70 to 90% Down — Crypto Economy"s Decline Shakes Out $2 Trillion in 8 Months
During the past eight months, crypto assets have shed enormous value against fiat currencies like the U.S. dollar. Bitcoin has shed 69% since the leading crypto asset’s all-time high on November 10, 2021, when the digital currency’s value tapped $69K per unit. The crypto economy has seen some healing as the market capitalization of all 13,413 tokens in existence is hovering just below the $1 trillion mark. Today’s Top 10 Crypto Assets Have Lost 70 to 90% in USD Value
At the time of writing the entire crypto-economy is worth $983.65 billion after it lost more than $2 trillion during the past eight months. Every major crypto asset in the top ten standings (except for stablecoins) has shed well over 65% or more in USD value.
For instance, bitcoin (BTC) reached a lifetime high at $69K and today, it’s down 69% from that price high. Roughly 46.21% of BTC’s losses took place during the past 90 days. BTC’s market dominance is coasting along above the 40% range at 41.352%. BTC/USD Daily chart on July 10, 2022, via Bitstamp at 9:30 a.m. (ET).
The second-largest crypto asset in terms of market valuation ethereum (ETH) is down 75.46% from the high it saw eight months ago. ETH traded hands for $4,850 per unit on November 10, 2021. 60.11% of ethereum’s losses were recorded during the last three months.
Over the last 12 months, ETH has shed 44.8% and its market capitalization of $142.40 billion represents 14.5% of the entire crypto economy. An interesting fact about 2022’s crypto-economy is that three stablecoin assets are now top ten contenders. ETH/USD Daily chart on July 10, 2022, via Deribit at 9:30 a.m. (ET).
When this phenomenon first occurred, the stablecoin terrausd (UST) was still trading for $0.99 to $1 per unit. Moreover, the Binance-issued stablecoin BUSD was close to entering the top ten as well on May 6, 2022. Then UST de-pegged and the token plummeted to $0.00601 per unit on June 18, 2022.
Since then, BUSD managed to climb a few positions, and the stablecoin’s market cap is now ranked in the sixth position. Just above BUSD is Binance’s BNB token which is ranked in the fifth position this weekend.
BNB’s all-time high (ATH) was more than eight months ago as it reached $686 per unit on May 10, 2021. BNB is down 65.6% today from the ATH and year-to-date BNB has lost 25.7%. XRP’s ATH was four years ago and today it is 90% lower than the $3.40 per unit high XRP saw on January 7, 2018. Bitcoin and Ethereum Command Over 55% of the Crypto Economy, While 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 coin. ADA is down today 84.7% from the ATH and 25.3% of the value was lost during the past 30 days.
Solana (SOL) reached an ATH four days before BTC’s and ETH’s price highs when it reached $259 on November 6, 2021. SOL is now down 85.6% from that price high and 6.6% was shaved during the last month. In the tenth-largest position, in terms of cryptocurrency market caps, dogecoin (DOGE), is down around 90.7% from the token’s price high. DOGE/USD Daily chart on July 10, 2022, via Binance at 9:30 a.m. (ET).
Dogecoin’s ATH was recorded on May 08, 2021, when DOGE tapped $0.731 per unit that day. 15.1% of the meme coin’s value has been lost during the past month. Dogecoin’s market dominance today is 0.921%, while solana’s (SOL) dominance rating is 1.301%.
Cardano’s market valuation equates to 1.619% of the crypto economy and xrp (XRP) is around 1.667%. BNB commands 3.934% of the crypto economy’s USD value and besides ETH, BTC, and stablecoins the combined market cap of DOGE, SOL, ADA, XRP, and BNB equates to 9.442% of today’s $983 billion value. Tags in this story ada, all-time highs, ATH, Bear Market, Bitcoin, bnb, BTC, Bull Market, Crypto, crypto economy, Crypto markets, Crypto Shake Out, Cryptocurrencies, data, Doge, dominance rating, down from ATH, ETH, Ethereum, Fiat Value, Market Dominance, Market Update, Markets, markets and prices, Nov 10 2022, Shake Out, SOL, USD value, XRP
What do you think about the top ten coins and how much they have lost since the all-time price highs? Let us know your thoughts about this subject in the comments section below. Jamie Redman
Jamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. 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 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today. Biggest Movers: ATOM, DOT Hover Below Key Resistance Levels on Saturday MARKET UPDATES | 1 day ago Bitcoin, Ethereum Technical Analysis: BTC, ETH Consolidate on Saturday, Following Recent Gains MARKET UPDATES | 1 day ago
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