With bearish trends in Bitcoin (BTC), Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), the market capitalization of the global cryptocurrency market slumped by 64.1% to $829 billion at the end of 2022, down from $2.3 trillion at the start of the year.
In a similar fashion, spot trading volume on the top 10 crypto exchanges collapsed to $0.46 trillion in December, down by 67.3% from $1.5 trillion in January 2022. The deepest decline in this market occurred during the fourth quarter of the year in the aftermath of FTX’s collapse and the resulting contagion that impacted over 1 million estimated depositors, creditors and investors, the report notes.
These figures are according to the CoinGecko 2022 Annual Crypto Industry Report released on Tuesday. The report notes that BTC emerged as the worst-performing asset in the year as it sank by 64.2%.
#CoinGecko 2022 Annual Crypto Industry Report 📊
2022 was a tumultuous year for #crypto – NFTs and DeFi are among the hardest hit sectors, while stablecoins had a mixed performance.
Here are 8 key highlights you shouldn’t miss 👇 pic.twitter.com/w4n4BoSq7x
— CoinGecko (@coingecko) January 17, 2023
Watch this recent FMLS22 session on the future of cryptocurrencies.
“In the first half of 2022, growth of total staked ETH in validators can be attributed to a bullish Ethereum Merge sentiment. Following a successful Merge in mid-September, the crypto community began to anticipate the upcoming Shanghai upgrade – driving its notable growth last quarter,” CoinGecko explained.
