70 to 90% down – The decline in the crypto economy shakes out 2 trillion dollars in 8 months – Market updates Bitcoin news

by Arthur · July 10, 2022

Over the past eight months, cryptocurrencies have thrown huge amounts of value at fiat currencies such as the US dollar. Bitcoin has lost 69% since the all-time high of the leading cryptocurrency on November 10, 2021, when the value of the digital currency lost $ 69,000 per unit. The crypto-economy has seen some healing as the market value of all 13,413 tokens that exist hovers just under $ 1 trillion.

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Today’s top 10 cryptocurrencies have lost 70 to 90% in USD value

At the time of writing, the entire crypto-economy is worth $ 983.65 billion after losing more than $ 2 trillion over the past eight months. Each major crypto asset in the top ten positions (excluding stack coins) has lost well over 65% or more in USD value.

For example, bitcoin (BTC) reached a lifetime high of $ 69K and today it is down 69% from the highest price. Approximately 46.21% of BTC’s losses occurred during the last 90 days. BTC’s market dominance runs over the 40% range of 41.352%.

70 to 90% down - The decline in the crypto-economy shakes out 2 trillion dollars in 8 months — BTC / USD Daily chart July 10, 2022, via Bitstamp at 9:30 (ET).

The second largest crypto asset in terms of market valuation ethereum (ETH) is down 75.46% from the highest 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 over the past three months.

Over the past 12 months, ETH has lost 44.8% and the market value 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 in the top ten challengers.

When this phenomenon first occurred, stablecoin terrausd (UST) was still trading at $ 0.99 to $ 1 per unit. In addition, the Binance-issued stablecoin BUSD was close to entering the top ten also on May 6, 2022. Then UST was decoupled and the token plunged to $ 0.00601 per unit on June 18, 2022.

Since then, BUSD has managed to climb a few positions, and stablecoin’s market value is now ranked sixth. Just above BUSD is Binance’s BNB token, which is ranked fifth this weekend.

BNB’s all-time high (ATH) was more than eight months ago when it reached $ 686 per unit on May 10, 2021. BNB is down 65.6% today from ATH and so far this year, BNB has lost 25.7%. XRP’s ATH was four years ago, and today it is 90% lower than the high XRP value of $ 3.40 per unit 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%

Cardanos (ADA) NOTE was September 2, 2021, or ten months ago, when it reached $ 3.09 per coin. ADA is currently down 84.7% from ATH and 25.3% of the value was lost during the last 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 the highest price and 6.6% was shaved in the last month. In the tenth largest position, when it comes to market values for cryptocurrency, dogecoin (DOGE), is down around 90.7% from the token’s high price.

Dogecoins ATH was registered on May 8, 2021, when DOGE dropped $ 0.731 per unit that day. 15.1% of the value of the meme coin has been lost during the last month. Dogecoin’s market dominance today is 0.921%, while solana’s (SOL) dominance rating is 1.301%.

Cardano’s market value corresponds to 1.619% of the crypto-economy and xrp (XRP) is around 1.667%. BNB has over 3.934% of the crypto-economy’s USD value, and in addition to ETH, BTC and stablecoins, the combined market value of DOGE, SOL, ADA, XRP and BNB corresponds to 9.444% of the current value of 983 billion dollars.

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What do you think about the ten best coins and how much they have lost since the price increase of all time? Tell us your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is a news editor at Bitcoin.com News and a financial engineering journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open source and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols that are emerging today.