- Spot trading volume on the top 10 crypto exchanges declined by 67.3% in 2022.
- The stablecoin market slumped by 16.6% to $27.3 billion by year-end.
With bearish trends in Bitcoin (BTC), Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), the market capitalization of the global cryptocurrency market slumped by 64.1% to $829 billion at the end of 2022, which is down from $2.3 trillion at the start of the year.
With bearish trends in Bitcoin (BTC), Decentralized Finance (DeFi) and Non-Fungible Tokens (NFTs), the market capitalization of the global cryptocurrency market slumped by 64.1% to $829 billion at the end of 2022, which is down from $2.3 trillion at the start of the year.
Also, the CoinGecko report highlights that the NFT industry had its first bearish cycle in 2022 with trading volume across the top eight chains shrinking to $1.5 billion by the last quarter of the year, which is down from $13.3 billion during the first quarter.
In addition, the DeFi market saw its tokens, minus stablecoins and wrapped tokens, collapse by 72.9% “with various governance and utility tokensUtility TokensUtility tokens are defined as digital assets that are u…Read this Term losing over $48.4 billion in value.” The stablecoin market, for its part, descreased 16.6% to $27.3 billion by year-end.
