It is the fag end of 2022, a truly turbulent year for the crypto asset class. Massive monetary policy tightening, industry level shocks ranging from high-profile bankruptcies, stablecoin collapses and hacks as well as unprecedented geopolitical tensions caused the year to be heavily market cap decretive and hierarchy disruptive for the crypto asset class.
Here is a contrast between the top 50 cryptocurrencies on the last Sunday of 2022 and the last Sunday of 2021.
Overall crypto market capitalization has fallen to $807 billion, from $2.4 trillion at the end of 2021. Market cap of 47 of the top 50 cryptocurrencies also dropped during the turbulent period. However, two stablecoins viz 4th ranked USDCoin (USDC) and 7th ranked BinanceUSD (BUSD) as well as 19th ranked UNUS SED LEO (LEO), the utility token used on the Bitfinex exchange and other trading platforms managed by its parent company iFinex have added to market cap during the period.
As far as overall rankings are concerned, only 39 cryptocurrencies remained in the top 50 on both the dates whilst eleven have been replaced with other cryptocurrencies.
212th ranked FTX Token (FTT), 206th ranked Bitcoin BEP2 (BTCB), 147th ranked Gala (GALA), 113th ranked TerraClassicUSD (USTC) and 97th ranked Helium (HNT) are the prominent among the cryptocurrencies that have been pushed down the hierarchy. 60th ranked Fantom (FTM), 55th ranked Decentraland (MANA), 67th ranked IOTA (MIOTA), 52nd ranked The Sandbox (SAND), 63rd ranked Klaytn (KLAY) and 64th ranked The Graph (GRT) also are no longer part of the top 50 league.
The eleven new entrants to the top 50 league are 22nd ranked Toncoin (TON), 29th ranked OKB (OKB), 30th ranked ApeCoin (APE), 31st ranked Quant (QNT), 38th ranked EOS (EOS), 39th ranked PaxDollar (USDP), 41st ranked Bitcoin SV (BSV), 42nd ranked Huobi Token (HT), 44th ranked Flow (FLOW), 47th ranked TrueUSD (TUSD) and 49th ranked USDD (USDD).
Of the 39 cryptocurrencies that managed to stay in the top 50, 3 cryptos viz top ranked Bitcoin (BTC), second ranked Ethereum (ETH) and 35th ranked Hedera (HBAR) retained respective rankings whereas the remained 36 underwent change in rankings. Among these 36 cryptos, 18 gained in rankings whereas 18 slipped in rankings.
Top ranked Bitcoin is currently trading at $16,605.78, down 0.39 percent on an overnight basis. Ethereum (ETH) gained 0.22 percent overnight to trade at $1,198.15.
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