2022 was one of the toughest years for the cryptocurrency market, with all the major digital currencies plummeting in value. Amidst the overall big drop, some cryptocurrencies stood out as they suffered more severe price declines than others.
Solana & Polkadot
According to data presented by CryptoPresales.com, the Solana and Polkadot cryptocurrencies remain the biggest losers in cryptocurrency prices in 2022, with their prices falling by 92% and 82% respectively – from the start of the year to date.
Since November last year, the global cryptocurrency market has lost more than $1.9 trillion in value, and some of the world’s largest cryptocurrencies have played a major role in this decline.
Solana’s 92% drop in price has wiped out $48.1 billion of market capitalization since the beginning of the year to date. Polkadot follows with an 82% drop and a loss of $21.5 billion in market capitalization.
Cardano
CoinMarketCap data shows that the price of the ninth largest cryptocurrency, Cardano, has fallen 79% since January, ranking it third on the list of losses.
Over the same period, Cardano’s market capitalization has fallen by $34.7 billion. Together, the three cryptocurrencies have lost nearly $105 billion in market capitalization since the beginning of the year to date.
Shiba Inu
Shiba Inu has also seen its value plummet this year. SHIB traded at $0.0000087 last week and is currently the 14th largest cryptocurrency in the cryptocurrency space. However, the popular meme coin is having a rough time this year, losing 73% of its value in the last twelve months.
With a 68% drop in price from the beginning of the year to date and $11.2 billion wiping out the market capitalization, Polygon follows Shiba Inu and rounds up the list of the five biggest losers in cryptocurrency prices in 2022.
Bitcoin & Ethereum
Although Bitcoin was at the center of the cryptocurrency price collapse in 2022, the world’s largest and most expensive cryptocurrency has seen the seventh largest price drop in the cryptocurrency space, one place behind Ethereum.
Bitcoin’s price has fallen 63% this year, while Ethereum has seen a 67% drop in price since the beginning of the year to date. XRP and Litecoin follow with a 57% and 55% drop.
Dogecoin
After catching the attention of investors as one of the fastest growing cryptocurrencies last year, Dogecoin also saw its price drop in 2022. The popular meme coin lost 53% of its value in twelve months, which is still far less than some other top cryptos. Last week, Dogecoin’s market capitalization stood at $10.3 billion, up from $22.8 billion in January.
Tron
CoinMarketCap data shows that TRON has seen the smallest price correction of all the top cryptocurrencies, down 28% from the start of the year to date. However, the world’s 13th largest cryptocurrency has lost nearly $3 billion in market capitalization over the past twelve months.
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