How the Top 10 Cryptocurrencies Performed in 2022

Bitcoin coins in a close-up shot, digital currency price crash concept.
24K-Production / Getty Images

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.

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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.)

Bitcoin

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.

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Ether

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.

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Tether (USDT)

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

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.

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Dogecoin (DOGE)

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.

Cardano (ADA)

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

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.

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About the Author

Yaël Bizouati-Kennedy is a full-time financial journalist and has written for several publications, including Dow Jones, The Financial Times Group, Bloomberg and Business Insider. She also worked as a vice president/senior content writer for major NYC-based financial companies, including New York Life and MSCI. Yaël is now freelancing and most recently, she co-authored  the book “Blockchain for Medical Research: Accelerating Trust in Healthcare,” with Dr. Sean Manion. (CRC Press, April 2020) She holds two master’s degrees, including one in Journalism from New York University and one in Russian Studies from Université Toulouse-Jean Jaurès, France.
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