25 crypto statistics from a crazy year 2022

What a year in cryptoland.

Following the dizzying heights of the 2020 and 2021 pandemic, the past 12 months have seen an onslaught of negativity in the crypto news cycle. And the price action has followed.

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There was UST’s spectacular death spiral in May, which spawned a series of infections in the room. Then we recently saw former crypto royalty Bankman-Fried and its exchange FTX go bankrupt, in an event that no one saw coming.

But there was also a major upgrade of the Ethereum network, major developments with Bitcoin and much more. We discuss 25 statistics from the cryptocurrency world from the past year, on-chain and off-chain.

Top crypto statistics for 2022

  • Bitcoin’s market cap was $895 billion at the beginning of the year. Today, every cryptocurrency in the world has a market capitalization of $844 billion
  • The market value of the top 100 coins has been cut by $1.7 trillion this year, a figure equal to Canada’s GDP
  • Ethereum’s fusion upgrade went live, reducing network energy consumption by 99.95% and reducing global electricity consumption by 0.2%
  • 1,000 addresses on the Bitcoin network now contain more than one Bitcoin
  • Tether’s price hit a low of 95 cents this year as its market capitalization fell by $13 billion as it lost market share to rivals

1. Ethereum’s energy consumption dropped by 99.95% when it completed the upgrade to Proof-of-Stake

The largest upgrade in the history of the Ethereum network, known as Merge (a comprehensive article can be found here), successfully took place in September.

The upgrade moved the network from Proof-of-Work (similar to Bitcoin) to the more energy-efficient Proof-of-Stake, reducing the network’s energy consumption by 99.95%.

2. Global consumption is down 0.2% thanks to the Ethereum merger

According to analyst estimates global electricity consumption has decreased by 0.2% as a result of the merger, further emphasizing the impact of the aforementioned merger’s reductions in energy emissions.

3. Ecosystem of $60 billion collapse, the biggest in crypto history

May’s death spiral of the Terra ecosystem wipes out $60 billion in wealth in a 48-hour period. Taking into account the pollution that spread over the following weeks, the damage was much greater. According to the numbers, it is by far the biggest crash in crypto history.

4. More than 50% of Bitcoin is losing money

For the first time since the March 2020 COVID crash, most of the Bitcoin supply was in a loss-making position in the fourth quarter of 2022. 2021) Bitcoin was the top financial asset class in the world.

6. 200,000 Bitcoins withdrawn from exchanges in one month after the FTX crash

In the month following the FTX crash, 200,000 bitcoins were withdrawn from exchanges, underscoring the extent to which trust in exchanges had been broken. (CoinJournal)

7. Coinbase loses 85% of its value

The first major crypto company to go public, Coinbase, did well last year. However, lower volume and cratering prices in the sector hit the stock market hard this year. As of mid-December, it has lost 85% of its value and 1,100 workers have been laid off.

8. 40 cryptocurrencies are currently worth $1 billion or more, up from 94 at the beginning of the year

The year started with nearly 100 cryptocurrencies valued at over $1 billion. Today, there are only 49. (via CoinMarketCap)

9. Top 100 coins lose $1.7 trillion in value

On New Year’s Day, the market capitalization of the top 100 coins reached $2.2 trillion. Today, the top 100 have a total of $505 billion. The $1.7 trillion drop is roughly equivalent to Canada’s GDP this year. (via CoinMarketCap)

10. Bitcoin was worth more than the entire cryptocurrency industry is worth today

At the beginning of the year, Bitcoin was worth $895 billion. Today, the global cryptocurrency market cap is $844 billion. (via CoinMarketCap)

11 . Two coins from the top 10 were worth zero within a week of May 1, 2022

Luna and UST stablecoin both occupy positions in the top 10 on the eve of their death spiral in May 2022.

12 . $9.6 billion – the highest level of the market capitalization of the original FTX token that collapsed last month

FTX’s token, FTT, collapsed in November following revelations that it artificially propped up CEO Bankman-Fried’s trading firm, Alameda Research, which had suffered heavy losses and commingled client assets on the FTX exchange.

13. FTX had one million creditors at the time of its collapse

The FTX exchange had more than a million creditors when it collapsed last month. Lawsuits are likely to take years, meaning those owed money will have to wait a long time to get anything back, if at all.

14. 130 FTX-affiliated companies file for bankruptcy after FTX collapse

In the days following FTX’s collapse, FTX and more than 130 other member companies filed for bankruptcy.

15. $8 billion hole on FTX’s balance sheet

The size of the shortfall in FTX is $8 billion after money was sent to Alameda Research to cover trading losses.

16. Former FTX CEO Sam Bankman-Fried was the Democrats’ second largest donor in Congress for the midterm elections

The disgraced CEO donated $39.2 million to the midterm elections, trailing only billionaire investor George Soros (via Forbes ).

17. Tether hit a low of 95 cents this year

The controversial stablecoin USDT had two major depegs this year, in the wake of the Terra crash and then the FTX crash. The pen recovered in both cases.

18. 14.22 million bitcoins have not been moved in over a year, equivalent to 74% of the total supply

Most of the bitcoin supply hasn’t moved in over a year. Only 26% of coins have been moved in the last 365 days (via IntoTheBlock)

19. 1,077 addresses now contain more than one bitcoin

Well over 1,000 addresses on the network contain more than one bitcoin. 93% of the supply is in these wallets (Via IntoTheBlock)

20. The correlation between Bitcoin and Ethereum averaged 0.87 this year

The hand-to-hand price action of the major cryptos can be demonstrated by Bitcoin and Ethereum with an average correlation of 0.94 (where a score of 1 is a perfect correlation). This despite the great strange event that was the merger this year.

21. The average address on the Ethereum network contains 80% fewer dollars today than at the beginning of the year

At the beginning of the year, the average address on the Ethereum network contained $6200. Today, that number is $1,700. The 80% drop is greater than the price drop of ETH, which is 65% lower.

22. That the average balance of Bitcoin addresses has dropped from $22,300 to $7,600

The drop in average USD address balance is 65%, which compares to the price drop of 63%. (Via IntoTheBlock).

23. Tether’s market cap has fallen by $13 billion by 2022

Tether has lost market share to competitors this year. The controversial stablecoin, which opened the year with a market capitalization of $78 billion, peaked at $83 billion before the LUNA crisis and now stands at $65 billion.

24. Binance USD stole the biggest market share, up over 7 billion

Binance’s stablecoin opened the year at $14.6 billion. Today it stands at $22 billion, due in part to the announcement that exchange holdings in several rival currencies will automatically convert to BinanceUSD while currency pairs are delisted for the same stables.

25. 15.6 million ETH in Ethereum 2.0 contract, up from 8.8 million

15.6 million ETH is locked into the Ethereum 2.0 contract and will not be eligible for release until next year when the Shanghai upgrade goes live. Starting the year with a share of 8.8 million ETH, the number has almost doubled and now represents 13% of the total supply. (via IntoTheBlock)

Conclusion

Overall, 2022 was a torrid year for risky assets across the board. Cryptocurrency is a good example of this. Prices have plummeted, scandals seem endless, and fear is at an all-time high.

There were positives, too, although investors’ red portfolios won’t appreciate it in the short term. Ethereum’s completion of its highly anticipated merger could have seismic implications over time.

It will be interesting in the future to see how the cryptocurrency world looks back to the year 2022. Could it be a purge of nefarious players, a much needed maturation in the industry? Or could it be a blow from which prices, or the industry as a whole, will never recover?

Whatever happens, it will be fun to recreate this play and reassess all of these stats around this time next year. Happy New Year in advance!

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