{"id":22439,"date":"2022-07-10T15:24:49","date_gmt":"2022-07-10T15:24:49","guid":{"rendered":"http:\/\/egrowonline.com\/?p=22439"},"modified":"2022-07-10T15:24:49","modified_gmt":"2022-07-10T15:24:49","slug":"70-to-90-down-crypto-economys-decline-shakes-out-2-trillion-in-8-months-market-updates-bitcoin-news","status":"publish","type":"post","link":"http:\/\/egrowonline.com\/?p=22439","title":{"rendered":"70 to 90% Down \u2014 Crypto Economy’s Decline Shakes Out $2 Trillion in 8 Months \u2013 Market Updates Bitcoin News"},"content":{"rendered":"


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During the past eight months, crypto assets have shed enormous value against fiat currencies like the U.S. dollar. Bitcoin has shed 69% since the leading crypto asset\u2019s all-time high on November 10, 2021, when the digital currency\u2019s value tapped $69K per unit. The crypto economy has seen some healing as the market capitalization of all 13,413 tokens in existence is hovering just below the $1 trillion mark.<\/strong><\/p>\n

Today\u2019s Top 10 Crypto Assets Have Lost 70 to 90% in USD Value<\/h2>\n

At the time of writing the entire crypto-economy is worth $983.65 billion after it lost more than $2 trillion during the past eight months. Every major crypto asset in the top ten standings (except for stablecoins) has shed well over 65% or more in USD value.<\/p>\n

For instance, bitcoin (BTC<\/a>) reached a lifetime high at $69K and today, it\u2019s down 69% from that price high. Roughly 46.21% of BTC<\/a>\u2019s losses took place during the past 90 days. BTC<\/a>\u2019s market dominance is coasting along above the 40% range at 41.352%.<\/p>\n

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BTC<\/a>\/USD Daily chart on July 10, 2022, via Bitstamp at 9:30 a.m. (ET).<\/figcaption><\/figure>\n

The second-largest crypto asset in terms of market valuation ethereum (ETH<\/a>) is down 75.46% from the high it saw eight months ago. ETH<\/a> traded hands for $4,850 per unit on November 10, 2021. 60.11% of ethereum\u2019s losses were recorded during the last three months.<\/p>\n

Over the last 12 months, ETH<\/a> has shed 44.8% and its market capitalization of $142.40 billion represents 14.5% of the entire crypto economy. An interesting fact about 2022\u2019s crypto-economy is that three stablecoin assets are now top ten contenders.<\/p>\n

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ETH<\/a>\/USD Daily chart on July 10, 2022, via Deribit at 9:30 a.m. (ET).<\/figcaption><\/figure>\n

When this phenomenon first occurred<\/a>, the stablecoin terrausd (UST) was still trading for $0.99 to $1 per unit. Moreover, the Binance-issued stablecoin BUSD was close to entering the top ten as well on May 6, 2022. Then UST de-pegged and the token plummeted to $0.00601 per unit on June 18, 2022.<\/p>\n

Since then, BUSD managed to climb a few positions, and the stablecoin\u2019s market cap is now ranked in the sixth position. Just above BUSD is Binance\u2019s BNB<\/a> token which is ranked in the fifth position this weekend.<\/p>\n

BNB<\/a>\u2019s all-time high (ATH) was more than eight months ago as it reached $686 per unit on May 10, 2021. BNB<\/a> is down 65.6% today from the ATH and year-to-date BNB<\/a> has lost 25.7%. XRP<\/a>\u2019s ATH was four years ago and today it is 90% lower than the $3.40 per unit high XRP<\/a> saw on January 7, 2018.<\/p>\n

Bitcoin and Ethereum Command Over 55% of the Crypto Economy, While DOGE, SOL, ADA<\/a>, XRP<\/a>, and BNB<\/a> Represent Close to 10%<\/h2>\n

Cardano\u2019s (ADA<\/a>) ATH was on September 2, 2021, or ten months ago when it reached $3.09 per coin. ADA<\/a> is down today 84.7% from the ATH and 25.3% of the value was lost during the past 30 days.<\/p>\n

Solana (SOL) reached an ATH four days before BTC<\/a>\u2019s and ETH<\/a>\u2019s price highs when it reached $259 on November 6, 2021. SOL is now down 85.6% from that price high and 6.6% was shaved during the last month. In the tenth-largest position, in terms of cryptocurrency market caps, dogecoin (DOGE), is down around 90.7% from the token\u2019s price high.<\/p>\n

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DOGE\/USD Daily chart on July 10, 2022, via Binance at 9:30 a.m. (ET).<\/figcaption><\/figure>\n

Dogecoin\u2019s ATH was recorded on May 08, 2021, when DOGE tapped $0.731 per unit that day. 15.1% of the meme coin\u2019s value has been lost during the past month. Dogecoin\u2019s market dominance today is 0.921%, while solana\u2019s (SOL) dominance rating is 1.301%. <\/span><\/p>\n

Cardano\u2019s market valuation equates to 1.619% of the crypto economy and xrp (XRP<\/a>) is around 1.667%. BNB<\/a> commands 3.934% of the crypto economy\u2019s USD value and besides ETH<\/a>, BTC<\/a>, and stablecoins the combined market cap of DOGE, SOL, ADA<\/a>, XRP<\/a>, and BNB<\/a> equates to 9.442% of today\u2019s $983 billion value.<\/p>\n

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\nTags in this story
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ada<\/a>, all-time highs<\/a>, ATH<\/a>, Bear Market<\/a>, Bitcoin<\/a>, bnb<\/a>, BTC<\/a>, Bull Market<\/a>, Crypto<\/a>, crypto economy<\/a>, Crypto markets<\/a>, Crypto Shake Out<\/a>, Cryptocurrencies<\/a>, data<\/a>, Doge<\/a>, dominance rating<\/a>, down from ATH<\/a>, ETH<\/a>, Ethereum<\/a>, Fiat Value<\/a>, Market Dominance<\/a>, Market Update<\/a>, Markets<\/a>, markets and prices<\/a>, Nov 10 2022<\/a>, Shake Out<\/a>, SOL<\/a>, USD value<\/a>, XRP<\/a><\/div>\n<\/div>\n

What do you think about the top ten coins and how much they have lost since the all-time price highs? Let us know your thoughts about this subject in the comments section below. <\/strong><\/em><\/p>\n

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\nJamie Redman <\/h6>\n

\nJamie Redman is the News Lead at Bitcoin.com News and a financial tech journalist living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He has a passion for Bitcoin, open-source code, and decentralized applications. Since September 2015, Redman has written more than 5,700 articles for Bitcoin.com News about the disruptive protocols emerging today.

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Image Credits<\/b>: Shutterstock, Pixabay, Wiki Commons<\/em><\/p>\n

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Disclaimer<\/strong>: This article is for informational purposes only. It is not a direct offer or solicitation of an offer to buy or sell, or a recommendation or endorsement of any products, services, or companies. Bitcoin.com<\/a> does not provide investment, tax, legal, or accounting advice. Neither the company nor the author is responsible, directly or indirectly, for any damage or loss caused or alleged to be caused by or in connection with the use of or reliance on any content, goods or services mentioned in this article.<\/p>\n<\/div>\n

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