Coingecko Crypto Market Quarterly Report 2022Q2

Seeing that the progress bar in 2022 is more than halfway through, the second quarter of 2022 can be described as a disaster for the crypto market. As of the end of the second quarter, the total market capitalization of the entire crypto market was about $900 billion, down about 70% from the peak in November last year. Compared with the second quarter, the performance of the first quarter is exactly like the calm before the rainstorm.

Terra was the first domino to fall as investors became more risk averse in the context of the macro environment. Terra also maintained an upward trend in the first quarter of this year, with $LUNA and $UST reaching market capitalizations of $40 billion and $18 billion, respectively, at their peak. The mountains and rains are about to come and the building is full, and the towering buildings are seen rising from the ground. But when the death spiral comes, compared to the length of the rising cycle, the disintegration of the former hegemon will only take less than a week. After the tsunami, we found that so many companies were desperately rushing funds to $UST, and the impact of this is far from over as of today.

The decline in mainstream assets has also brought a cascade of liquidations of leveraged positions, with weekly multi-billion dollar position liquidations becoming more and more commonplace. The most striking of these is Three Arrows Capital, which is now facing bankruptcy and liquidation. Many of the CeFi lending companies that Three Arrows leveraged are also awaiting bailouts or are on the verge of bankruptcy. At the same time, although the decentralized lending protocol is still in operation, the value of the project Token and the lock-up volume of the protocol have fallen severely.

The NFT market was no exception, with its overall market volume down 26% from its highs. However, if denominated in $ETH, the floor prices of many blue-chip NFT projects have not fallen too much, which may be a sign of resilience. We saw the rise of Solana NFTs during the quarter, and of course, this is inseparable from OpenSea’s support for Solana. However, Magic Eden may be the biggest beneficiary. On Ethereum, NFT trading platforms have shown a trend of diversified development, and LooksRare and X2Y2 have also begun to gain attention again.

Everything looks to be buried under doom and gloom this quarter, so are there any bright spots to watch? First, let’s step back and look at the big picture. Three years ago, cryptocurrencies revolved mainly around the speculative trading of Bitcoin and Ethereum on centralized exchanges. Today, we have seen many Layer1 and Layer2, many of which have developed their own unique ecology. DeFi has become an essential element of every smart contract platform, and NFT enthusiasts have also formed their own communities and have their own community culture, which has also stimulated the development of GameFi and Metaverse.

Second, the bursting of the bubble flushed out a lot of excess capital that had built up during the last bull market. At the end of last year, it became clear that the hype surrounding cryptocurrencies far outpaced actual progress and was simply not sustainable. While market corrections always come with a lot of collateral damage, this helps to refocus the industry’s eyes on true fundamentals, rather than chasing the next “price rise.”

Finally, we would like to reiterate what we said last quarter – a challenging market is the best time for BUIDL. Ethereum mergers are in their final stages, Altchains are still accepting funding to figure out scalability solutions, and DeFi projects are still announcing new products. While CEXes may be cutting staff and pay, there are still many projects that are expanding staffing structures.

We are still optimistic about the long-term sustainable development of the encryption industry. In the future, we will continue to work hard to polish our products and develop new functions, and provide you with more in-depth high-quality research content.

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Posted by:CoinYuppie,Reprinted with attribution to:https://coinyuppie.com/coingecko-crypto-market-quarterly-report-2022q2/
Coinyuppie is an open information publishing platform, all information provided is not related to the views and positions of coinyuppie, and does not constitute any investment and financial advice. Users are expected to carefully screen and prevent risks.

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