As bitcoin’s value soared to heights last witnessed on April 6, 2022, a multitude of crypto assets have also reaped benefits from the surge of the premier cryptocurrency. Yet, despite a significant number of these digital currencies experiencing substantial increases, surpassing even bitcoin in percentage gains, they have yet to approach the peak values achieved during that period.
From Then to Now: Bitcoin at 20-Month High, Rivals Lag Behind Former Highs
On December 5, 2023, bitcoin’s value surged to $44,490 per coin, marking its highest level in 20 months. Additionally, the overall cryptocurrency market is now valued at $1.67 trillion, with a global trade volume of about $158 billion recorded over the previous day. Reflecting back to April 6, 2022, archived data indicates that bitcoin was trading at $43,926 per coin, following a drop of over 7% against the U.S. dollar within a week.
Furthermore, the cryptocurrency market at that time boasted a significantly higher valuation, standing at $2.11 trillion. This figure surpasses the current market value by approximately $440 billion, highlighting a notable reduction in the overall crypto market economy. Twenty months ago, ethereum (ETH) was trading at $3,229 per unit. Today, with a current value of $2,296 per unit, ETH is trading $933 lower than its previous mark.
Back then, BNB was valued at $427 per unit, whereas its current trading price stands at $231. Solana (SOL) has experienced significant activity, priced at $118 at that time, and now trading at $62. Another noteworthy point from that period is that Terra’s LUNA was trading at $107 per coin, whereas its current value has plummeted to $0.00022749 per coin. At that time, it ranked as the seventh largest crypto asset, but today, it has fallen to the 55th position.
At that time, tether (USDT) had an $82.51 billion market capitalization and it’s higher today at $90 billion. Circle’s usd coin (USDC) had an overall market valuation of around $50.9 billion but it’s now lower at $24.33 billion. Just like LUNA, the once-stable coin terra usd (UST) was a top contender back then with a $16.74 billion market cap that’s now down to $478 million. BUSD also has seen its supply erased over the last 20 months, dropping from $17.7 billion to the current $1.59 billion.
Bitcoin’s recent surge to a 20-month high underscores its dominant position in the crypto market. Yet, despite this uptick, many other cryptocurrencies remain far from their past peak values, indicating a diverse and evolving digital currency landscape.
What do you think about the way crypto markets have performed this year? Let us know what you think in the comments section below.