Undoubtedly, 2022 has been one of the most challenging years for the crypto industry. The crypto price crash brought a $1.3trn wipeout, caused the biggest drop in the number of cryptos so far, and wounded crypto companies across the globe. The recent collapse of the world’s second-largest crypto exchange, FTX, came as another hit. Still, it wasn’t the worst year in the market’s history.
According to data presented by Trading Platforms, the global crypto market cap slumped by 60% year-to-date, the second-largest drop since 2018.
Although the crypto industry is once again feeling the chill of winter, there have been much harder years in its history. According to CoinMarketCap data, between December 2017 and December 2018, the global crypto market cap plunged by a massive 83%, falling from $810.8bn to $131.7bn. This huge drop remains the biggest one the crypto industry has seen so far.
In 2021, the crypto market suffered another major price correction, with the combined value of all cryptocurrencies falling by 45% in five months. In January last year, the global crypto market cap stood at over $2.3trn and then slumped to $1.3trn by May. Still, the market significantly recovered in the following months, and by the end of the year, the global crypto market cap stood at over $2.2trn, or 6% less than a year before.
When analyzing this year, statistics show that seven out of twelve months have seen the crypto market cap plunging, with May and June as the worst months. In May alone, the combined market cap of all cryptos plunged by almost $560bn, and June followed with a massive $457bn wipeout. February was the third most brutal month for the crypto industry in 2022, with a $350bn market cap drop.
The world’s largest cryptocurrencies have all seen their prices tumble in 2022, but some lost much more in value than others. The CoinMarketCap data show Solana remains the biggest crypto loser this year, with a 91% year-to-date price drop. Last week, the crypto coin was traded at $13.82, down from $170 in January.
Polkadot has seen the second-largest drop, with its price falling by 79% since the beginning of the year. Cardano follows with a 75% plunge, and Shiba Inu is closely behind with a 72% year-to-date drop.
The world’s second-largest cryptocurrency, Ethereum, ranked as the fifth-largest crypto price loser in 2022. Last week, ETH coins were valued at $1,253, or 65% less than $3,683 in January.
Although the world’s most-expensive cryptocurrency, Bitcoin, remains at the center of the ongoing price correction, BTC ranked only sixth in the list of biggest price losers. Since January, BTC has seen its value plunge by 64%, the same as the world’s tenth-largest crypto, Polygon.
Jastra is an editor, writer, and PR specialist with years of experience in news, research, and report writing. Over the years, she has worked in different fields of journalism and public relations, including politics, economy, and financial markets.
As well as TradingPlatforms.com, Jastra has written for Inside Business,The Business Mogul, Business Today, Startups Magazine, StockApps.com, and Buyshares.
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