Crypto Economy Loses $1.4 Trillion, Top 10 Token Knockouts, Terra’s Collapse – Select Bitcoin News

2022 is drawing to a close and over the past 12 months, the crypto economy has lost around $1.486 trillion in value against the US dollar. On December 20, 2021, Bitcoin was trading at $46,406 and is down more than 63% year-to-date, while the second-biggest crypto-asset Ethereum is down 69% against the greenback over the last year.

The top ten cryptos of 2022 shed billions while a few musical chairs played

About 365 days ago, on December 20th, 2021, the crypto economy was worth a lot more than it is today. 12-month stats show that $1.486 trillion has been erased from the crypto economy since that day, as it plummeted from $2.334 trillion to $848 billion on December 20, 2022.

Top ten cryptocoins last year vs top ten this year. In the last 12 months, $1.486 trillion has been erased from the crypto economy.

Back then, the nominal 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. Global 24-hour trading volume was also much larger as December 20, 2021 saw $118 billion in trades.

Today, global trading volume has halved as around $48 billion in swaps were recorded on December 20, 2022. This time last year, the top ten crypto market caps looked very different.

(Image left) Solana (SOL), Terra (LUNA) and Avalanche (AVAX) have all been removed from the top ten leaderboards. (Image at right) Polygon (Matic), Dogecoin (DOGE), and BUSD made it into the top ten rankings.

A number of tokens were pushed out of the top ten while new coins were added. The top ten crypto market caps over the last year included Bitcoin (BTC), Ethereum (ETH), BNB (BNB), Tether (USDT), Solana (SOL), USD Coin (USDC), XRP (XRP), Cardano ( ADA). , Terra (LUNA) or Avalanche (AVAX).

In June 2022, three stablecoins entered the top ten rankings for the first time in crypto history. USDT, USDC and BUSD are the three stablecoins in the top ten. Today, USDT has a market cap of around 7.81%, while USDC’s market cap is 5.24%. The dominance of the market cap of BUSD on December 20, 2022 is 2.13% of the current value of $848 billion over the entire crypto cap.

12 months later, SOL was knocked out of the top ten, LUNA imploded and tumbled below a USpenny a coin, and AVAX was also knocked out of the top ten. On December 20, 2021 there were only two stablecoins in the top ten, and today – and for the first time in history – three stablecoins are included in the top ten.

The top ten stablecoin assets back then were USDT and USDC, and in June 2022, BUSD managed to enter the top ten positions. Currently, new additions to the top ten include Dogecoin (DOGE) and Polygon (MATIC).

Terra’s LUNA, now called Luna Classic (LUNC), suffered the most after being in the top ten once last year. On December 20, 2021, LUNC exchanged hands for $77 per unit and today it is worth $0.00013 per unit. Terras LUNC suffered after the blockchain algorithmic stablecoin, Terrausd (UST), now dubbed Terraclassicusd (USTC), decoupled 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 at less than a US penny per unit.

Last year, Tether (USDT) had a much higher market valuation at this point, at $77.39 billion, while today it’s at $66.22 billion. USDC’s market cap has increased over the past 12 months from $42.21 billion to its market valuation of $44.43 billion on December 20, 2022.

365 days ago the market cap of BUSD was $14.54 billion and today it is $18.06 billion. Alongside LUNA, two coins that were once top-ten contenders — Solana (SOL) and Avalanche (AVAX) — have suffered significant losses over the past 12 months.

Bitcoin’s dominance level has remained stable over the past 12 months, while Ethereum’s dominance level has dropped from 20.2% to 17.3% over the past year. Bitcoin’s hash rate hit an all-time high in 2022, hitting 347.16 exahashes per second (EH/s) on November 12, 2022 at a block height of 762,845. Bitcoin mining difficulty also hit an all-time high in 2022, hitting 36.95 trillion on November 20, 2022. Before Ethereum’s transition from Proof-of-Work (PoW) to Proof-of-Stake (PoS), the network’s hash rate hit an all-time high on June 4, 2022 at a block height of 14,902,285 when it was 1.32 petahash reached per second. The transition from PoW to PoS occurred on September 15, 2022 at Terminal Total Difficulty (TTD) of 5875 trillion.

Year-to-date, SOL is down 93.2% against the greenback and AVAX is down 89% over the past year. SOL has slipped from the fifth-largest market cap to currently 18th. AVAX was ranked 10th last year and AVAX is currently rolling at 20th.

While Dogecoin (DOGE) is a top ten contender today, it had a much larger market cap when it didn’t make the top ten ranking. Dogecoin’s market valuation has slipped from $21.78 billion to $10.22 billion today.

Also, Polygon, which is among the top ten coins today, 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 entered the top ten and managed to increase their market valuation was the stablecoin BUSD.

12 months ago, when the market cap of the crypto economy was $2.334 trillion, BTC had a dominance rating of around 38.4% and today it stands at 38.3%. While BTC’s dominance didn’t really flinch, ETH’s dominance has moved from 20.2% to 17.3% over the past year.

tags in this story

$1.486 Trillion, 12 Months, Performances 2022, 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 over the last 12 months? Let us know what you think about this topic in the comment section below.

Jamie Redman

Jamie Redman is the news director at Bitcoin.com News and a Florida-based financial technology journalist. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for bitcoin, open source code and decentralized applications. Since September 2015, Redman has written more than 6,000 articles for Bitcoin.com News about today’s emerging disruptive protocols.

Photo credits: Shutterstock, Pixabay, Wiki Commons

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