With BTC up almost 90% and Ethereum up almost 50% since the collapse of FTX in Nov. 2022 and resulting flash crash. I wanted to take a look at which popular L1s have hit lower lows in 2023 and are underperforming the greater Crypto Market.

#1 BNB

First on our list and what likely won't be a surprise to anyone who has been paying attention it's BNB. BNB flash crashed to $230 after the collapse of FTX and is currently priced around $213. It recently hit a one year low of $204.

#2 Dogecoin (DOGE)

Next on our list is Dogecoin, but only on a technicality. Dogecoin was trading around $.10 before the collapse of FTX due to the hype of Elon Musk buying Twitter. It flash crashed to $.07 and is currently priced at $.061 making the list. Interesting enough Dogecoin is actually up over the last year and the lowest point is Oct. 2022 when Dogecoin was trading $.05X.

#3 Polkadot (DOT)

The highly inflationary L1 takes the next spot on our list, flash crashing to around $4.30 after the collapse of FTX, DOT has continued to bleed out and currently sits at $4.07. It recently hit a one year low of $3.92.

#4 Avalanche (AVAX)

Avax is another L1 that has hit new lows since the collapse of FTX. Trading around $18 before the collapse and flash crashing to $12 after due to an association with FTX. This coin managed to hype climb in Jan. 2023 due to a misrepresentation of a supposed partnership with Amazon which pushed the price up to $20. Since then it's been mostly red and currently sits at $10 with a recent low of $8.70.

#5 Cosmos (ATOM)

Atom was and still is a bit of a sub favorite due to their approach on airdrops and Staking. However this coin is another one to wildly underperform the market. Trading around $14 and flash crashing to $9 after the collapse of FTX, ATOM managed to recover a bit at the start of the year but it's been constant red since. Currently sitting at $7 with a recent low of $6.30 Atom is another asset being beaten up by this bear market.

#6 Cronos (CRO)

The exchange and L1 token for Crypto (dot) com is next on our list. CRO was trading around $.12 before the collapse of FTX and flash crashed to $.065 as a result of the fear surrounding exchange liquidity. Many traders thought if CDC managed to survive it would be a great time to buy CRO for cheap. Although CRO did slightly recover up to $.08 after the fact it's been almost all Red since.

CRO currently sits at $.0509 which is right above their recent low of $.0496

#7 Algorand (ALGO)

I'm sure everyone on this sub knows by now how terrible Algorand has been performing over the last year. Algorand was trading for about $.40 before the collapse of FTX and flash crashed to $.26 after. What some traders thought was a great time to buy just turned out to be the start of even more Red. Algorand is currently trading for $.10 and has a recent one year low of $.087.

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Honorable Mention: Polygon (Matic)

Although Polygon is not an L1 it has had quite the year, immediately before the collapse of FTX, Polygon blew up in price surging to over $1.25, after the collapse of FTX it flash crashed to $.80. It managed to recover to $1.50 at the start of the year, but after the SEC stated that Polygon is a security it's been nothing but Red. Polygon currently sits at $.56 with a recent one year low of $.494.

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Although it may be tempting to look at the price of BTC and think Crypto as a whole is recovering. It seems most popular crypto assets (alts) are bleeding out as Bitcoin and ETH makes gains in 2023. This can be verified by the change in Bitcoin Dominance which has increased from 40% to 51% since the collapse of FTX.