BTC Is 72.32% Down and ETH Is 72.99% Down Compared to ATHs

It is interesting to see how interconnected many crypto assets are. The whole industry has been moving in tandem with the stock market indicating that many institutionalized investors are deep into crypto and act according to their vision of the global economy. Both stocks and tokens are considered speculative assets by many institutions. When something bad happens on the global scale, investors start moving their capital to safer havens.

The massive drop is not something new for crypto enthusiasts

We had some really tough times and the current crypto winter has been nothing but a source of sadness for all of us. However, it is certainly not something that people are surprised by. Long-time holders know how often the market flipped overnight. The same is bound to happen at some point in the future considering how many new corporations are making their moves into the web3 space.

For now, we can only look at the scale of depreciation that many assets experienced over the long crypto winter. When the whole market peaked last winter, we thought that the next December would be a “crypto spring”, but it did not happen. Instead, Bitcoin lost 72.32% and Ethereum lost 72.99% compared to their respective ATHs as of the time of writing.

The difference is just 0.03% which is fascinating. The same is happening to USD-pegged Tether and USDC with the former losing 24% and the latter — 14%. What is interesting about this pairing is that USDC was recently delisted by Binance and lost exactly 10% of its value due to dumping. It means that stablecoins also lost about 24% by this moment excluding Binance’s decision to delist USDC.

Does it mean anything to the industry?

In essence, no. Making predictions about the nearest future right now is not something that will bring you fame and respect. We are in a twilight zone with not enough information going around to make confident claims. However, the tight connection between market flagship tokens and stablecoins is very curious and can be quite fun to analyze!

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