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Looking back at the top 10 coins one year ago today

by Blockchain Daily Report
December 23, 2022
in Analysis
Reading Time: 3 mins read
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Looking back at the top 10 coins one year ago today
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Key Takeaways

Crypto was crushed throughout the board, with the entire high 10 cash getting hammered
LUNA was the worst because it dying spiralled to near-zero in Might
Solana has misplaced 92% of its worth this yr, falling from the third greatest crypto to sixteenth
Three finest performers have been BNB, XRP and Dogecoin, however they nonetheless pared again 56%+
Bitcoin dropped 64% and Ethereum fell 67%

 

2022. What a yr.

In crypto markets, it’s secure to say that it hasn’t been one one of the best. The world has transitioned to a brand new rate of interest paradigm, with markets realising fairly how a lot of the crypto house was predicted on overleverage at low-cost charges.

That low-cost credit score is gone now and the rug of liquidity has been pulled, with market costs collapsing in consequence. Throw in just a few scandals – FTX, LUNA and Celsius, to call just a few – and the markets have been completely torrid.

On this piece, we glance again on the high 10 cash firstly of the yr.

2022 appears a very long time in the past now

The under is a historic screenshot from the beginning of the yr, taken off CoinMarketCap.

Bitcoin isn’t far off a trillion {dollars}, buying and selling near $50,000 and main the way in which for the market at massive. Ethereum has just lately dipped under $4,000, whereas the third spot is occupied by Binance’s coin, BNB.

Tether is the primary stablecoin on the checklist in fourth, whereas Solana jumps out subsequent in fifth place. The coin, linked with a revered entrepreneur by the identify of Sam Bankman-Fried, is advertising and marketing itself as an ETH killer and making critical features, now over $50 billion in market cap. 

The one different stablecoin is USD Coin in seventh, whereas Dogecoin ranks tenth when excluding the stablecoins, or twelfth total. There’s additionally LUNA, or Terra, in ninth – the coin which powers the burgeoning DeFi ecosystem that’s Terra. 

Life is sweet, life is enjoyable, life is up-only. Certain, the market has peeled again a bit from November, when Bitcoin hit its all-time excessive of $68,739, however costs are nonetheless excessive and income are flowing. Completely satisfied New 12 months, and roll on 2022. 

One yr later

One yr later, you can most likely argue issues are a bit totally different. I’ve collated the efficiency of the highest 10 cash (excluding the 2 stables) into the chart under: 

Luna, clearly, has just about gone to zero. Solana is available in because the second-worst performer, dropping a staggering 92% of its worth in 2022. From being ranked because the fourth greatest crypto, it’s now sixteenth. Avalanche has additionally killed buyers, falling from eleven to eighteen and shaving 87% of its worth within the course of.

The very best performers, then again, are BNB, XRP and Dogecoin, the trio dropping “solely” 56%/57% of their worth. BNB, regardless of the current controversy round Binance, appears set to finish the yr because the fifth greatest crypto, having let USDC and USDT overtake it.

This yr, it actually has been solely stablecoins which were proof against the worth motion. Even Bitcoin and Ethereum are down 64% and 67% respectively. Once more, all these figures can be enlarged even additional if expanded again to all-time highs of November.

Buyers will probably be relieved to see the yr come to a detailed, such has been the punishment in markets. The one downside is, we’re nonetheless in a high-interest charge setting, the business continues to be coping with the fallout of FTX, and the world is a really unsure place proper now.

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