As 2022 draws to a close, the value of the crypto economy to the dollar has decreased by about $1.486 trillion.
Bitcoin was trading for $46,406 on December 20, 2021, and it has lost more than 63% of its worth so far this year, while Ethereum, the second-most valuable cryptocurrency, has dropped 69% of its value relative to the dollar.
The Top Ten Cryptos in 2022 Loose Billions A few people engaged in musical chairs.
On December 20, 2021, 365 days ago, the crypto economy was far more valuable than it is now. According to 12-month figures, the crypto economy has lost $1.486 trillion since that day, falling from $2.334 trillion to a value of $848 billion on December 20, 2022.
At that time, the price of Ethereum (ETH) was $3,847 per unit, and the nominal value of bitcoin (BTC) was approximately $46K per coin. On December 20, 2021, $118 billion in trades were recorded, indicating a substantially higher 24-hour global trade volume.
As of Dec. 20, 2022, there will have been about $48 billion in swaps recorded, which has resulted in a reduction of the world trade volume by half. The top ten crypto market caps at this time last year looked very different.
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While new currencies have been added, other tokens have been removed from the top 10. Last year, bitcoin (BTC), Ethereum (ETH), bnb (BNB), tether (USDT), Solana (SOL), USD coin (USDC), xrp (XRP), Cardano (ADA), terra (LUNA), and avalanche (AVAX) had the top 10 greatest crypto market caps.
One year later, SOL was removed from the top ten rankings, LUNA collapsed and fell to below one penny per coin, and AVAX was also removed from the list. Only two stablecoins were among the top 10 on December 20, 2021, but now — and for the first time — three stablecoins are among the list’s top ten coins.
USDT and USDC were the top two stablecoin assets at the time, while BUSD finally made it into the top 10 in June 2022. Dogecoin (DOGE) and Polygon are two new entrants into the top ten at this time (MATIC).
Tether’s (USDT) market valuation was $77.39 billion last year at this time compared to $66.22 billion today. The market capitalization of USDC rose over the past year, rising from $42.21 billion to a market valuation of $44.43 billion as of December 20, 2022.
BUSD’s market cap is now $18.06 billion, up from $14.54 billion 365 days ago. Along with LUNA, Solana (SOL), and Avalanche (AVAX), two coins that were formerly top 10 candidates, have seen significant losses during the past 12 months.
SOL has lost 93.2% of its value versus the US dollar so far this year, while AVAX has lost 89%. SOL is currently ranked 18th, down from sixth in terms of market cap. Previously occupying the tenth position, AVAX is currently cruising in 20th place.
Dogecoin (DOGE) had a substantially higher market cap when it was not among the top ten coins, while currently being a top ten competitor. Dogecoin’s market value dropped from $21.78 billion to $10.22 billion as of today.
On December 20, 2021, Polygon, another top ten coin, had a market cap of $14.7 billion; as of right now, however, it is only worth $7.16 billion. The stablecoin BUSD was the lone outlier among the scant number of cryptocurrencies that made it into the top 10 and managed to raise its market value.
When the market cap of the cryptocurrency industry was $2.334 trillion a year ago, BTC had a dominance rating of about 38.4%; as of right now, that rating is 38.3%. BTC’s dominance remained almost unchanged during the past year, but ETH’s dominance decreased from 20.2% to 17.3%.
