Crypto Market Agony Lingers

Decline in the crypto market capitalization continued unabated amidst concerns over the impact of high interest rates on world economic growth. Overall market capitalization dropped to $896 billion, versus $902 billion a day earlier. The market capitalization oscillated between a high of $917 billion and a low of $876 billion.

Bitcoin dropped to $20,265.23 in the past 24 hours, a tad above the 18-month low of $20,178.30, touched on Wednesday. BTC is currently trading at $20,506.28, a level where 50 percent of the holders are making losses. The top-ranked cryptocurrency is down 57 percent in 2022.

Ethereum too dropped to $1,058.78 in the past 24 hours versus the 18-month low of $1,025.68 touched on Wednesday. At Ether’s current price of $1075.31, around 49 percent of the holders are making losses. Ether’s losses in 2022 exceed 70 percent.

3rd ranked Tether (USDT) traded between $0.9991 and $0.9986 in the past 24 hours. The USDT market cap however dropped to an 8-month low of $69.2 billion, versus $70 billion on Thursday and $70.8 billion on Wednesday.

4th ranked USDCoin (USDC) traded between $1.00 and $0.9998 in the same period. USDC market cap increased to $55.0 billion versus $54.6 billion on Thursday and $54.3 billion on Wednesday.

6th ranked BinanceUSD (BUSD) traded between $1.00 and $0.9989 in the past 24 hours.

Market capitalization of all stablecoins is at $156 billion, implying a market dominance of 17.4 percent. Market cap of the top 3 stable coins dropped to $141.7 billion, versus $144.22 billion on June 12 and 144.57 billion on May 15, 2022.

In the category-wise market capitalization dominance, Smart Contracts aggregate to 23.45 percent; Stablecoins dominate 17.40 percent; Centralized Exchanges add up to 5.63 percent; DeFi is at 5.11 percent; Web 3 sums up to 2.29 percent; Research grosses 2.17 percent; NFTs account for 1.77 percent; Memes command 1.39 percent; Decentralized Exchanges amount to 1.17 percent; Metaverse commands 1.11 percent; DAO aggregates to 1.07 percent; and Governance commands 1.06 percent of overall market capitalization.

Big moves in categories commanding more than 1 percent market dominance are Metaverse (3.5%), NFT (2.8%), Web 3 (2.5%) and Centralized Exchanges (1.88%).

Total value locked (TVL), the overall value of crypto assets deposited in DeFi protocols (including staking, lending and liquidity pools) dropped to $81 billion, down 6.5 percent on an overnight basis.

TVL of top ranked Maker DAO (MKR) dropped 1.46 percent on an overnight basis and 20 percent on a weekly basis to $7.6 billion. TVL of second ranked AAVE (AAVE) is down 5 percent in the past 24 hours and 41 percent in the past 7 days to $5.7 billion.

Overall crypto market capitalization is currently at $900 billion. According to the ranking of all assets by market cap published by companiesmarketcap.com, Gold (market cap: $11.7 trillion), Saudi Aramco (market cap: $2.3 trillion), Apple (market cap: $2.1 trillion), Microsoft (market cap: $1.8 trillion), Alphabet (market cap: $1.4 trillion), Silver (market cap: $1.2 trillion), and Amazon (market cap: $1.1 trillion) rank higher.

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