Bitcoin remains steady above the $66,000 mark, but it is still down 9% from its all-time high (ATH). In contrast, many other cryptocurrencies have a long way to go to reach their former peaks, with significant gaps between them and their ATHs.
Bitcoin's market dominance in the current bull market has given it an advantage over its rivals. With a market cap of approximately $1.28 trillion, Bitcoin accounts for over 54% of the total market value of the $2.35 trillion crypto economy. However, it is worth noting that Bitcoin's ATH was achieved 64 days ago at $73,794 per unit, and its current price is $65,368 per coin, placing it 9% below its peak from two months ago.
Unlike Bitcoin, Ethereum (ETH) is 36.6% below its ATH of $4,878 per coin, which was reached on November 10, 2021. Binance Coin (BNB) has performed relatively better, being only 13.4% below its peak from May 10, 2021. Although BNB hasn't surpassed its ATH in three years, it remains closer than most other alternative assets. Solana (SOL) is down 34.4% from its ATH of $259.96 per coin, recorded on November 6, 2021. XRP has experienced one of the steepest declines, down 81.4% since its ATH on January 7, 2018.
Toncoin (TON), a recent addition to the top ten cryptocurrencies, is down 11.7% from its ATH of $7.63 reached last month on April 11, 2024. Dogecoin (DOGE) is down 77% from its ATH, and cardano (ADA) is down 84.8% from its peak. While Bitcoin may not be at its highest point, its dominance in the cryptocurrency market during this bull run is undeniable.
The question that arises is whether Bitcoin will regain its glory and continue to set new records or if alternative assets will surpass it. According to the Altcoin Season Index on blockchaincenter.net, Bitcoin has maintained its top position month after month, indicating that the elusive 'altcoin season' has yet to arrive. The cryptocurrency market is constantly evolving, and the unfolding dynamics may bring unexpected changes to the digital currency landscape.
What are your thoughts on the current prices of cryptocurrencies compared to their ATHs? Feel free to share your opinions in the comments section below.