The end of 2021 was indicative of what’s to come in 2022. The crypto market was facing rough tides and the value was fluctuating. No one anticipated the “crash of cryptocurrency” in 2022. The decrease in values of the front-runners affected all the cryptocurrencies and there was a steady decline. If you look at the Shiba Inu graph, it has reached a new low in the month of May. The global cryptocurrency market cap decreased and the volume of transactions suddenly got a boost. More people invested in crypto as the prices fell.
Bitcoin price decreased drastically but its position as the top crypto was reiterated by 0.13% in April 2022. The overall price was reduced by 6% in April and there was a drop of about 3.5% in a matter of 24 hours. Bitcoin started the year with 35,56,808 rupees and by July 2022, the price of Bitcoin has declined to 17,38,966 rupees. That being said, Bitcoin was not the only cryptocurrency that suffered a tough time.
Other top currency prices
- Ethereum – The second largest cryptocurrency in terms of market capitalization was not spared in 2022 as well. Ethereum started the year on a high note of 2,80,734 rupees and saw prices as low as 84,647 rupees in the month of June. In July, the graph seems to be climbing as the prices have reached 1,21,765 rupees. There was a decline of 4.05% in the month of April within 24 hours and a decline of 5.13% in a matter of 7 days in the Ethereum price. Bitcoin price is down by 50.15% since the beginning of the year, whereas Ethereum is down by 56.26% since 1st of January.
- Binance coin – Binance coin is known as the 4th biggest crypto in the world in terms of market capitalization. Started the year with 42,228 rupees and reached 21,516 rupees in the month of July. Although it has seen ups and downs, the graph of the Binance coin has been onward on a downward trend since December 2021. In April, Binance coin saw a decline of up to 2.66% in 24 hours and a decrease of 2.68% in a matter of 7 days.
- XRP – XRP’s coin price decreased by almost 4.7% in a matter of 24 hours. In a matter of 7 days in April, XRP had increased by 3.46%. XRP was one of the cryptocurrencies that held its ground and actually started going down in April. XRP started the year at 62 rupees and maintained that price till April. By July 2022, XRP rests at a humble 21 rupees.
- Solana – Solana started 2022 with 14,218 rupees. It lost value by 4.99% in a matter of 24 hours and by 7.44% in a matter of 7 days. After seeing a low point of 2718 rupees, Solana is gathering momentum and has reached a price of 3633 rupees.
- Cardano – Cardano started 2022 with a bang at 102.62 rupees. The beginning of March saw a price of 72 rupees and in July, Cardano rests at 38.31 rupees. It has seen a decline of 64.31% in its price since the beginning of the year. Cardano ranks at 8th position in terms of market capitalization.
- Terra – Terra is ranked 9th cryptocurrency in the world. By the end of May 2022, Terra was priced at 1605 rupees. This was after a turbulent April when Terra’s price decreased by 2.18% in a matter of 24 hours and by 7.43% in a matter of 7 days.
Despite the terrifying crash in crypto, this could be just the circumstances that prompted most people to invest in crypto for a profitable future. The Bitcoin graph is expected to go up by the end of the year and gain momentum by November 2022. The anticipation of Bitcoin’s climb and the next phase of Ethereum 2.0 was one of the reasons why people have invested heavily in both. With an exponential rise in crypto ownership, the future of crypto looks better than before.