Crypto Economy Loses $1.4 Billion, Top 10 Token KOs, Terras Collapse

[ad_1]

2022 is coming to an end and in the last 12 months the crypto-economy has lost around $1.486 trillion in value against the US dollar. On December 20, 2021, bitcoin was trading for $46,406 and it has lost more than 63% of its value since the start of the year, while the second crypto asset Ethereum has lost 69% against the greenback in the course of the last year.

The Top Ten Cryptos of 2022 Lost Billions While a Few Played Musical Chairs

About 365 days ago, on December 20, 2021, the crypto-economy was worth much more in value than it is today. The 12-month statistics indicate that $1.486 trillion has been wiped from the crypto-economy since that day, dropping from $2.334 trillion to the December 20, 2022 value of $848 billion.

The top ten crypto coins of last year compared to the top ten this year. $1.486 trillion has been wiped out of the crypto economy in the last 12 months.

At the time, the face value of bitcoin (BTC) measured in US dollars was around $46,000 per coin and ethereum (ETH) was priced at $3,847 per unit last year. The 24-hour global trade volume was also much larger, as $118 billion in trade was recorded on December 20, 2021.

Today, global trade volume has halved as there was approximately $48 billion in trades recorded on December 20, 2022. Last year around this time, the top ten crypto market caps were very different.

(Left photo) Solana (SOL), terra (LUNA) and avalanche (AVAX) were all dropped from the top ten rankings. (Pictured right) Polygon (Matic), dogecoin (DOGE), and BUSD entered the top ten of the chart.

A number of tokens have been moved from the top ten, while new coins have been added. Last year, the ten largest crypto market caps 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 first time in crypto history, three stablecoins entered the top ten of the chart. USDT, USDC, and BUSD are the three stablecoins in the top ten. Today, USDT has a market cap dominance of approximately 7.81%, while USDC’s market cap dominance is 5.24%. The market cap dominance of BUSD as of December 20, 2022 is 2.13% of the current value of $848 billion across the entire crypto cap.

12 months later, SOL was kicked out of the top ten, LUNA imploded and crashed below one US cent a piece, and AVAX was also kicked out of the top ten. On December 20, 2021, only two stablecoins existed in the top ten, and today – and for the first time in history – three stablecoins are included in the top ten spots.

The top ten stable assets at the time were USDT and USDC, and in June 2022, BUSD managed to break into the top ten positions. New entries in the top ten right now include Dogecoin (DOGE) and Polygon (MATIC).

Terra’s LUNA, now called luna classic (LUC), suffered the most after breaking into the top ten tokens last year. On December 20, 2021, LUNC traded hands for $77 per unit and today it is worth $0.00013 per unit. Terra’s LUNC suffered after the algorithmic stablecoin terrausd (UST), now called terraclassicusd (USTC), was delisted from the US dollar on May 9, 2022. On May 11, 2022, LUNC was trading at just over $1 per unit and two days later. it traded for less than a US penny per unit.

This time last year, tether (USDT) had a much larger market valuation at $77.39 billion, while today it stands at $66.22 billion. USDC’s market capitalization has increased over the past 12 months from $42.21 billion to the December 20, 2022 market valuation of $44.43 billion.

365 days ago, the market capitalization of BUSD was $14.54 billion and it stands at $18.06 billion today. Besides LUNA, two coins that were once among the top ten contenders – solana (SOL) and avalanche (AVAX) – have suffered considerable losses over the past 12 months.

Bitcoin’s dominance level has remained the same over the past 12 months, while Ethereum’s dominance level has increased from 20.2% to 17.3% in the last year. Bitcoin’s hashrate reached an all-time high in 2022, reaching 347.16 exahash per second (EH/s) on November 12, 2022, at a block height of 762,845. Bitcoin’s mining difficulty also reached an all-time high. record high in 2022, reaching 36.95 trillion on November 20, 2022. Prior to Ethereum’s transition from proof-of-work (PoW) to proof-of-stake (PoS), the network’s hashrate hit an all-time high on June 4, 2022, at a block height of 14,902,285, when it mined 1.32 petahash per second. The transition from PoW to PoS occurred at the Total Terminal Difficulty (TTD) of 5875 trillion on September 15, 2022.

Year-to-date, SOL has lost 93.2% against the greenback and AVAX has lost 89% last year. SOL fell from the fifth largest market capitalization to the current 18th position. AVAX held the tenth place last year and currently AVAX sits in the 20th place.

While dogecoin (DOGE) is a top ten competitor today, it had a much larger market capitalization when it was not included in the top ten rankings. The market valuation of Dogecoin fell from $21.78 billion to $10.22 billion today.

Polygon too, which is now in the top ten coins, had a market cap of $14.7 billion on December 20, 2021, but today the market valuation has dropped to $7.16 billion. The only anomaly of the small handful of cryptos that made it into the top ten and managed to increase its market valuation was the BUSD stablecoin.

12 months ago, when the market cap of the crypto economy was $2.334 billion, BTC had a dominance rating of around 38.4% and today it stands at 38.3% . While BTC’s dominance hasn’t really budged, ETH’s dominance, on the other hand, has fallen from 20.2% to 17.3% over the past year.

Tags in this story $1.486 billion, 12 months, 2022 performance, Avalanche (AVAX), Bitcoin (BTC), bnb (BNB), BUSD, cardano (ADA), crypto assets, crypto economy, crypto market, Cryptocurrencies , Dominance, Ethereum (ETH), Market Caps, Market Data, Markets, New Coins, Polygon (MATIC), Solana (SOL), Stablecoins, terra (LUNA), Tether (USDT), Top Ten, usd coin (USDC) , Xrp (XRP)

What do you think of the top ten crypto coin changes in the last 12 months? Let us know what you think about this topic in the comments section below.

Jamie Redman

Jamie Redman is the news manager for Bitcoin.com News and a fintech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written over 6,000 articles for Bitcoin.com News about disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is provided for informational purposes only. This is not a direct offer or the solicitation of an offer to buy or sell, or a recommendation or endorsement of any product, service or company. Bitcoin.com does not provide investment, tax, legal or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.

More popular newsIn case you missed it

[ad_2]