According to TradingView, a community of traders and investors, the market capitalization of all cryptocurrencies has dropped by over 70% so far this year (YTD).
The year has been chaotic for the bitcoin sector. The demise of bitcoin exchanges like FTX, Terra, and Celsius Network, among others, should also be considered. The overall market capitalization of cryptocurrencies has decreased by almost 70% year-to-date (YTD), from $2.5 trillion to $770 million, according to TradingView, a network of dealers and investors. Bitcoin and Ethereum are not included on the list of the worst-performing cryptocurrencies for 2022, though.
Terra LUNA
In May, Terra LUNA’s market value decreased by 99.99%, which created quite a commotion. But the unraveling was brought on by the algorithmic stablecoin TerraUSD (UST).
The project crumbled, but Do Kwon, the creator of Terra, suggested a fork to save it. When the Terra chain ultimately split, Terra 2.0 was the new chain and Terra Classic was the old chain. Luna Classic (LUNC) climbed by about 100% after its introduction in late May 2022, whilst LUNA (LUNA2) declined by roughly 40% during the same period.
FTX
FTX was utilized by FTX as a native token, and FTX collapsed in November as a result of a liquidity issue. Sam Bankman-Fried, the CEO of FTX, was then taken into custody. The coin is still traded on several exchanges, although there is little activity and liquidity.
Solana (SOL)
A series of unfavorable bear markets in 2022 led to a 93.35% YTD drop in the layer-1 blockchain protocol Solana. Among these are the six network failures that occurred during the year, the $200 million wallet compromised in Solana, and the link between Solana and FTX. SOL achieved a return of more than 9000% and was one of the best cryptocurrencies of 2021. The currency gained popularity in 2021, however, in January 2022, it saw a 44.1% price decline, ranking it among the top losers for the time frame.
Axie Infinity (AXS)
The AXS market has seen a consistent declining trend in 2022. Axie Infinity’s play-to-earn (P2E) gaming ecosystem largely employs AXS as its governance token. Additionally, it was a recognized method of payment in the Axie Infinity market where users could purchase non-fungible tokens for use in-game (NFT). AXS is one of the worst-performing assets in the current bear market with a YTD fall of over 93%.
The Sandbox (SAND)
With the use of non-fungible tokens (NFTs) and The Sandbox SAND, the platform’s utility token, users may build, control, and monetize their gaming abilities on Sandbox. Nevertheless, despite its early success, the platform today only has 500 or fewer unique users, according to research by DappRadar, a cross-blockchain browser. The reduced participation across all spot markets has affected the demand for SAND, resulting in a 93.50% YTD fall in its price.
