Despite ongoing rally, OmiseGo would need to rally over 1,400% to reclaim highs

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OmiseGo - a relatively small crypto with a market cap of $261 million - has been caught within the throes of a parabolic uptrend over the past several days.

Despite the magnitude of its recent uptrend, 94 percent of the cryptocurrency's investors are still underwater in their positions.

This statistic highlights just how far-reaching its multi-year decline has been, and also casts a shadow over the possibility that many altcoins will ever be able to revisit their previously established all-time highs.

OmiseGo has been going parabolic, posting a massive climb from its multi-week lows.

On May 13th, it began gaining some immense momentum as it rallied to highs of over $1.00.

Over the following week, OmiseGo rallied all the way to highs of over $2.00.

At the time of writing, OmiseGo is trading down marginally at its current price of $1.86.

In spite of OmiseGo's immense rally over the past couple of weeks, it hasn't been enough to make much of a dent in its macro downtrend.

The cryptocurrency is still trading down over 93 percent from its all-time highs of $28.35 that were set at the peak of the market-wide bull run seen in 2017.

This isn't unique to OmiseGo, as most major altcoins that pumped hard in 2017 are still trading down 90 percent or more from their highs.