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Meme-time Cryptos, All-time Cryptos

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The crypto market has been witnessing some wild gyrations for the past few weeks. Bitcoin hit a record high on October 20. Ethereum hit a fresh all-time high on October 29.

Solana topped its price charts on October 25. Meme token Shibu Inu soared to a record high on October 28. Wrapped Bitcoin touched an all-time high on October 20. On the contrary, XRP is currently trading near levels that are more than 70 percent below its all-time high. Despite dog-themed cryptos making a buzz on crypto space, Dogecoin is currently trading more than 60 percent lower than its all-time high.

In short, some digital assets have hit all-time highs, some have drifted away, and some moved closer to their earlier peaks. Some have dropped dramatically from their peaks while some others declined gradually and consistently from their earlier records. Also, some meme-based digital assets have appeared from nowhere, and are creating a flutter with extraordinary spikes, while investors speculate whether it would survive the frenzy or simply decline sharply into oblivion.

The crypto world is wide, diverse, with a plethora of cryptocurrencies with dissimilar price, demand and technical profiles. What applies to one digital asset need not hold good for another in the crypto space that does not allow broad-brush generalizations.

Market leader Bitcoin is currently trading at $62,034.80, around 7 percent lower that its all-time high of $66,930.39 hit on 20 October 2021. Around 60 percent of investors have been holding the coin for more than a year.

Rival Ethereum is today trading at $4,365.75, down 3 percent from its all-time-high of $4,455.74 touched on October 29,2021. Around 60 percent of investors are invested in it for more than a year.

Ethereum's good showing is partly attributed to the release of the Altair upgrade a few days ago, that lays the groundwork for the upcoming merge of the proof-of-work chain and the Beacon Chain, a brand-new, proof-of-stake blockchain.

Record levels of Ethereum burning have also incentivized investors with record valuations. Burning crypto means sending of cryptocurrency tokens to a wallet that has no access key, thereby curtailing access permanently. Just as share buyback reduces the shares in circulation, burning cryptos reduces the amount of digital asset that is in circulation. According to data from Dune Analytics, 702886 Ethereum has been burnt since the London Hard Fork of August 2021.

The popular cryptocurrencies also got a major boost last week with the Australian Securities and Investments Commission greenlighting Bitcoin and Ethereum spot ETFs.
Market leading token SHIBU INU (SHIB) is currently trading at $0.00007186, down 19 percent from its all-time high of $0.00008845 touched on October 28,2021. The 800+ percent monthly rally in the meme-token has created a surge in similar canine-themed digital assets in the past week. More than 30 dog-themed digital assets have recorded weekly surge of more than 100 percent with 2835th ranked Buff Doge Coin (DOGECOIN) surging around 2000 percent in the past week.

At press-time, Bitcoin (BTC), Ethereum (ETH), Binance Coin (BNB), Cardano (ADA), Solana (SOL), XRP (XRP), Polkadot (DOT), Dogecoin (DOGE), Terra (LUNA), Avalanche (AVAX), Litecoin (LTC), Polygon (MATIC), Algorand (ALGO), Bitcoin Cash (BCH) and Stellar (XLM) are the top-15 coins in terms of market capitalization.

If instead of market capitalization, we sort the 15 coins according to the price-drop from all-time high, the resilient at the peak would be Ethereum (-3%), Solana (-6%), Bitcoin (-7%), Polkadot (-10%), Terra (-13%), Avalanche (-20%), Binance Coin (-23%), Polygon (-30%), Cardano (-36%), Algorand (-44%), Litecoin (-53%), Stellar (-61%), Dogecoin (-63%), XRP (-71%) and Bitcoin Cash (-87%).

Top tokens (excluding stablecoins) based on market capitalization are SHIBA INU (SHIB), Uniswap (UNI), Wrapped Bitcoin (WBTC), Chainlink (LINK), and Axie Infinity (AXS).

However, in terms of proximity to the all-time high, this pecking order transforms into Wrapped Bitcoin (-7%), Axie Infinity (-17%), SHIBA INU (-19%), Chainlink(-43%), and Uniswap (-44%).

93rd ranked meme-token Dogelon Mars (ELON) has gained 295 percent and is the best performer in the top-100 digital assets category. 36th ranked Metaverse token Decentraland (MANA) closely follows with a weekly surge of 290 percent.

An assessment of the current price levels, vis-à-vis the all-time-high levels, gives a clearer perspective of the position of each digital asset in the overall cryptocurrency marketplace. An understanding of the proximity of current prices to peak valuations till date can serve as an important barometer to decide when to enter and exit from the markets. To decide whether or not to buy in dips too, one would definitely need to know the price trajectory of the assets.

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