The fallout from the shutdown of several large cryptocurrency exchanges in 2022 has made concerns regarding liquidity and solvency a huge topic of discussion across the market.
And at the beginning of last year, The total market capitalization of all cryptocurrencies has been estimated at $2.2 trillion. But by the end of the year, that amount had fallen to less than $800 billion.
Here are the performance of the top 10 cryptocurrencies by market capitalization:
– Ether (market value $148 billion)
Having outperformed Bitcoin by more than 350% in 2021, Ether ranked 10th among cryptocurrencies in 2022, losing just under 70% of its value.
Among investors and cryptocurrency enthusiasts, Ether stands out as the most popular digital currency because it is more than just another digital currency.
Despite a difficult first half of the year, experts believed that by 2023 the price would have returned to over $3,000.
Bitcoin (market cap $323 billion)
Even if it performs better than some of its less valuable peers, the world’s most valuable and largest cryptocurrency has not been able to avoid a market crash in 2022.
As Bitcoin’s popularity increased, so too did its value. In May 2016, one Bitcoin cost regarding $500.
This compares to the current price of approximately $16,580, which represents an increase of approximately 3,250%.
Bitcoin is down 76% from its peak of $68,787 in November 2021. According to CoinMarketCap.
– Tether (market value $66 billion)
Tether or as it is known as (USDT) is a stable currency, which means that it is backed by fiat currencies such as the US dollar and the euro and theoretically maintains an equal value to one of these two denominations.
Tether is trading at less than $1, but it still maintains its position as the most demanded currency, which exceeded $66 trillion over the past week.
In theory, Tether’s value should be more stable than other cryptocurrencies, and valued by investors who anticipate extreme volatility in other digital currencies.
Almost similar in performance was the “USD Coin”, which is another stable currency that is also pegged to the US dollar, and has a market value of $44.6 billion.
As in the case of stable currencies, “Binance USD” ranked sixth in terms of market value, despite the pressures on the company that developed it, being the largest cryptocurrency exchange in the world, and the market value of the stable currency “Binance” is 16.6 billion. dollar.
Dogecoin (market cap: $9.8 billion)
Starting in the second quarter, the original “meme” coin joined the rest of the cryptocurrency market in a major sell-off.
And in 2022, Dogecoin will perform better than most other cryptocurrencies.
Dogecoin is the third best performer among the top 10 cryptocurrencies by market capitalization, with a drop of just over 55% last year, while the second place is occupied by XRP, which has seen a drop of 54%.
The “satirical coin,” which was developed as a form of mockery of Bitcoin, has outperformed most other currencies in large part due to Elon Musk’s deal to acquire Twitter, as advocates of the currency believe this acquisition might improve the price of Dogecoin, which is being held in the process. It is now trading at $0.0697, down 10% in the past seven days.
Cardano (market value $9 billion)
Cardano coin ADA has shown modest growth compared to other major cryptocurrencies.
In 2017, its price was $0.02, and at the end of 2022 it reached $0.26, which represents a growth of 1,188%.
Some analysts expect the value of ADA to rise by regarding 256% between the end of 2022 and the end of 2025.
Then between 2025 and 2030, the cryptocurrency is expected to expand by an additional 206%.
– Binance (market value $38.8 billion)
In light of the successive collapses of crypto exchanges and cryptocurrency lending companies, Binance has more or less maintained its stability, assuring the solvency of its customers.
However, it also did not escape the decline, as it lost more than 52% of its value during 2022, and is currently trading around the $243 level.
– Polygon (market value $6.6 billion)
Despite being the tenth largest cryptocurrency by market value, especially following the collapse of the stablecoin “Terra” and its complete exit from the list, which led to the erasure of more than $60 billion of customer wealth, Polygon lost nearly 70% of its market value as well. It was one of the worst performers among the most valuable cryptocurrencies in 2022.
