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The main results of 2022 in key sectors of the crypto industry

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2022 crypto market

Crypto 2022 report We should start with DeFi. While the previous year was favorable to the decentralized finance (DeFi) industry, 2022 was marked by a crypto winter and high-profile collapses of several major cryptocurrency companies, the latest of which was the bankruptcy of the FTX exchange.

As DApp Radar analysts wrote in a voluminous report, negative factors for the industry in 2022 were the military conflict in Ukraine, the collapse of projects Terra Luna and FTX, as well as the general decline in cryptocurrency prices.

This led to a significant drawdown in the total amount of funds blocked in DeFi Protocols (TVL). Thus, immediately after the Terra USD crash, TVL value collapsed from $158 billion in April to $89 billion in May.

Overall, according to DApp Radar, the decentralized applications segment has shown great resilience and maturity, and has continued to drive innovation. The continued massive adoption of blockchain and smart contracts by consumers and companies bodes well for the industry’s future.

2022 crypto market — Proof-of-Stake 

In September 2022, the entire Ethereum mainnet moved from the extremely energy-intensive Proof-of-Work (PoW) mechanism to the energy-efficient Proof of Ownership (Proof-of-Stake, PoS) algorithm as part of the long-awaited Merge update. The Merge update was the most significant in Ethereum history, but by no means the final one. 

2022 crypto market — Non-exchangeable tokens

Non-exchangeable tokens (NFT) prices in 2022 proved to be more stable compared to cryptocurrency rates. According to onchain indicators, NFT trading volumes were mostly stagnant, showing an increase of only 0.41% y/y. However, the number of unique traders soared by a dizzying 876% to 10.6 million users. At the same time, total NFT sales rose 10.6% to $68.35 million.

The main feature of this year was the massive development of this space by traditional heavyweight brands. At the very beginning of 2022, it became known that the NFT segment began to be taken over by Twitter, and PayPal announced its integration with MetaMask.

2022 crypto market — Web3

The increased interest in Web3 projects in the metaclass segment by well-known luxury brands (such as Nike) is promising for the industry, as it will boost the mass adoption processes of NFT and Web3 technologies among the public.

Stablecoins

During periods of increased volatility in cryptocurrency exchange rates, USD-linked stablecoins have attracted a lot of attention. However, in 2022, market participants will have had to deal with such unpleasant phenomena as the decoupling of stablecoins from the dollar. The TerraUSD debacle in May was a real shock to the crypto market and led to the collapse of a lot of cryptocurrencies.

Earlier, we reported that the cryptocurrency community fears that BNB will repeat FTT’s fate.

Cryptocurrency

Important for Dogecoin: This Metric Jumps by Almost 100% Amid DOGE Price Rally

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TL;DR

  • Dogecoin’s price surged past $0.20, with market cap nearing $30 billion, driven by increased trading volume and active addresses.
  • The rally coincides with speculative whale movements and endorsements from public figures like Elon Musk.

Dogecoin (DOGE) – often cited as the first meme coin – currently stands out as one of the market’s best performers.

Its price has spiked by over 30% on a weekly scale, surpassing the $0.20 mark for the first time since December 2021. DOGE’s market capitalization inches toward the $30 billion level, making it the ninth biggest cryptocurrency.

DOGE Price
DOGE Price, Source: CoinGecko

Key indicators related to the asset’s ecosystem have taken off, too. According to IntoTheBlock, aggregated daily volume (where each transaction is larger than $100K) has jumped by nearly 100%. Daily active addresses are also on the rise, registering a 13% increase.

DOGE trading volume for the past 24 hours has been impressive. CoinGecko’s data shows that the figure has climbed to $5.5 billion, thus surpassing Solana’s SOL ($4.1 billion) and Ripple’s XRP ($1.9 billion).

Dogecoin’s latest rally coincides with a slight resurgence of the cryptocurrency market and increased activity from whales. As CryptoPotato reported, a mysterious person (or entity) recently transferred more than 1 billion DOGE (worth over $200 million at current rates) to an unknown wallet. 

The move triggered speculation within the crypto community, with many members trying to guess who this whale might be. Some suggestions even pointed out to Tesla’s CEO Elon Musk, an outspoken proponent of the memecoin and a HODLer.

Not long ago, the world’s richest man said the EV giant may accept DOGE as a payment method “at some point.” Musk also promised to continue supporting the token, adding “Dogecoin to the moon.”

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Cryptocurrency

Dogecoin (DOGE) Explodes 10% Daily, Bitcoin (BTC) Reclaims $70K (Market Watch)

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Bitcoin slumped hard yesterday and dropped below $69,000, but the bulls have taken charge since then, and the asset now stands well above $70,000.

While most alternative coins are slightly in the green, DOGE and BCH have gone on a tear with double-digit price gains overnight.

BTC Goes Above $70K

Last week was quite negative for the largest cryptocurrency, in which it fell to under $61,000 at one point and was down to $62,500 on Friday. The weekend finally saw a recovery attempt but BTC was stopped at $66,000.

It wasn’t until Monday that the asset started actually charting meaningful increases and soared to $70,000. More gains came on Tuesday and Wednesday that culminated in jumping to almost $72,000 yesterday.

However, the cryptocurrency failed to overcome that level, and the subsequent rejection pushed it south by over three grand to $68,500. The landscape now is quite different, and Bitcoin has returned to over $70,500 as the community’s anticipation for a $100,000 price tag grows stronger.

Its market capitalization has increased overnight but still stands below $1.4 trillion. Its dominance over the alts remains stagnant at just under 50% on CG.

BTCUSD. Source: TradingView
BTCUSD. Source: TradingView

DOGE, BCH Go Up

Most altcoins were in a retrace mode yesterday but have managed to erase a large portion of the losses today. Binance Coin, Ripple, Toncoin, and Chainlink have increased by somewhere between 1% and 3%. Ethereum, SOL, ADA, and DOT are also in the green but in a more modest fashion.

Shiba Inu has gained over 4% overnight, but its increase is trumped by its older and larger brother – Dogecoin. DOGE has jumped by over 10% in a day and sits above $0.2.

Bitcoin Cash is the other notable gainer from the larger-cap alts. Just days ahead of its next halving, BCH has soared by 13% to over $550.

The cumulative market cap of all crypto assets has increased by about $50 billion overnight but still stands below $2.8 trillion.

Cryptocurrency Market Overview. Source: Quantify Crypto
Cryptocurrency Market Overview. Source: Quantify Crypto
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Disclaimer: Information found on CryptoPotato is those of writers quoted. It does not represent the opinions of CryptoPotato on whether to buy, sell, or hold any investments. You are advised to conduct your own research before making any investment decisions. Use provided information at your own risk. See Disclaimer for more information.

Cryptocurrency charts by TradingView.

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Cryptocurrency

BlackRock CEO Remains Confident on Ethereum ETFs, Says IBIT Is The Fastest-Growing ETF

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In a recent interview on FOX Business, BlackRock CEO Larry Fink shared his insights on the potential for an Ethereum exchange-traded fund (ETF) amidst regulatory scrutiny.

Despite concerns over a possible designation of Ethereum as a security by the U.S. Securities and Exchange Commission (SEC), Fink expressed confidence in the feasibility of launching such an ETF.

SEC’s Stance on Ethereum Raises Doubts

BlackRock and several other ETF providers have submitted applications for a spot Ethereum ETF to the SEC. However, there are doubts regarding the agency’s approval of these ETFs as the May deadline approaches.

When asked about the SEC’s stance on ETH possibly being classified as a security, Fink refrained from providing detailed commentary but remained optimistic. “But I don’t think that designation is going to be too deleterious,” Fink stated, suggesting that such a designation wouldn’t necessarily hinder the creation of spot Ethereum ETFs.

It was recently disclosed that the SEC is exploring the classification of Ethereum as a security and has issued subpoenas to three companies for details regarding the Ethereum Foundation, a Swiss nonprofit important to the growth and advancement of the blockchain. This development has raised concerns about the possibility of launching an Ethereum ETF in the United States.

On the other hand, analysts in the field are sharing differing opinions. Bloomberg’s ETF experts James Seyffart and Eric Balchunas have voiced doubts, pointing to the SEC’s minimal interaction with filings as worrisome. However, Craig Salm has countered this argument, suggesting that the SEC’s lack of engagement shouldn’t necessarily signal the approval outcome.

Fink Bullish on Bitcoin

Despite these challenges, Fink remains optimistic about Ethereum’s and Bitcoin’s long-term prospects. BlackRock is not only pursuing an Ethereum ETF but also operates one of the most successful spot Bitcoin funds, the iShares Bitcoin Fund (IBIT), which has amassed over $17 billion in assets under management since its approval in January.

IBIT is the “fastest-growing ETF in the history of ETFs,” Fink stated on Fox Business. He also said he is “very bullish on the long-term viability of Bitcoin. We’re creating now a market that has more liquidity, more transparency, and I’m pleasantly surprised and would have never predicted it before we filed it that we were going to see this type of retail demand,” he added.

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