These cryptos are performing well despite the bear market
- 72% of the top 100 cryptocurrencies are hit by a bloodbath, trading 90% below their all-time high.
- Analysts have identified three altcoins with bullish potential despite the recent price drawdown.
- Utility and exchange tokens ranked among the relatively immune cryptocurrencies in the bloodbath.
As 72 out of the top 100 cryptocurrencies nosedived over 90% of their all-time highs, analysts have identified utility and exchange tokens with bullish potential. Analysts believe exchange tokens have performed better than cryptocurrencies from most other sectors.
Best performers in a crypto bear market
The events in the crypto ecosystem over the past month – the collapse of Terra LUNA, Celsius and Three Arrows Capital liquidations and USDD, st-ETH de-peg – fueled a bearish sentiment among investors. 72 out of the top 100 cryptocurrencies by market capitalization have plummeted 90% from their all-time highs.
Cryptocurrencies with large market capitalization dropped less than 90% from their peak, and the bloodbath hit meme coins and smaller market cap altcoins.
Analysts noted that exchange tokens had performed better than cryptocurrencies from most other sectors, being on average 60-70% below their all-time high when writing.
LEO token was identified as the best performer; it is used on the Bitfinex exchange and other trading platforms managed by parent firm iFinex. LEO is less than 40% away from its all-time high of $8.14, and interestingly, there has been “aggressive buying” activity since its price drop.
The Ethereum-based utility token offers traders reduced fees on Bitfinex and has fared relatively better than most other cryptocurrencies in the top 20.
FLEX ranks eighty-third in the top hundred cryptocurrencies; it is used to pay for transactions and reduce trading fees on Coinflex. Experts believe the recent implementation of the burn mechanism in FLEX has improved the token’s price performance; it is 37% below its all-time high of $7.56.
KuCoin’s KCS is nearly 60% away from its all-time high. The ERC-20 token performs nearly the same functions as LEO and FLEX and is a native token for the KuChain.
While traders have scooped utility tokens based on the Ethereum blockchains, Shiba Inu, Dogecoin and Solana, meme coins and Ethereum alternatives are trading nearly 90% below their all-time high. There has been a spike in whale accumulation in the case of Shiba Inu; however, the same is not valid for other meme coins or Ethereum-killer tokens.
Analysts have evaluated the LEO price trend and identified a bullish momentum in Bitfinex’s native token. If LEO price pushes past the $5.58 level, it could hit $5.79 before another pullback in its uptrend.
LEO-USD price chart
Bitcoin price hasn’t hit bottom yet
Eric Thies, a leading technical analyst, told FXStreet that the Bitcoin price chart could see a dead cat bounce, and the bottom is not yet in. Thies predicted when the Bitcoin price could bottom and shared his thoughts on the asset’s trend. For more information, watch this video:
Author
Ekta Mourya
FXStreet
Ekta Mourya has extensive experience in fundamental and on-chain analysis, particularly focused on impact of macroeconomics and central bank policies on cryptocurrencies.
