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Crypto Market Agony Lingers

crypto jan07 17jun22 lt

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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