Over the past eight months, crypto assets have lost enormous amounts of value against fiat currencies like the US dollar. Bitcoin has fallen 69% since the major crypto asset’s all-time high on November 10, 2021, when the digital currency’s value surpassed $69K per unit. The crypto economy has seen some healing as the market capitalization of all 13,413 tokens in existence hover just under $1 trillion.
Today’s top 10 crypto assets have lost 70-90% of their US dollar value.
At the time of writing, the entire crypto economy is worth $983.65 billion after losing more than $2 trillion over the past eight months. All major crypto assets in the top 10 ranking (except stablecoins) have lost significantly more than 65% of their USD value.
For example, Bitcoin (BTC) hit a lifetime high at $69K and is down 69% from its price high today, representing roughly 46.21% of 22} BTClosses over the past 90 days. BTCis coasting above the 40% level with market dominance at 41.352%.
Ethereum (ETH), the second largest crypto asset by market valuation, is down 75.46% from the high seen eight months ago. ETHtraded at $4,850 per unit on November 10, 2021. 60.11% of Ethereum’s losses were recorded during the past three months.
During the past 12 months,ETHlost 44.8% and its $142.4 billion market cap represents 14.5% of the total crypto economy.An interesting fact about the 2022 crypto economy is that three stablecoin assets are currently top 10 candidates.
When this phenomenon first occurred, the stablecoin Terraud (UST) was still trading at $0.99 to $1 per unit. In addition, the stablecoin BUSD, issued by Binance, was also close to entering the top 10, as well, on May 6, 2022. UST then depegged and the token plummeted to $0.00601 per unit on June 18, 2022.
Since then, BUSD has managed to move up several places, and the market cap of this stablecoin now ranks #6. Just above BUSD is Binance’sBNBtoken. the BNB token ranked #5 this weekend. BNB
BNB‘s all-time high (ATH) was over eight months ago as it reached $686 per unit on May 10, 2021. BNBis down 65.6% from ATH today and year-to-dateBNBis down 25.7%. XRP‘s ATH was 4 years ago and is down 90% from a high of $3.40 per unit todayXRPsaw on January 7, 2018.
Bitcoin and Ethereum account for over 55% of the crypto economy, with DOGE, SOL,. ADA, XRPandBNB BNB accounting for nearly 10%
Solana (SOL) reached ATH 4 days before BTC‘s andETHreached ATH 4 days beforeSOL reached ‘s price high when it reached $259 on November 6, 2021 SOL is now 85% from its price high .6% decline and 6.6% has been shaved off over the past month. In terms of cryptocurrency market cap, in the tenth position, dogecoin (DOGE) is down about 90.7% from the token’s price high.
Dogecoin’s ATH was recorded on May 08, 2021, and DOGE hit $0.731 per unit that day. 15.1% of the meme coin’s value has been lost over the past month. Today Dogecoin’s market dominance is 0.921%, while solana’s (SOL) dominance is 1.301%.
Cardano’s market valuation equals 1.619% of the crypto economy, while xrp (XRP) is around 1.667%. BNBcommandeers 3.934% of the USD value of the crypto economy, plusETH; ETH, BTCand the total market cap of stablecoins is DOGE, SOL,and ADA; ADA, XRP
, with BNBrepresenting 9.442% of today’s $983 billion value.
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