The aftermath of the closure of several major cryptocurrency exchanges in 2022 has made concerns about liquidity and creditworthiness a huge talking point across the market.
At the beginning of last year, the total market capitalization of all cryptocurrencies was estimated at $2.2 trillion, but by the end of the year, that amount had dropped to less than $800 billion.
Here are the performances of the top 10 cryptocurrencies by market capitalization:
– Ether (market value $148 billion)
After outperforming Bitcoin by more than 350% in 2021, Ether ranked 10th among cryptocurrencies in 2022, losing just under 70% of its value.
Among cryptocurrency investors and enthusiasts, Ether stands out as the most popular digital currency because it is more than just a digital currency.
Despite a difficult first half of the year, experts believed that by 2023 the price would return above $3,000.
Bitcoin (market cap $323 billion)
While it outperforms some of its less valuable peers, the world’s largest and most valuable cryptocurrency was unable to avoid a market crash in 2022.
As Bitcoin has grown in popularity, so has its value: As of May 2016, one Bitcoin cost about $500.
This compares to the current price of approximately $16,580, which represents an increase of approximately 3,250%.
Bitcoin is down 76% from its peak of $68,787 in November 2021. According to CoinMarketCap.
– Tether (market value $66 billion)
Tether or as it is known as (USDT) is a stable currency, which means that it is backed by fiat currencies such as the US dollar and the Euro and theoretically holds an equal value in either of these two denominations.
Tether is trading below $1, but still holds its position as the most sought-after currency, which has surpassed $66 trillion in the past week.
In theory, Tether’s value should be more stable than other cryptocurrencies and appreciated by investors who expect extreme volatility in other digital currencies.
Almost similar in performance was the “USD Coin”, which is another stable currency that is also pegged to the US dollar and has a market value of $44.6 billion.
As in the case of stable currencies, “Binance USD” ranked sixth in terms of market value, despite the pressure on the company that developed it, being the largest cryptocurrency exchange in the world, and the market value of the stable currency “Binance”. is 16.6 billion dollars.
Dogecoin (market cap: $9.8 billion)
Starting in the second quarter, the original “meme” coin has joined the rest of the cryptocurrency market in a major sell-off.
And in 2022, Dogecoin will perform better than most other cryptocurrencies.
Dogecoin is the third best performer among the top 10 cryptocurrencies by market capitalization, with a decline of just over 55% last year, while the second place is occupied by XRP, which recorded a decline of 54%.
The “satirical coin,” which was developed as a form of mockery of Bitcoin, has outperformed most other currencies largely due to Elon Musk’s deal to take over Twitter, as proponents of the currency believe this acquisition could improve the price of Dogecoin, which is being held in the process and is now trading at $0.0697, down 10% over the past seven days.
Cardano (market value $9 billion)
Cardano ADA coin has shown modest growth compared to other major cryptocurrencies.
In 2017, its price was $0.02 and at the end of 2022 it reached $0.26, which represents a growth of 1,188%.
Some analysts expect the value of ADA to increase approximately 256% between the end of 2022 and the end of 2025.
So, between 2025 and 2030, the cryptocurrency is expected to expand by a further 206%.
– Binance (market value $38.8 billion)
In light of the successive crashes of cryptocurrency exchanges and cryptocurrency lending companies, Binance has more or less maintained its stability, ensuring the creditworthiness of its customers.
However, it has not escaped the decline, as it has lost more than 52% of its value during 2022 and is currently trading around the $243 level.
– Polygon (market value $6.6 billion)
Despite being the 10th cryptocurrency by market value, especially after the collapse of the stablecoin “Terra” and its complete exit from the list, which led to the cancellation of over 60 billion dollars in customer wealth, Polygon has lost almost 70% of its market value as well. It was one of the worst performers among the most valuable cryptocurrencies in 2022.
