Using information from Blockchain.com and Crypto Compare, the data analysts at Casinos En Ligne have analyzed the latest trends in the cryptocurrency industry heading into the New Year.
According to the Casinos En Ligne report, total cryptocurrency trading volume declined by 46 percent year-over-year in 2022.
Here are the highlights from the report:
- Yearly crypto trading volume declines by 46%
- Bitcoin lost 64% of its market cap in 2022
- Total cryptocurrency market cap falls by 64%
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Yearly Crypto Trading Volume Declines By 46%
According to CryptoCompare, cryptocurrency trading volume has declined from 14.726 trillion in 2021 to 7.974 trillion in 2022, a drop of nearly 46 percent.
January 2022 finished as the month with the highest crypto trading volume at $841.29 billion while May ($830.45 billion) and March ($744.64 billion) were next on the list of months with the highest trading volume.
Even though it finished as the second-highest month, monthly crypto trading volume fell by 63 percent year-over-year in May, the second-largest decline of any month.
December saw the biggest percentage decline in crypto trading volume at 68 percent.
Bitcoin Lost 64% Of Its Market Cap In 2022
The original and most widely adopted cryptocurrency, Bitcoin was supposed to be the safest cryptocurrency to invest in for crypto traders.
According to data compiled by Coin Market Cap, Bitcoin lost 64 percent of its market cap in 2022.
Bitcoin watched its market cap decline from $874.90 billion on January 1 to $318.75 billion on December 31, 2022.
After briefly peaking in March, Bitcoin lost nearly 60 percent of its market cap over the next three months and has yet to recover since.
Total Cryptocurrency Market Cap Falls By 64%
According to Blockchain.com, the total crypto market cap has also fallen by 64 percent.
The total cryptocurrency market cap dropped from 2.2 trillion on Jan 1, 2022 to 792 billion on December 31, 2022.
Even though blockchain adoption is expected to increase in 2023, it could be another difficult year for crypto investors if trading volume and consumer confidence continues to decline over the next 12 months.
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