Over the past 8 months, cryptocurrency assets have lost enormous value relative to fiat currencies like 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. Although the cryptocurrency economy is showing some improvement, its market capitalization (all 13,413 tokens) hovers just below $1 trillion.
Today’s Top 10 Crypto Assets Have Lost 70 to 90% in USD Value
After losing more than $2 trillion over the past 8 months, the total crypto-economy stands at $983.65 Billion as of this writing. All major crypto assets in the top 10 standings, except for stablecoins, have lost well over 65% 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%.
Market valuation is the second largest crypto asset, ethereum. It has fallen 75.46% since its peak eight months ago. ETH was traded for $4,850 each unit as of November 10, 2021. 60.11% of ethereum’s losses were recorded during the last three months.
ETH’s market capitalization, $142.40 million, has fallen 44.8% over the past 12 months. This represents 14.5% in the crypto-economy. An interesting fact about 2022’s crypto-economy is that three stablecoin assets are now top ten contenders.
This phenomenon was initially observed in stablecoins terrausd (UST), when they were still selling for $0.99 to $1 an unit. The Binance-issued stablecoin BUSD also was on the verge of entering the top 10 by May 6, 2022. The token fell to $0.00601 an unit after UST was de-pegged.
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 today is 65.6% lower than the ATH, and has experienced a loss of 25.7% year-over-year. 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 Crypto Economy’s total, while DOGE, SOL and ADA represent close to 10%.
Cardano’s (ADA) ATH was on September 2, 2021, or ten months ago when it reached $3.09 per coin. The ADA today is down 84.7% compared to the ATH. 25.3% value has been lost in 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 now stands at 85.6% below its previous price peak and has lost 6.6% during the 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.
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.
How do you feel about the top ten coin and the loss they’ve experienced since their all-time highs? Comment below to share your thoughts on the subject.
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