How the Top 10 Cryptocurrencies Performed in 2022
It’s no secret that 2022 has been a pretty rough year for the crypto market. The industry has been hit with everything from crashes to bankruptcies, to fraud allegations, massive fines and layoffs.
The Future of Finances: Gen Z & How They Relate to Money
See: 5 Things You Must Do When Your Savings Reach $50,000
In turn, the industry’s total market cap also took an enormous hit, down to $867 billion on Dec. 5, according to CoinMarketCap data. Far gone are the days (November 2021) when the value of the cryptocurrency market hit $3 trillion.
Let’s take a look at how the 10 largest — by market cap — cryptocurrencies fared so far this year. (All data as of Dec. 5, 2022.)
So far this year, Bitcoin — the No. 1 asset in terms of market cap — has fallen 75% from its Nov. 10, 2021, all-time-high of $68,789.63, according to CoinMarketCap data. Its market cap stands around $331 billion, a far cry from its largest market cap of $1.28 trillion, in November 2021.
Take Our Poll: Do You Think People Should Invest in Crypto?
Ether is also down a whopping 74% from its Nov. 16, 2021, all-time-high of $4,891.70,. Its market cap also took a hit, standing at $157 billion, according to CoinMarketCap, compared to its all-time high of $571.67 billion on Nov. 9, 2021, according to GlobalData.
Tether is down 24.4% from its July 24, 2018, all-time-high of $1.32. Its market cap stands at $65 billion, down from its all-time high market cap of $83 billion in May, according to CoinMarketCap data.
Binance Coin (BNB)
BNB, at $295, is down 57.3% from its May 10, 2021, all-time-high of $690.93. It has a market cap of $47 billion, also down from its all-time high market cap of more than $109 billion in November 2021, according to CoinMarketCap.
USD Coin (USDC)
Stablecoin USDC is down 57.4% from its all-time-high reached in November 2021. Its market cap also fell from $55 billion in June 2022 to $43 billion, according to CoinMarketCap data.
Binance USD (BUSD)
BUSD, at $1.11, is down just 9.6% from its March 12, 2020, all-time-high.
Its market cap suffered less than other coins too, being at $22 billion, from its all-time-high of more than $23 billion in November 2022, according to CoinMarketCap data.
XRP is another coin that took a massive hit. At $0.39, it’s down 89.8% from its Jan. 4, 2018, all-time-high price of $3.84. Its market cap similarly took a huge hit, down to $19 billion, from its all time-high of $130 billion, in January 2018, according to CoinMarketCap data.
The celebrity-endorsed coin, at $0.10, is down 86.3% from its all-time-high of $0.73 reached on May 8, 2021. Its market cap stands at $13.9 billion, far off its all-time-high of $82 billion, in May 2021, according to CoinMarketCap data.
ADA is down 89.5% from its $3.10 all time-high, reached on Sept. 2, 2021. While it’s all-time-high market cap stood at more than $94 billion in August 2021, it trickled down to $11.2 billion, according to CoinMarketCap data.
Polygon is down 68% from its all-time-high a year ago, at $2.92 on Dec. 27, 2021. Similarly, its market cap is down to $8.1 billion, from its $19.5 billion all-time-high also reached in December 2021, according to CoinMarketCap data.
More From GOBankingRates