over the past year. At the time of writing, ADA was trading at $0.3977, down 81 percent from the same period last year. Like Ethereum, the Cardano network underwent a significant upgrade — the Vasil hard fork — towards the end of September, but it didn’t have a lasting impact on ADA’s price. DeFi activity on the network has also plummeted, with TVL falling from $326 million in March to $135.39 million on August 1 and just $69 million at the time of writing. These are worrying signs for the smart contract network that was once touted as the Ethereum killer.
Looking back at historical data, it is fair to say that crypto markets are cyclical in nature. This means highs give way to lows, which in turn give way to higher highs, and the process repeats itself over time. Following this trend, the current winter is likely to be followed by a bull run that will cause prices to rise again. Until then, just HODL for the ride!
(Edited by : Hieronymus Anton)
First published: IS