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Crypto Economy Loses $1.4T, Top 10 Token Knockouts, Terra’s Collapse – Featured Bitcoin News

2022’s Market Review: Crypto Economy Loses $1.4T, Top 10 Token Knock Outs, Terra’s Collapse

2022 is coming to an end and during the last 12 months, the crypto economy has lost roughly $1.486 trillion in value against the U.S. dollar. On Dec. 20, 2021, bitcoin was trading for $46,406 and it has lost more than 63% in value year-to-date, while the second leading crypto asset ethereum shed 69% against the greenback over the last year.

2022’s Top Ten Cryptos Shed Billions While a Few Played Musical Chairs

Approximately 365 days ago on Dec. 20, 2021, the crypto economy was worth a lot more in value than it is today. 12-month statistics indicate that $1.486 trillion has been erased from the crypto economy since that day, as it slid from $2.334 trillion to the Dec. 20, 2022 value of $848 billion.

2022’s Market Review: Crypto Economy Loses $1.4T, Top 10 Token Knock Outs, Terra’s Collapse
Top ten crypto coins last year compared to the top ten this year. $1.486 trillion has been erased from the crypto economy during the last 12 months.

At the time, bitcoin’s (BTC) nominal value measured in U.S. dollars was around $46K per coin and ethereum (ETH) was priced at $3,847 per unit last year. 24-hour global trade volume was also much larger, as $118 billion in trades were recorded on Dec. 20, 2021.

Today, the global trade volume has been sliced in half, as there’s been roughly $48 billion in swaps recorded on Dec. 20, 2022. Last year at this time, the top ten crypto market cap looked a whole lot different.

2022’s Market Review: Crypto Economy Loses $1.4T, Top 10 Token Knock Outs, Terra’s Collapse
(Pictured left) Solana (SOL), terra (LUNA), and avalanche (AVAX) have all been removed from the top ten standings. (Pictured right) Polygon (Matic), dogecoin (DOGE), and BUSD have entered the top ten standings.

A number of tokens have been displaced from the top ten, while new coins have been added. The top ten largest crypto market caps last year included bitcoin (BTC), ethereum (ETH), bnb (BNB), tether (USDT), solana (SOL), usd coin (USDC), xrp (XRP), cardano (ADA), terra (LUNA), and avalanche (AVAX), respectively.

2022’s Market Review: Crypto Economy Loses $1.4T, Top 10 Token Knock Outs, Terra’s Collapse
In June 2022, and for the first time in crypto history, three stablecoins entered the top ten standings. USDT, USDC, and BUSD are the three stablecoins in the top ten. Today, USDT has a market cap dominance of around 7.81%, while USDC’s market cap dominance is 5.24%. BUSD’s market cap dominance on Dec. 20, 2022, is 2.13% of the current $848 billion in value across the entire crypto cap.

12 months later, SOL has been kicked out of the top ten, LUNA imploded and spiraled below a U.S. penny per coin, and AVAX was pushed out of the top ten standings as well. On Dec. 20, 2021, only two stablecoins existed in the top ten,…

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