With Bitcoin nearing $68,000 and several other coins, like SUI, reaching new peaks, it seems many cryptocurrencies are gearing up to break records. But not all tokens are enjoying this upward momentum. Some coins that once hit remarkable highs have since lost most of their value, and it’s worth wondering if they’ll ever climb back up. In this article, we’ll take a closer look at the top three cryptocurrencies, among the biggest fifty, which are the furthest from their all-time highs.
Number 3: Polkadot (DOT)
Polkadot reached its peak in November 2021, when it soared to $55. Today, it’s sitting at just $4.25, meaning it’s over 92% down from its all-time high. So, what went wrong?
Polkadot launched in August 2020, and for a while, the token traded relatively quietly. But in early 2021, it caught fire, rocketing up by hundreds of percent as investors got excited about its potential. The excitement peaked when Polkadot introduced its parachains, a key part of its technology that promised new levels of blockchain interoperability. But after the initial hype, things started to falter. The network encountered technical issues, and the market conditions turned against it – especially after the collapse of the FTX cryptocurrency exchange.
Even though Polkadot has struggled, development continues, and recent marketing efforts hint that the team isn’t giving up. Some even speculate that Polkadot could become one of the next coins to receive a coveted ETF listing. But for now, it remains far from its former glory.
Number 2: Filecoin (FIL)
Filecoin’s fall from grace has been even steeper. Its all-time high of $237.24, set in April 2021, feels like a distant memory as the coin now trades at just $3.69 – a shocking drop of almost 98.5%. The main issue here seems to be supply inflation. At the time of its peak, there were around 63 million FIL tokens in circulation. Today, that number has ballooned to 592 million, and we’re still nowhere near the total possible supply.
Filecoin’s use case – allowing users to rent out unused hard drive space – has also faced criticism. Many users claim the system is difficult to use and can’t compete with traditional cloud services. These factors combined have made it hard to imagine Filecoin ever reclaiming its former highs.
Number 1: Internet Computer (ICP)
The steepest drop belongs to Internet Computer. On May 10, 2021, it reached a staggering $750.73. Today, it’s trading at just $7.87, down nearly 99%. However, unlike the others on this list, ICP’s story is quite unique. The coin shot to its all-time high right at launch, only to collapse almost immediately.
There’s significant controversy surrounding ICP’s launch, with many accusing FTX of manipulating the price through its perpetual futures instrument, ICP-PERP. This manipulation is thought to have artificially inflated the coin’s price at launch, leading to an inevitable crash. ICP remains a promising project, but it might not return to its ATH – because it’s an artificial number that never reflected the true value of the coin.
In conclusion, while some coins are pushing new boundaries, others are struggling to stay relevant, far removed from their glory days. Whether they’ll ever recover remains uncertain, but for now, they serve as a reminder that not every coin is destined to reach new heights.
