If you have only been around for some years in cryptocurrencies, then the last 48 hours might have been the most dreadful in your young cryptocurrency life so far. The markets are all red and it feels as if it never going to end. People are panic-selling, and the worst part is when tokens that you trusted wouldn’t dump (like the UST stablecoin) ends up losing value as well.
Of course, most other stablecoins are still holding its pegged value. But, among the rest of the cryptocurrencies we are seeing red numbers in all direction. We normally say that the big tokens like Bitcoin and Ethereum are safe havens among the cryptocurrencies. They might drop a lot in value as well, but normally they are way more stable than the cryptocurrencies located outside the top-20 list of cryptocurrencies.
So, now we decided to compare some cryptocurrencies and see how they performed in the last seven days. You can see the overall chart below, but since it might be hard to see the numbers and names, scroll further down to see it in larger graphs.
Comparing the performance of different cryptocurrency types during the dump!
Above you can see all the tokens in the same chart, while below you can see them divided into categories; the rebase tokens (STRNGR, THOR, and FIRE), the rebase tokens (HEC, TIME, OHM), and the blue-chips (BTC, ETH, AVAX, SOL, FTM).
What do we make from these numbers?
If we look at the numbers from the last seven days, the best performances in this little research was actually the rebase tokens OlympusDAO and Wonderland (TIME), only decreasing 28% in value. It is closely followed by Bitcoin which has dropped “only” 29%..
Number four is Ethereum which has dropped 35%. Strongblock and their STRNGR token ends up as number five with a 38% drop, followed by Hector Finance with a 45% drop.
The worst performer on this list is Phoenix Community Capital (FIRE) which has dropped 82%.
But, does that mean that OlympusDAO and Wonderland are the safest investments out there? Not at all! In fact, it is important to see that these tokens have been dropping A LOT in value before the drop, meaning that those who have been eager to sell OHM and TIME have already sold their tokens… causing less sell-pressure during days of panic like now.
In other words, I would say that this little piece of research clearly shows that Bitcoin still remains a very safe haven among all the cryptocurrencies out there, and so does Ethereum. They have dropped a lot, but they still outperform most of the other cryptos out there. STRNGR (Strongblock) also did fairly well in the last seven days, but if we put into consideration that the value of one STRONG/STRNGR was more than $1000 in the end of October, then we understand that it has already gone through a heavy dump.
These are just some thoughts on the performance of the different tokens during the last week. I definitely believe that in a volatile cryptoworld, Bitcoin and Ethereum are the safest place to have your money. They might not pump as much as the other tokens (during bullish times), but they are also safer during a bear-market and during panic.
