The recent crypto crash sent crypto’s total market capitalization plummeting to below $1trn, with all leading digital coins witnessing a double-digit price drop.
According to data presented by AugustaFreePress, the global crypto market cap plunged by 57% since the beginning of the year, reaching $940bn last week.
Bitcoin Makes 40% of the Total Market Value; ETH Market Share Dropped to 17%
Bitcoin and Ethereum, the top two cryptocurrencies, have lost hundreds of billions of dollars in value this year. In January, the market cap of the world’s most expensive cryptocurrency stood at $885bn, according to CoinMarketCap data. Since then, the combined value of all BTC coins dropped by 56%, reaching $372.7 last week. However, Bitcoin still makes around 40% of the total crypto market value.
Ethereum`s market cap plunged by 62% year-to-date, falling from $442.2bn in January to $165.6bn at the end of last week. Also, the ETH market share dropped from 20% to 17% in this period.
As the next three cryptos, Tether, USD Coin, and BNB account for another 17% of the global crypto market cap. Statistics show that Tether’s market cap dropped by 26% YTD to $67.9bn as of last week. On the other hand, the USD coin witnessed a 17% growth during this period, with its market cap rising from $42.4bn to $49.9bn. The combined value of all BNB coins, the fifth largest cryptocurrency, plunged by 48% in nine months, falling to $44.3bn.
Solana, Dogecoin, and Cardano the Biggest Price Losers
After grabbing the investors` attention as the fastest growing cryptos last year, Solana, Dogecoin, and Cardano have seen their prices tumble in 2022. In fact, the CoinMarketCapa data showed the three coins were the biggest price losers this year.
Solana`s market cap dipped by 77% year-to-date, falling from $53.4bn in January to $11.7bn last week. Cardano and Dogecoin follow with a massive 63% drop. Last week, the combined value of all DOGE coins stood at $8.25bn, down from $22.6bn nine months ago. Cardano`s market cap plunged from $43.9bn to $16bn in this period.