Home Cryptocurrency Down 70% to 90% — Crypto Recession Costs $2 Trillion in 8 Months – Market Update Bitcoin News

Down 70% to 90% — Crypto Recession Costs $2 Trillion in 8 Months – Market Update Bitcoin News

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Down 70% to 90% — Crypto Recession Costs $2 Trillion in 8 Months – Market Update Bitcoin News

Over the past eight months, crypto assets have lost value relative to fiat currencies such as the U.S. dollar. Bitcoin has fallen 69% since the leading crypto asset hit an all-time high on Nov. 10, 2021, when the digital currency was valued at $69,000 per unit. With the market cap of all 13,413 tokens hovering below $1 trillion, there has been some recovery in the crypto economy.

Today’s top 10 crypto assets lose 70% to 90% of their dollar value

At the time of writing, the entire crypto economy is worth $983.65 billion after losing more than $2 trillion over the past eight months. The top 10 major cryptoassets (excluding stablecoins) have all lost more than 65% or more in dollar value.

Bitcoin (BTC), for example, reached a new all-time high of $69,000, and today, it is down 69% from that price high. About 46.21% of BTC’s losses occurred in the past 90 days. BTC’s market dominance hovers above the 40% range of 41.352%.

Down 70% to 90% — The crypto recession costs $2 trillion in 8 months
BTC/USD daily chart for July 10, 2022 via Bitstamp 9:30AM ET.

Ethereum (ETH), the second-largest cryptoasset by market valuation, is down 75.46% from its peak eight months ago. ETH traded at $4,850 per unit on November 10, 2021. The past three months recorded a 60.11% loss in Ethereum.

ETH is down 44.8% over the past 12 months, and its $142.4 billion market cap accounts for 14.5% of the entire crypto-economy. An interesting fact about the crypto economy in 2022 is that three stablecoin assets are now the top ten contenders.

Down 70% to 90% — The crypto recession costs $2 trillion in 8 months
ETH/USD daily chart for July 10, 2022 via Deribit at 9:30AM ET.

When the phenomenon first occurred, the stablecoin terrausd (UST) was still trading at $0.99 to $1 per unit. In addition, the stablecoin BUSD issued by Binance is also close to entering the top ten on May 6, 2022. UST then decoupled and the token plummeted to $0.00601 per unit on June 18, 2022.

Since then, BUSD has managed to climb a few positions and is currently ranked sixth by market cap. Above BUSD is Binance’s BNB token, which was in fifth place this weekend.

BNB’s all-time high (ATH) was more than 8 months ago, when it reached $686 per unit on May 10, 2021. BNB is down 65.6% from ATH today, while BNB is down 25.7% YTD. XRP’s ATH was four years ago, and today it is 90% below the high price of $3.40 per unit that XRP saw on January 7, 2018.

Bitcoin and Ethereum control over 55% of the crypto economy, while DOGE, SOL, ADA, XRP and BNB account for nearly 10%

The ATH of Cardano (ADA) is to reach $3.09 per coin on September 2, 2021 or ten months ago. ADA is down 84.7% against ATH today and has lost 25.3% of its value in the past 30 days.

Solana (SOL) hit its ATH four days before BTC and ETH’s price highs when it hit $259 on November 6, 2021. SOL is now down 85.6% from that price high, having lost 6.6% in the last month. Dogecoin (DOGE) is the tenth largest in terms of cryptocurrency market capitalization, down about 90.7% from the coin’s price highs.

Down 70% to 90% — The crypto recession costs $2 trillion in 8 months
DOGE/USD daily chart, July 10, 2022, 9:30AM ET via Binance.

Dogecoin’s ATH was recorded on May 8, 2021, when the price per unit of DOGE was $0.731. Memecoin lost 15.1% of its value in the past month. Dogecoin has a market dominance of 0.921% today, while solana (SOL) has a dominance rating of 1.301%.

Cardano’s market valuation is equivalent to 1.619% of the crypto economy, and xrp (XRP) is around 1.667%. BNB accounts for 3.934% of the crypto-economic dollar value, and the combined market capitalization of DOGE, SOL, ADA, XRP and BNB excluding ETH, BTC and stablecoins is equivalent to 9.442% of today’s $983 billion value.

tags in this story

ada, all-time high, ATH, bear market, bitcoin, bnb, BTC, bull market, cryptocurrency, crypto economy, cryptocurrency market, cryptocurrency shock, cryptocurrency, data, Doge, domination rating, from ATH, ETH, Ethereum drop, fiat value, market dominance, market update, markets, markets and prices, 10th November 2022, Shake Out, SOL, USD value, XRP

What do you think of the top ten coins and how much have they lost since their all-time high prices? Let us know your thoughts on this topic in the comments section below.

Jamie Redman

Jamie Redman is the Head of News at Bitcoin.com News and a fintech reporter living in Florida. Redman has been an active member of the cryptocurrency community since 2011. He is passionate about Bitcoin, open source code and decentralized applications. Since September 2015, Redman has written over 5,700 articles for Bitcoin.com News on the disruptive protocols emerging today.

Image credits: Shutterstock, Pixabay, Wiki Commons

Disclaimer: This article is for informational purposes only. It is not a direct offer or invitation to offer, nor is it a recommendation or endorsement of any product, service or company. Bitcoin.com 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 herein.

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