As 2022 draws to a close, analysts are looking at whether the cryptocurrency sector made the gains it expected
From the collapse of FTX, to several exchanges filing for bankruptcy; 2022 was a brutal year for the crypto market.
Major coins slumped in value, and analyst’s expectations were shut down.
CryptoPresales.com found Solana and Polkadot remained the biggest crypto price losers.
Prices fell by 92 and 82 per cent, respectively.
However, Cardano, Shiba Inu and Polygon all suffered major losses. In fact, the global cryptocurrency market dropped $1.9 trillion since November 2021.
Solana’s 92 per cent price drop has wiped over $48 billion of its market cap year-to-date.
Polkadot follows with an 82 per cent and Cardano was slashed by 79 per cent since January.
The world’s largest cryptocurrency, Bitcoin, managed to avoid most of the pain seen elsewhere.
However, the digital coin experienced its seventh-largest price drop in the crypto space, which is one spot behind its competitor, Ethereum.
Bitcoin’s price tumbled 63 per cent this year, while Ethereum saw a 67 per cent year-to-date price drop.
What performed well?
Cryptocurrency exchange Coinbase witnessed sustained growth among verified users.
The exchange has been operating in an extended bear market. But the platform has seen users flocking amid the prevailing market conditions.
In fact, Coinbase reportedly added 19 million verified users globally between 31 December 2021, and 30 September 2022.
This amounts to a growth rate of 21.35 per cent, according to reports from Finbold.
“Although Coinbase is currently operating in an environment of market sell-offs, the exchange’s ability to record a steady growth of verified users can be attributed to several factors like the trading platform’s business model,
“Indeed, the exchange is touted to have an innovative marketing strategy that entails factors like referral programs and unique features such as enabling users to send crypto as gifts.”
Coinbase’s global market share hit 3 per cent in December 2022.
