Phoenix Group published the report listing several cryptocurrencies that broke new all-time highs (ATH) in recent times, even though some of them were later price-corrected. The featured coins are $TUT, $SPX, $BNB, $NODE, $DOLO, $ZORA, $AIOT, $EDGE, $ASP, and $SAHARA.
$TUT, which recently achieved an ATH of $0.080, is at $0.079, equivalent to a negligible 0.7% undoing, with the same being true about $SPX, whose ATH of $2.05 produced $2.02, a 1.5% downside.
The nodestones and dolestones are now trading at levels of -2.8 and -5.3 percent respectively to their ATHs of $0.073 and 0.17. The two were riding at ATHs of $0.071 and 0.16 respectively. The zora stones and AIOT have also dipped in price by 6.8 and 10.4% respectively from their highest levels of 0.082 and 0.47 respectively.
Considerable Lows Following ATH
Most of the listed tokens are corrected by a single-digit percentage drop relative to their ATH figures. Although three tokens are reported with a larger than 10% correction. $EDGE, with an ATH of $0.22, has corrected by 15.6%, to $0.18. $ASP is corrected by 38.2%, dropping to $0.22, and $SAHARA is down by 42.8%, having a price of $0.092.
All these adjustments aside, the fact that these tokens recently hit ATH suggests the existence of robust historical price trends and market dynamics in the short run. Such retracements can be viewed by market analysts as a normal volatility of digital assets, which may be led by profit-taking, market sentiment, and global macroeconomic factors.
Luxury Implications on the Market and Investor Implications
The existence of established tokens ($BNB) in the list of ATHs and smaller assets showcases a wide variety of investor interest within the entire crypto industry. Once these assets regulate and stabilize at high prices, market players can seek reinforcement of support drives to determine future trends.
