The Crypto Market Loses More Than $2 Trillion in 8 Months
The crypto currency has lost a lot of value over the past eight months against fiat currencies such as the U.S. dollars. Bitcoin’s most important crypto asset, Bitcoin, has lost 69% since its all-time high of November 10, 2021 when the value reached $69K per unit. As the total market capitalization for all 13,413 tokens is just below $1 trillion, the crypto economy has shown some recovery.
The entire crypto-economy, which has lost more than $2 trillion in the past eight months, is valued at $983.65 billion as of the writing. All major crypto assets in the top ten (except stablecoins), have lost over 65% in USD value.
Bitcoin ( BTC), for instance, hit a lifetime high of $69K. Today, it is down 69% from that high. The past 90 days saw approximately 46.21% of BTC losses. BTC is a market leader, with a market share of 41.352%.
BTC/USD Daily Chart on July 10, 2022 via Bitstamp at 9:00 AM (ET).
The market value of ETH, the second-largest crypto asset, is now down 75.46% compared to eight months ago. Ethereum was traded for $4,850 per unit in November 2021. 60.11% of ethereum’s losses were reported during the past three months.
Ethereum has lost 44.8% over the past 12 months. Its market capitalization at $142.40 billion is 14.5% of the total crypto economy. Three stablecoin assets have emerged as the top ten crypto-economy contenders in 2022.
ETH/USD Daily Chart on July 10, 2022 via Deribit at 9:09 a.m. ET
The stablecoin Terrausd (UST), which was $0.99 to $1 per unit when this phenomenon first took place, was still in trading at $0.99 to $1. On May 6, 2022, Binance’s stablecoin BUSD was also close to being in the top ten. The token fell to $0.00601 an unit after UST was de-pegged.
BUSD has climbed a few places since then and is currently ranked at the sixth spot. Binance’s BNB token is just above BUSD and is currently ranked at the fifth spot.
BNB reached $686 per unit on May 10, 2021, more than eight months after its all-time high (ATH). BNB is currently down 65.6% from the ATH, and year-to date BNB has lost 25,7%. XRP’s four-year-old ATH is 90% lower today than the $3.40/unit high XRP had on January 7, 2018.
Bitcoin and Ethereum command over 55% of the Crypto Economy. DOGE, SOL ADA , XRP and BNB represent close to 10%.
Cardano’s ( ADA ) ATH was on September 2, 2021 or ten months ago, when it reached $3.09 per coins. ADA has fallen 84.7% today from the ATH, and 25.3% value was lost in the last 30 days.
Solana (SOL), reached an ATH four day before ETH_’s and ETH_’s highs. It reached $259 on November 6, 2021. SOL has fallen 85.6% since the price high, and 6.6% was lost in the last month. Dogecoin (DOGE) is currently in the tenth position for cryptocurrency market caps. It’s down about 90.7% from its price high.
Daily chart DOGE/USD on July 10, 2022 via Binance at 9:15 AM (ET).
Dogecoin’s ATH occurred on May 8, 2021 when DOGE tapped $0.731 each unit. The last month has seen 15.1% of the value of the meme coin disappear. Dogecoin’s market dominance is currently 0.921%. Solana’s (SOL), dominance rating today is 1.301%.
Cardano’s market value is 1.619% of crypto economy, while xrp ( XRP), is approximately 1.667%. BNB commands 3.934% crypto economy’s USD worth and, along with ETH, BTC and stablecoins, the combined market cap for DOGE, SOL and ADA is 9.442% of today’s $983 billion.