The Uphill Quest — Top Cryptos Face Significant Hurdles to Reclaim Peak Prices

As of Feb. 29, 2024, at 11:30 a.m. ET, bitcoin’s price stands a mere 9.5% shy of its record high of $69,044 per unit, achieved on Nov. 10, 2021. Below is an examination of several leading cryptocurrencies and their proximity to their historical peaks.

The Herculean Task for Some of the Top Cryptos to Return to Lifetime Price Highs

Bitcoin (BTC) and various other leading cryptocurrencies are approaching their all-time price highs, contributing to the crypto economy’s expansion to $2.32 trillion as of Thursday, Feb. 29, 2024. Presently, BTC stands just 9.5% below its $69,044 pinnacle reached in November 2021, with several others also nearing their peak values. Prices for this article were recorded at 11:30 a.m. ET on Thursday leveraging peak price records from coingecko.com.

At current prices, ETH needs to climb 29.4% higher to surpass it’s 2021 peak value.

Ethereum (ETH) still has some ground to cover to reach its zenith, requiring a 29.4% climb to hit the $4,878 milestone achieved on Nov. 10, 2021. BNB faces a more considerable distance, needing a 40.9% increase to surpass the $686 threshold reached in May 2021. Solana (SOL), the fifth largest crypto asset by market cap, must gain 49.8% to surpass its high of $259 per unit.

XRP has seen a 17% uptick over the past 30 days but still requires a substantial 81.9% increase to reach new peaks. Cardano (ADA) also faces a significant leap, needing to rise 77.7% to surpass its all-time high set three years ago. Despite a notable 22% surge in the past 24 hours, dogecoin (DOGE) remains 82% below its lifetime price peak.

Avalanche (AVAX) sits 70.4% below its peak of $144 per coin reached over two years ago. Tron (TRX) needs a 39% rise, chainlink (LINK) requires a 62.5% increase, and polkadot (DOT), the tenth largest crypto asset (excluding stablecoins) by market capitalization, must rise 84.2% to reach the $54.98 high recorded on Nov. 4, 2021. Among the top ten standings (excluding stablecoins), BTC is clearly the closest to reaching its lifetime peak price.

What do you think about the way crypto markets have performed this year and the percentage gains needed to reach new peaks? Let us know what you think in the comments section below.