In this article, we will explore the significant decline of three popular cryptocurrencies, Shiba Inu, Cardano, and XRP, since they reached their previous all-time highs.
The recent market downturn has left a bitter taste in the mouths of many investors as the prices of their favorite crypto assets continue to plummet from their record-breaking highs.
There are various possible reasons behind this recent dip. One factor is the post-halving sell-off and miners’ adjustment. Bitcoin miners, in particular, are still trying to adapt to the decrease in mining rewards following the halving event. As a result, they have been selling off some of their Bitcoin holdings to cover their operational costs.
Other factors contributing to the decline include macroeconomic conditions and the underperformance of Hong Kong’s Bitcoin and Ethereum exchange-traded funds (ETFs).
As a result of this price collapse, Shiba Inu (SHIB), XRP (XRP), and Cardano (ADA) have all experienced significant drops from their previous all-time highs.
Shiba Inu, for example, reached a high of $0.00008845 in October 2021. However, it is currently trading at $0.00002184, representing a massive decline of 75.19%.
Cardano saw a remarkable rally in March, surging to nearly $0.8. However, it has since plummeted to $0.4446, a drop of 85.66% from its previous all-time high of $3.10.
XRP, on the other hand, reached its all-time high of $3.84 on January 4, 2018. Due to the legal battle between the SEC and Ripple, it was unable to set a new record in 2021. Although it briefly soared to $0.93 in July 2023 after Ripple secured a partial victory, it is currently priced at $0.5134, approximately 86.67% below its previous all-time high.
Despite these significant declines, market watchers remain optimistic that these cryptocurrencies will reach new highs during the peak of the 2024/2025 bull run.
Disclaimer: This article is for informational purposes only and should not be considered financial advice. The views expressed in this article are the author’s personal opinions and do not reflect the opinion of The Crypto Basic. Readers are advised to conduct their own research before making any investment decisions. The Crypto Basic is not liable for any financial losses incurred.