CipherTrace report reveals almost 50% of crypto total market cap was lost in 2022
CipherTrace report reveals almost 50% of crypto total market cap was lost in 2022
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The total market cap (TMC) of crypto assets lost nearly half of its value between January 2022 and September 2022, according to a recent report by crypto intelligence company CipherTrace.
However, the report did note that the TMC grew over 20% between the third and fourth-quarter of 2022.
Crypto market cap (Source: CipherTrace)
According to the numbers, the crypto TMC increased to $1.05 billion in October 2022 from the $871 million recorded in July 2022. Despite this considerable growth, October’s $1.05 billion still marked a 52% fall from $2.205 billion in January 2022 — reflecting the impact of the coldest winter in crypto history.
The report also notes that the size of the market cap at the end of the third-quarter of 2022 indicated a 63% decrease from the market cap’s all-time high of $2.83 billion — recorded on November 14, 2021.
Defi and NFTs
The Total Value Locked (TVL) volume at the end of the third-quarter of 2022 sat at around $54 billion — barely showing any difference from the end of the second-quarter. However, the second quarter started with $165 billion TVL — indicating a 67% fall in TVL volume by the end of the third quarter.
Total value locked by blockchain (Source: CipherTrace)
From January 2022 to September 2022, Ethereum (ETH) continued to account for the most significant TVL volume. Its yearly high was recorded during the first-quarter at 79.9% but fell to 57.12% by the third-quarter.
Total non-fungible token (NFT) trading volumes also reflected the effects of the bear market throughout 2022. The aggregate trading volume of the top eight chains fell to $2.3 billion in the third-quarter from the $13.9 billion recorded in the first — marking an 83% decrease.
Hacks, thefts, and fraud
The report also examines the significant exploits that took place between January 2022 and September 2022. The numbers indicate that the crypto sphere lost $383 million to only seven criminal episodes.
Crypto hacks in 2022 Q1 to Q3 (Source: CipherTrace)
Nomad recorded the largest loss of over $190 million to a bridge exploit in January 2022 — while Wintermute saw the second-largest loss, losing $160 million to a hack. Crema Finance ranked third after losing over $8 million to a flash loan attack.
Posted In: Analysis, Bear Market
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