The theoretical dynamic range of a CD is 90dB. That is enough for most kinds of music, with the exception of Orchestral and or Choral.
Typically, Jazz and Folk have a dynamic range of less than 30dB.
The frequency range of a CD is approximately 20Hz to 20kHz.
There are no British folk instruments which play lower than 20Hz, and precious few people who can hear either frequency.
It is therefore possible to reproduce live folk music on CD with perfect fidelity.
This is not true of Cassette- noise levels are too high to allow full dynamic range, and tape speed are too low for full frequency range.
78rpm records could, in theory, reproduce greater dynamic range than a CD, but the high frequency fidelity would be poorer because of the mass of the stylus used in the days of 78s.
33.3 Vinyl microgroove stereo records can produce a better dynamic range than CD only on the outer tracks of the album. There has always been a fudge on them, in that the low frequencies are deliberately turned down on the recording and then boosted back with an equaliser in the playback amp. This is done according to a standard referred to as the RIAA curve. The 12" singles used by DJs are good in both respects, but especially because the wider groove spacing allows for more side to side movement of the groove, allowing more emphasis on the bass, which needs to be at a higher amplitude in order to sound as loud as the frequencies that the ear is more sensitive to.
Finally, you must remember that the limiting and compression is not an accident, or bad mastering- it is entirely deliberate- and it's not the same as Normalising either.
Cheers
Dave