The recent crypto crash sent crypto’s total market cap plummeting to below $1trn, with all leading digital coins witnessing a double-digit price and drop.
According to data presented by Fair Betting Sites, the combined market cap of the world’s ten largest cryptocurrencies has slumped by almost $800bn year-over-year.
Cardano, Solana, and Polkadot Biggest Losers Among Top Cryptos
Top cryptocurrencies saw deep losses in 2022. According to CoinMarketCap data, Bitcoin and Ethereum, the two biggest cryptos, have lost around 50% market cap year over year. However, other digital coins witnessed an even more brutal plunge.
Statistics show the combined value of all BTC coins stood at $413bn last week, 52% less than a year ago, with Bitcoin accounting for 38% of the global crypto market cap. Ethereum`s market cap plunged 46% year-over-year to $215.3bn, making around 20% of the total market.
Tether, USD Coin, and BNB, which account for 15% of the global crypto market cap, saw different price movements in the last twelve months. Statistics show Tether`s market cap stood at $67.6bn last week, showing a 1% YoY drop. USD Coin saw its market cap spike 77% year-over-year to $51.7bn. On the other hand, BNB`s market cap dipped by 32% in this period, falling from around $70bn to$47.6bn.
Still, that is nearly half the loss of Ethereum rivals Cardano, Solana, and Polkadot. The CoinMarketCap data showed the three tokens were the biggest losers among the top cryptocurrencies in the last year. Cardano`s market cap slumped by 78% YoY, falling from $82.7bn to $17.6Bn. Solana`s market cap dipped by 76% over the past twelve months. Polkadot follows with a 75% plunge.
Binance USD witnessed a significant market cap increase in the past year, with the combined value of all BUSD coins jumping by 57% YoY to $20bn as of last week.
Interest in Crypto Trading Remains High
Although the price of the largest cryptos has crashed drastically since last year, that doesn`t seem to unsettle investors. According to Statista Global Consumer Survey, 18% of the US investors have invested in cryptos this year, while another 15% plan to do so in the next two years. In comparison, 8% of them invested in cryptos two years ago, while an additional 11% planned so.
The growing popularity of cryptocurrencies is likely pushed by the profits made last year, which, according to Chainalysis estimates, amounted to around $163bn.
