LONDON–Although global crypto prices and the global crypto market cap have both seen big slumps in 2022, it doesn’t mark the most difficult times the industry has seen, according to a new analysis.
The crypto price crash has wiped out $1.3 trillion in value, according to TradingPlatforms.com, and “wounded crypto companies across the globe. The recent collapse of the world's second-largest crypto exchange, FTX, came as another hit.”
Still, although data presented by TradingPlatforms.com reveal the global crypto market cap has declined by 60% year-to-date, the industry has, as they say, seen worse.
“Although the crypto industry is once again feeling the chill of winter, there have been much harder years in its history,” TradingPlatforms.com said. “According to CoinMarketCap data, between December 2017 and December 2018, the global crypto market cap plunged by a massive 83%, falling from $810.8 billion to $131.7 billion. This huge drop remains the biggest one the crypto industry has seen so far.”
The company’s analysis further noted that during 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 $2.3 trillion and then slumped to $1.3 trillion 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 $2.2 trillion or 6% less than a year before,” TradingPlatforms.com said. “When analyzing this year, statistics show that seven out of 12 months have seen the crypto market cap plunging, with May and June as the worst months.”
Big Drops
The world's largest cryptocurrencies have all seen their prices tumble in 2022, but some lost much more in value than others, TradingPlatforms.com said, citing CoinMarketCap data showing Solana remains the biggest crypto loser this year, with a 91% year-to-date price drop. 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 company said.
Meanwhile, the world's second-largest cryptocurrency, Ethereum, ranked as the fifth-largest crypto price loser in 2022. During the week of Dec. 5, ETH coins were valued at $1,253, or 65% less than $3,683 in January.
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