2022 in review: Bitcoin, Ether and other cryptos fall big this year

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The world’s most famous cryptocurrency, Bitcoin, which started this year on a bullish note when it hovered around $46,208, fell to $30,000 on May 10 and then to $18,958 on June 19. .

Although bitcoin prices recovered to $22,400 on September 13, they are now hovering around $16,840 on December 21, according to CoinDesk prices. The highest level of this digital currency was reached on March 30 when it exceeded $47,456.

And we can imagine that bitcoin was no exception. All other cryptocurrencies suffered the same fate. From ether to pea, all of these decentralized currencies were in freefall by 2022.

Ether: Just like bitcoin, Ether also lost big in 2022. At the start of the year, Ethereum was trading at $3,677 per unit. It fell to $2,442 towards the end of the same month on January 25, according to CoinDesk prices.

It rallied somewhat on April 5 when it rebounded to $3,520, but that was followed by a series of declines as Ether began to make new lows.

On June 19, it fell below $1,000, then climbed back up to $1,935 on August 15. It now hovers around $1,210 on December 21.

Polkadot: Just like other popular digital currencies, Polkadot also fell this year from $26.70 on January 1 to $4.52 on December 21, a massive drop of 83%.

The cryptocurrency had reached $30 on January 4 but fell to $18 on January 23. It continued to decline and reached $8.30 on May 13, according to CoinDesk prices.

In the second half of the year, the price of polkadot remained in single digits. It was trading around $7.29 on September 3 and $6 on November 11.

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Cryptocurrencies in India

Market capitalisation

The overall market capitalization of these cryptocurrencies has also dropped significantly over the past year.

As of January 1, 2022, the total market capitalization of cryptocurrencies was over 2.24 trillion. It fell to less than a trillion in June, when it hovered around 900 billion dollars.

Although in July it rebounded again, taking the market capitalization above $1 trillion, it started falling again thereafter and the market capitalization hovers around $810 billion on December 21, i.e. less than a third of its $3 trillion peak in November 2021.

Also in India, the general sentiment for cryptocurrencies remained at an all-time low. In the 2022-23 budget, the Minister of Finance introduced a 30% tax on capital gains realized on crypto transactions and another 1% TDS on crypto transactions.

This dealt a major blow to investor interest, which negatively impacted crypto trading volumes on exchanges.

Next year, apparently, is unlikely to bring good news for crypto investors.

Markets are likely to go sideways until the second half of 2023. Volumes have definitely fallen, but it’s much better in international trade. Indian stock exchanges are hit hard due to lack of regulation and stricter tax policies,” said Sidharth Sogani Jain, Founder and CEO of CREBACO.

Meanwhile, CoinSwitch released an end-of-year report on cryptocurrencies and Indian investor behavior towards them. The report shows that India has 19 million crypto users, of which only 8% are women.

In 2022, 45% of crypto-loving investors are in the 18-25 age bracket. Next come 34% of investors in the 26-35 age group.

The report also shows that the most popular cryptocurrency in 2022 was bitcoin and accounted for 12.12% of crypto investments in India.

Next come dogecoin (11.54%), ethereum (9.43%), shiba Inu (6.92%), polygon (4.13%) and Cardano (3.47%) and ripple (2.57%) .

This article first appeared on MintGenie

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