ETH - 2 Cryptocurrencies That Are Down 85% From Their All-Time Highs and Ready to Pop
2023-11-29 08:05:00 ET
Despite the recent bull market rally, many top cryptos are still trading at a hefty discount to their all-time highs. Bitcoin , for example, is still trading at a 45% discount to its all-time high of $68,790. And Ethereum (CRYPTO: ETH) is still trading 59% below its all-time high of $4,891.
Dig a little bit deeper, and you can find billion-dollar cryptos trading anywhere from 70% to 90% below their all-time highs. Two that particularly stand out for me are Cardano (CRYPTO: ADA) and Avalanche (CRYPTO: AVAX) . Both have market capitalizations north of $7.5 billion, both are former crypto darlings that are now trading at more than 85% discounts, and both have long-term growth catalysts in place. In short, they're both crypto tokens ready to pop.
Cardano , which is trading 87% below its all-time high of $3.10, is a Layer 1 blockchain, similar to Ethereum. In fact, the founder of Cardano (Charles Hoskinson) is one of the founders of Ethereum. As a result, it offers the same core functionality and utility as Ethereum, including non-fungible tokens (NFTs), decentralized finance (DeFi), Web3, and gaming.
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2 Cryptocurrencies That Are Down 85% From Their All-Time Highs and Ready to Pop