The year 2022 was one of the most brutal years for the crypto market, with all the largest digital coins slumping in value. However, some cryptocurrencies suffered more severe price drops than others.
According to data presented by Crypto Presales, Solana and Polkadot remain the biggest crypto price losers in 2022, with their prices tumbling by a massive 92% and 82% year-to-date. Here is the list of other cryptos that have also seen huge price drops this year.
Cardano, Shiba Inu, and Polygon Round the Top Five Crypto Price Losers
Since November last year, the global crypto market has lost more than $1.9 trillion in value, and some of the world’s largest cryptocurrencies have had a significant role in that drop.
Solana’s 92% price drop has wiped $48.1bn of its market cap year-to-date. Polkadot follows with an 82% plunge and a $21.5bn market cap drop. The CoinMarketCap data show the price of the ninth largest crypto, Cardano, has been slashed by 79% since January, placing it third on this list. Also, its market cap plunged by $34.7bn in this period. Together, the three cryptos lost nearly $105bn in market cap year-to-date.
Shiba Inu has also seen its value plummet this year. SHIB was traded at $0.0000087 last week and is currently the 14th largest cryptocurrency in the crypto space. However, the popular meme coin is having a tough time this year, losing 73% of its value in the past twelve months.
With a 68% year-to-date price drop and $11.2bn wiped off its market cap, Polygon follows Shiba Inu and rounds the list of the five biggest crypto price losers in 2022.
Bitcoin’s Price Plunged 63% YTD, the Seventh Largest Drop in the Crypto Space
Although Bitcoin was at the center of the 2022 crypto price crash, the world’s largest and most expensive cryptocurrency has seen the seventh-largest price drop in the crypto space, one spot behind Ethereum.
Bitcoin’s price tumbled 63% this year, while Ethereum saw a 67% year-to-date price drop. XRP and Litecoin follow with a 57% and 55% drop.
After grabbing the investors` attention as one of the fastest-growing cryptos last year, Dogecoin has also seen its price tumble in 2022. The popular meme coin lost 53% of its value in twelve months, which is still far less than some other leading cryptos. Last week, Dogecoin’s market cap stood at $10.3bn, down from $22.8bn in January.
The CoinMarketCap data show TRON has seen the smallest price correction of all leading cryptocurrencies of 28% year-to-date. Still, the world’s 13th largest crypto has lost nearly $3bn in market cap in the past twelve months.