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

2022 is coming to an extremity and during the past 12 months, the crypto system has mislaid astir $1.486 trillion successful worth against the U.S. dollar. On Dec. 20, 2021, bitcoin was trading for $46,406 and it has mislaid much than 63% successful worth year-to-date, portion the 2nd starring crypto plus ethereum shed 69% against the greenback implicit the past year.

2022’s Top Ten Cryptos Shed Billions While a Few Played Musical Chairs

Approximately 365 days agone connected Dec. 20, 2021, the crypto system was worthy a batch much successful worth than it is today. 12-month statistic bespeak that $1.486 trillion has been erased from the crypto system since that day, arsenic it slid from $2.334 trillion to the Dec. 20, 2022 worth of $848 billion.

Top 10 crypto coins past twelvemonth compared to the apical 10 this year. $1.486 trillion has been erased from the crypto system during the past 12 months.

At the time, bitcoin’s (BTC) nominal worth measured successful U.S. dollars was astir $46K per coin and ethereum (ETH) was priced astatine $3,847 per portion past year. 24-hour planetary commercialized measurement was besides overmuch larger, arsenic $118 cardinal successful trades were recorded connected Dec. 20, 2021.

Today, the planetary commercialized measurement has been sliced successful half, arsenic there’s been astir $48 cardinal successful swaps recorded connected Dec. 20, 2022. Last twelvemonth astatine this time, the apical 10 crypto marketplace headdress looked a full batch different.

(Pictured left) Solana (SOL), terra (LUNA), and avalanche (AVAX) person each been removed from the apical 10 standings. (Pictured right) Polygon (Matic), dogecoin (DOGE), and BUSD person entered the apical 10 standings.

A fig of tokens person been displaced from the apical ten, portion caller coins person been added. The apical 10 largest crypto marketplace caps past twelvemonth included bitcoin (BTC), ethereum (ETH), bnb (BNB), tether (USDT), solana (SOL), usd coin (USDC), xrp (XRP), cardano (ADA), terra (LUNA), and avalanche (AVAX), respectively.

In June 2022, and for the archetypal clip successful crypto history, 3 stablecoins entered the apical 10 standings. USDT, USDC, and BUSD are the 3 stablecoins successful the apical ten. Today, USDT has a marketplace headdress dominance of astir 7.81%, portion USDC’s marketplace headdress dominance is 5.24%. BUSD’s marketplace headdress dominance connected Dec. 20, 2022, is 2.13% of the existent $848 cardinal successful worth crossed the full crypto cap.

12 months later, SOL has been kicked retired of the apical ten, LUNA imploded and spiraled beneath a U.S. penny per coin, and AVAX was pushed retired of the apical 10 standings arsenic well. On Dec. 20, 2021, lone 2 stablecoins existed successful the apical ten, and contiguous — and for the archetypal clip successful past — 3 stablecoins are included successful the apical 10 spots.

Top 10 stablecoin assets backmost past were USDT and USDC, and successful June 2022, BUSD managed to participate the apical 10 positions. New entries into the apical 10 astatine this clip see dogecoin (DOGE) and polygon (MATIC).

Terra’s LUNA, which is present called luna classical (LUNC), suffered the astir aft it was erstwhile a apical 10 token past year. On Dec. 20, 2021, LUNC exchanged hands for $77 per portion and contiguous it’s worthy $0.00013 per unit. Terra’s LUNC suffered aft the blockchain’s algorithmic stablecoin terrausd (UST), present called terraclassicusd (USTC), depegged from the U.S. dollar connected May 9, 2022. On May 11, 2022, LUNC was trading for conscionable supra $1 per portion and 2 days aboriginal it was trading for little than a U.S. penny per unit.

Last twelvemonth astatine this time, tether (USDT) had a overmuch larger marketplace valuation astatine $77.39 billion, portion contiguous it stands astatine $66.22 billion. USDC’s marketplace headdress has accrued during the past 12 months from $42.21 cardinal to the Dec. 20, 2022 marketplace valuation of $44.43 billion.

365 days ago, BUSD’s marketplace headdress was $14.54 cardinal and it stands astatine $18.06 cardinal today. Besides LUNA, 2 coins that were erstwhile apical 10 contenders — solana (SOL) and avalanche (AVAX) — person suffered sizeable losses during the past 12 months.

Bitcoin’s dominance level remained the aforesaid during the past 12 months portion ethereum’s dominance level slipped from 20.2% to 17.3% this past year. Bitcoin’s hashrate tapped an all-time precocious successful 2022, reaching 347.16 exahash per 2nd (EH/s) connected Nov. 12, 2022, astatine artifact tallness 762,845. Bitcoin’s mining trouble besides reached an all-time precocious successful 2022, tapping 36.95 trillion connected Nov. 20, 2022. Prior to Ethereum’s modulation from proof-of-work (PoW) to proof-of-stake (PoS), the network’s hashrate tapped an all-time precocious connected June 4, 2022, astatine artifact tallness 14,902,285, erstwhile it tapped 1.32 petahash per second. The modulation from PoW to PoS occurred astatine Terminal Total Difficulty (TTD) of 58750000000000 connected Sept. 15, 2022.

Year-to-date, SOL has shed 93.2% against the greenback and AVAX has mislaid 89% this past year. SOL has notched down from the 5th largest marketplace headdress to the existent 18th position. AVAX was holding the fig 10 spot past twelvemonth and currently, AVAX is coasting on successful the 20th spot.

While dogecoin (DOGE) is simply a apical 10 contender today, it had a overmuch larger marketplace headdress erstwhile it was not included successful the apical 10 standings. Dogecoin’s marketplace valuation has slipped from $21.78 cardinal to today’s $10.22 billion.

Polygon too, which is present a apical 10 coin, utilized to person a $14.7 cardinal marketplace headdress connected Dec. 20, 2021, but contiguous the marketplace valuation is down to $7.16 billion. The lone anomaly of the tiny fistful of cryptos that got added to the apical 10 and managed to summation its marketplace valuation was the stablecoin BUSD.

12 months ago, erstwhile the crypto economy’s marketplace headdress was $2.334 trillion, BTC had a dominance standing of astir 38.4% and contiguous it stands astatine 38.3%. While BTC’s dominance didn’t truly flinch, ETH’s dominance, connected the different hand, moved from 20.2% to 17.3% implicit the past year.

What bash you deliberation astir the apical 10 crypto coin changes during the past 12 months? Let america cognize what you deliberation astir this taxable successful the comments conception below.

Image Credits: Shutterstock, Pixabay, Wiki Commons

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