During the past eight months, crypto assets have shed enormous value against fiat currencies like the 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. The crypto economy has seen some healing as the market capitalization of all 13,413 tokens in existence is hovering just below the $1 trillion mark.
Today’s Top 10 Crypto Assets Lost 70-90% in USD Value
As of this writing, the entire crypto-economy is worth $983.65 billion after losing over $2 trillion in the last eight months. Every major crypto asset in the top 10 (except stablecoins) lost more than 65% or more 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%.
The second-largest crypto asset by market valuation, Ethereum (ETH), is down 75.46% from its peak eight months ago. ETH traded hands for $4,850 per unit on November 10, 2021. 60.11% of Ethereum’s losses were recorded in the past three months.
Over the last 12 months, ETH has shed 44.8% and its market capitalization 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 top ten contenders.
When this phenomenon first occurred, the stablecoin terrausd (UST) was still trading between $0.99 and $1 per unit. Additionally, the BUSD stablecoin issued by Binance was about to enter the top ten as well on May 6, 2022. Then the UST de-indexed and the token dropped to $0.00601 per unit on June 18. 2022.
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 (ATH)’s all-time high was over eight months ago, as it hit $686 per unit on May 10, 2021. BNB is down 65.6% today against ATH and since the beginning of the year, BNB lost 25.7%. XRP’s ATH was four years ago and today it is 90% below the XRP high of $3.40 per unit recorded 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%
Cardano’s (ADA) ATH was on September 2, 2021, or ten months ago when it reached $3.09 per coin. ADA is down today 84.7% from the ATH and 25.3% of the value was lost during the past 30 days.
Solana (SOL) hit an ATH four days ahead of BTC and ETH price highs when it hit $259 on November 6, 2021. SOL is now down 85.6% from that price high and 6.6% have been shaved in the last month. In tenth place, in terms of cryptocurrency market caps, dogecoin (DOGE), is down about 90.7% from the high price of the token.
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%.
The market valuation of Cardano is equivalent to 1.619% of the crypto-economy and xrp (XRP) is around 1.667%. BNB represents 3.934% of the USD value of the crypto-economy and, in addition to ETH, BTC and stablecoins, the combined market capitalization of DOGE, SOL, ADA, XRP and BNB is equivalent to 9.442% of the current value of 983 billion. of dollars.
