2022’s Market Review: Crypto Economy Loses $1.4T, Top 10 Token Knockouts, Terra’s Collapse

Ralph Smith

2022 is coming to an end. In a few months, the crypto-economy lost approximately $1.486 trillion in value against the US dollar. Bitcoin is trading at $46,406 on December 20, 2021, losing more than 63% in value year-to-date, while the second-largest cryptocurrency, Ethereum, has fallen 69% against the dollar last year. did.

Top 10 Cryptocurrencies Lost Billions of Dollars in 2022, Few in Their Chairs

About 365 Days Ago in December 2021 On the 20th, the crypto economy was much more valuable than it is today. $1,048.6 billion has been wiped out of the crypto economy since that date, according to 12-month statistics, as it fell from $2,033.4 billion to a value of $848 billion on December 20, 2022.

Last year’s top 10 crypto coins compared to this year’s top 10. $1,486 billion has been erased from the crypto economy in the last 12 months.

At the time, the nominal value of Bitcoin (BTC) measured in US dollars was approximately $46,000 per coin, compared to Ethereum (ETH) was priced at $3,847. per unit last year. The 24-hour global trading volume was also much higher as $118 billion was recorded on December 20, 2021.

Today, global trading volume has halved. A swap recorded on 12/20/2022.

(pictured left) Solana (SOL), terra (LUNA) and avalanche (AVAX) are all out of the top 10. (Right photo) Polygon (Matic), dogecoin (DOGE), and BUSD entered the top 10.

Many tokens have moved out of the top 10 and new coins have been added. Last year’s top 10 cryptocurrencies by market cap included Bitcoin (BTC), Ethereum (ETH), bnb (BNB), Tether (USDT), Solana (SOL), USD Coin (USDC), xrp (XRP), Cardano (ADA), Terra (LUNA), Avalanche (AVAX) .

June 2022 marks the first time in cryptocurrency history that three stablecoins have entered the top 10. USDT, USDC, and BUSD are three stablecoins in the top 10. Today,USDT has a market cap advantage of about 7.81%, while USDC has a market cap advantage of 5.24%. BUSD’s market cap advantage on December 20, 2022 is 2.13% of the current value of all cryptocurrencies at $848 billion.

After 12 months, SOL was pushed out of the top 10, LUNA imploded and fell below 1 cent of a coin, and AVAX was also pushed out of the top 10. On December 20, 2021, there were only 2 stablecoins in the top 10, but today, for the first time ever, 3 stablecoins are in the top 10.

At that time, the top 10 stablecoin assets were USDT and USDC, and in June 2022 he had BUSD in the top 10. Dogecoin (DOGE) and Polygon (MATIC) are the newest additions to the top ten so far.

His LUNA in Terra, now called Luna Classic (LUNC), has struggled the most after being a top 10 token last year. On December 20, 2021, LUNC traded at $77 per unit and today is worth $0.00013 per unit. Terra’s LUNC took a hit after the blockchain algorithmic stablecoin terrausd (UST), now called terraclassicusd (USTC), detached from the US dollar on May 9, 2022. Two days later, it was trading at less than US$1 per unit.

At this point last year, Tether (USDT) had a market valuation of $77.39 billion, and is now at $66.22 billion. USDC’s market capitalization has increased from $42.21 billion over the past 12 months to a market valuation of $44.43 billion on December 20, 2022.

365 days ago, BUSD had a market capitalization of $14.54 billion, today it is $18.06 billion. Besides LUNA, his two former top 10 contenders — Solana (SOL) and Avalanche (AVAX) — have suffered considerable losses over the past 12 months.

Bitcoin’s dominance level remained the same over the past 12 months, while Ethereum’s dominance level dropped from 20.2% to 17.3% over the past year. Bitcoin hashrate hits all-time high in 2022, reaching 347.16 exahashes per second (EH/s) on November 12, 2022 at block height 762,845. Bitcoin mining difficulty also reached an all-time high for him in 2022, tapping 36.95 trillion on November 20, 2022. Before Ethereum transitioned from Proof of Work (PoW) to Proof of Stake (PoS), the network’s hashrate hit an all-time high of 14,902,285 on June 4, 2022, tapping 1. 32 petahashes per second. The transition from PoW to PoS occurred on September 15, 2022 with a Terminal Total Difficulty (TTD) of 58750000000000. 89% last year. SOL has fallen from the 5th largest market capitalization to its current position of 18th. AVAX held the 10th spot last year, and now AVAX holds the 20th spot.

Dogecoin (DOGE) is a top 10 contender today, but had a much larger market cap when it wasn’t in the top 10. Dogecoin’s market valuation has fallen from $21.78 billion to his current $10.22 billion.

Polygon, currently the top 10 coin, also had a market cap of $14.7 billion on December 20, 2021, but today’s market valuation has fallen to $7.16 billion. The only anomaly among the few cryptocurrencies that managed to add to the top 10 and rise in market valuation was the stablecoin BUSD.

Twelve months ago, when the market cap of the crypto economy was $2.334 trillion,BTC had a dominance of around 38.4%, now it is 38.3% . BTC‘s dominance was really unwavering, while ETH‘s dominance moved from 20.2% to 17.3% last year.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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