Cryptocurrencies have suffered a massive hit in 2022, losing more than $1.9 trillion in value since the height of last year’s rally.
Although Bitcoin was at the center of the crypto price crash, many other coins have suffered more severe price drops than the world’s most expensive cryptocurrency.
According to data presented by Trading Platforms, Solana was the biggest crypto price loser in 2022, with an 83% price drop year-to-date. Here is the list of other cryptocurrencies that have suffered the biggest hit this year.
The 2022 crypto market crash has caused a double-digit price drop to all major coins and thrust a spotlight on thousands of cryptocurrencies and whether they will survive. The world’s two leading cryptos, Bitcoin and Ethereum, have lost 59% and 64% in total value year-to-date, ranking sixth and seventh on the biggest price losers list.
According to CoinMarketCap data, besides Solana, Polkadot and Cardano suffered the biggest price drop in 2022.
Solana’s 83% price drop has wiped $43.5bn of its market cap year-to-date. Polkadot follows with a 78% plunge and a $20.4bn market cap drop. Cardano’s price has been slashed by 73% in the last ten months, placing it third on this list. Also, its market cap plunged by $33bn in this period. Together, the three cryptos lost around $97bn in market cap year-to-date.
Dogecoin and Polygon round the top five with a 65% and 67% price drop
After grabbing the investors` attention as one of the fastest-growing cryptos last year, Dogecoin has seen its price tumble in 2022. The CoinMarketCapa data showed the meme coin lost 65% of its value in ten months, ranking as the fifth largest crypto price loser this year. Last week, Dogecoin’s market cap stood at $7.7bn, down from $22.8bn in January.
With a 67% year-to-date price drop and $11.4bn wiped off its market cap, Polygon stands one place above Dogecoin. Statistics show that all other major crypto coins have also seen a double-digit price drop this year. Behind Bitcoin and Ethereum, BNB and XRP follow with a 47% and 44% drop.
Together, these cryptos make up 68% of the global crypto market cap, which stood at $918.6bn last week, down from $2.2trn in January.