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No! All Cryptos Have Not Declined In The Past Year

crypto jan31 09may22 lt

Crypto market capitulation is continuing unabated amidst the raging wars against infection, invasion and inflation. Overall crypto market capitalization is currently at $1.50 trillion, versus $1.6 trillion a day ago, $1.74 trillion a week ago, $1.96 trillion a month ago and $2.4 trillion a year ago. Though many cryptocurrencies have fallen substantially from the all-time-highs, a few cryptos have bucked the trend to record solid gains in the past one year.

During the past year, the overall crypto market capitalization has fallen by almost 35 percent, i.e., from $2.4 trillion as on May 9, 2021 to $1.6 trillion on May 8, 2022. The top 25 ranked cryptocurrencies also recorded a decline of more than 32 percent in market capitalization during the same period, falling to $1.40 trillion, from $2.1 trillion earlier. However, despite a fall in the overall market level, some cryptos have made big gains over the turbulent past year, as can be seen below.

Of the top 25 cryptos ranked according to market capitalization, 17 have improved their overall rankings during the past year. 6 have slipped in the overall rankings, whilst 2 cryptocurrencies viz Bitcoin and Ethereum retained the respective rankings over the course of the year.

Of the 17 cryptos that have gained in rankings, 14 have also increased the market capitalization, whilst 3 cryptos viz XRP(XRP), Wrapped Bitcoin (WBTC) and TRON (TRX) have seen a dip in market cap.

The 6 cryptos that slipped in the overall rankings, as well as Bitcoin and Ethereum that retained the rankings, witnessed a correction in market cap over the course of the year. Bitcoin's market capitalization dropped 40 percent from $1,089.24 billion to $648.3 billion over the past year. Ethereum's market capitalization decreased 33 percent to $303.9 billion, from $455 billion, almost a year ago.

In short, among the top 25 cryptos as on May 8, 2022, 14 cryptos have gained in market capitalization as well bettered their overall rankings in the past one year. The remaining 11 have seen a decline in market cap.

Also, among the 14 cryptocurrencies that have gained market capitalization, 5 are stablecoins.

Of the 14 cryptos that have improved performance in the last one year, 10th ranked TerraUSD (UST) is the top gainer with a 786 percent growth in market cap. The stablecoin's market cap increased to $18.6 billion, from $2.1 billion on May 9, 2021. UST also jumped from the 69th rank overall, to the 10th rank overall, gaining a whopping 59 slots.

20th ranked Near Protocol (NEAR) leaped to the 20th rank, from 78th overall a year ago, amidst a 300 percent surge in market cap. NEAR Protocol, a layer-one blockchain designed as a community-run cloud computing platform saw market cap increase to $7.6 billion, from $1.9 billion a year earlier.

USD Coin (USDC) recorded a 238 percent surge in market cap in the past year and bettered the overall ranking to 5, from 15th earlier. The stablecoin's market cap increased to $48.7 billion, from $14.4 billion, a year earlier.

Terra blockchain's governance token LUNA has seen its market cap increase by 235 percent to $22 billion, over the past year amidst the surge in price to $64.08 from $16.99. The overall ranking also improved to 9 from 27 over the past one year.

AVAX, the native token of the Avalanche smart contracts platform, has recorded a price surge to $51.52 from $39.02 and an increase in market cap to $13.9 billion, from $5.0 billion. The coin's overall ranking improved to 13 from 38 over the past one year aided by the 178 percent surge in market cap.

BinanceUSD (BUSD) recorded a 122 percent surge in market cap in the past year and bettered the overall ranking to 11, from 25 earlier. The stablecoin's market cap increased to $17.3 billion, from $7.8 billion, a year ago.

Solana (SOL) also recorded a more than 100 percent surge in market cap over the course of the year. Market capitalization more than doubled to $25.2 billion, from $12.1 billion, a year ago, pushing up the overall ranking from 17 to 7.

UNUS SED LEO (LEO) gained 76 percent in market cap and jumped 30 notches to the 23rd ranking overall. DAI (DAI) added 68 percent in market cap and moved up 23 slots in the overall ranking. Shiba Inu's (SHIB) 63 percent market cap growth helped it improve overall rankings by 15 ranks over the past year.

Polygon (MATIC) that gained 52 percent in market cap and 20 slots in overall rankings, Tether (USDT) that strengthened 50 percent in market cap and jumped 3 ranks in rankings, Cronos (CRO) that gained 44 percent in market cap and improved overall rankings by 21 and Algorand (ALGO) that improved market cap by 7 percent and overall ranking by 18 notches are the other cryptos in the top 25 category that have improved performance in the past year, despite a highly volatile market environment.

Currently, crypto market capitalization is at $1.50 trillion, down more than 4 percent on an overnight basis. Bitcoin is trading at $33,182.46, down around 4 percent in the past 24 hours. BTC touched a low of $32,778.87 in the past 24 hours. Ethereum is trading at $2,426.55, down 4.8 percent on an overnight basis. ETH had touched a low of $2,374.30 in the past 24 hours.

Over the past year, cryptocurrencies have borne the brunt of an unfavorable macro environment, an unprecedented geopolitical situation and an uncertain regulatory environment. Nevertheless, some cryptocurrencies have surged ahead in market capitalization as well as overall rankings.

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