Technology
Finance
Cryptocurrency
Bitcoin analysis
Cryptocurrency Market Analysis
Ethereum Analysis
DeFi Analysis
NFT Analysis
Exchanges Market Analysis
In this thread we will cover:
- Market Landscape
- Bitcoin Analysis
- Ethereum Analysis
- The fall of Terra & Contagion Effects
- DeFi Analysis
- NFT Analysis
- Exchanges
- Market Landscape
- Bitcoin Analysis
- Ethereum Analysis
- The fall of Terra & Contagion Effects
- DeFi Analysis
- NFT Analysis
- Exchanges
Market Landscape
The Crypto market landscape in Q2 2022 was characterized by losses, dips, and fallouts.
The top 30 Crypto market capitalization plummeted losing over half its value, and falling below $1 trillion.
The Crypto market landscape in Q2 2022 was characterized by losses, dips, and fallouts.
The top 30 Crypto market capitalization plummeted losing over half its value, and falling below $1 trillion.
Meanwhile, Bitcoins dominance remained almost the same, while Ethereum's dominance fell from 21.4% to 16.3%.
LUNA (now LUNC), the top performer of the last quarter was completely wiped off the board in Q2.
LUNA (now LUNC), the top performer of the last quarter was completely wiped off the board in Q2.
Even in the bear market BNB, DOGE, and TRON increased their market share to 4.4%, 1.1%, and 0.73% respectively.
With the top 30 stablecoins, USDT, USDC, BUSD, and DAI now make up 17.8% of the market share.
With the top 30 stablecoins, USDT, USDC, BUSD, and DAI now make up 17.8% of the market share.
Bitcoin Analysis
The price of Bitcoin plummeted by 55.8% in Q2 2022.
At some instance, it recorded 9 consecutive weeks of being in the red, the first time this has happened.
BTC hit a yearly low of $17,760 before rebounding to $20k.
The price of Bitcoin plummeted by 55.8% in Q2 2022.
At some instance, it recorded 9 consecutive weeks of being in the red, the first time this has happened.
BTC hit a yearly low of $17,760 before rebounding to $20k.
Some events the affected BTC
- Broader equity market fell, dragging BTC along.
- LFG Foundation sold their BTC to protect the UST peg.
- Three Arrows Capital insolvency
- SEC rejected Greyscale's Bitcoin ETF application.
- Broader equity market fell, dragging BTC along.
- LFG Foundation sold their BTC to protect the UST peg.
- Three Arrows Capital insolvency
- SEC rejected Greyscale's Bitcoin ETF application.
Ethereum Analysis
ETH was on a downward spiral throughout Q2 - from April to mid-June.
It dipped below $900 before rebounding to $1k.
Some events that affected ETH:
- Terra Collapse
- stETH loses 1:1 parity with ETH
- Gray Glacier hard fork and difficult bomb delay
ETH was on a downward spiral throughout Q2 - from April to mid-June.
It dipped below $900 before rebounding to $1k.
Some events that affected ETH:
- Terra Collapse
- stETH loses 1:1 parity with ETH
- Gray Glacier hard fork and difficult bomb delay
The Merge was completed on testnet.
By the end of Q2 2022, almost 13 million ETH was staked, representing roughly 11% of total ETH supply.
Lido finance maintained its position as the largest ETH staking service by validator count.
By the end of Q2 2022, almost 13 million ETH was staked, representing roughly 11% of total ETH supply.
Lido finance maintained its position as the largest ETH staking service by validator count.
The Fall of Terra & Contagion Effects
UST's market cap went off a cliff with a 95.7% drop in price. it went from its peak of $18.7B to $807M in June.
Essentially, after the depegging event, LUNA went into a death spiral whereby the market supply of UST went below that of LUNA
UST's market cap went off a cliff with a 95.7% drop in price. it went from its peak of $18.7B to $807M in June.
Essentially, after the depegging event, LUNA went into a death spiral whereby the market supply of UST went below that of LUNA
Celsius, BlockFi, and Voyager, which collectively had at least $25B in AUM are now battling with insolvency.
Three Arrows Capital and many of its subsidiaries were brutally hit from the Terra/UST saga.
Three Arrows Capital and many of its subsidiaries were brutally hit from the Terra/UST saga.
DeFi Analysis
DeFi market cap suffered a terrific drop, decreasing from $143 million to $36 million.
This was due to the collapse of Terra/UST, and all protocols under its ecosystem.
Also, the DeFi exploits of Inverse and Rari protocols negatively impacted on token prices.
DeFi market cap suffered a terrific drop, decreasing from $143 million to $36 million.
This was due to the collapse of Terra/UST, and all protocols under its ecosystem.
Also, the DeFi exploits of Inverse and Rari protocols negatively impacted on token prices.
As if that's not all, the daily active users of DeFi decreased from around 50k to 30k.
Amidst the market downturn, Avalanche, Polygon, and Solana maintained its TLV shares.
While Ethereum regained some of its TLV dominance, as altchains shrinked. ETH share of TLV increased from 54% to 60%.
While Ethereum regained some of its TLV dominance, as altchains shrinked. ETH share of TLV increased from 54% to 60%.
NFT Analysis
The NFT market wasn't spared in the bear market, as the trading volume dropped by 26.2% - the lowest since June 2022.
Ethereum is still the dominant chain with 83% of the NFT market share, followed by Solana.
The NFT market wasn't spared in the bear market, as the trading volume dropped by 26.2% - the lowest since June 2022.
Ethereum is still the dominant chain with 83% of the NFT market share, followed by Solana.
BNB was the only chain that saw a 611% increase in volume, thanks to STEPN move into their ecosystem.
OpenSea retained its position, with Magic Eden and X2Y2 as strong contenders.
OpenSea retained its position, with Magic Eden and X2Y2 as strong contenders.
Exchanges
The Top 10 centralised exchanges recorded a total of $3.25T in spot trading.
OKX and Crypto .com lost more than 50% of its share in Q2. While, FTX has been steadily growing in market share in Q2.
Meanwhile, Binance is dominating 50% of the entire market.
The Top 10 centralised exchanges recorded a total of $3.25T in spot trading.
OKX and Crypto .com lost more than 50% of its share in Q2. While, FTX has been steadily growing in market share in Q2.
Meanwhile, Binance is dominating 50% of the entire market.
Trading volume for Bitcoin perpetuals across the top 10 derivatives decreased by $7 billion in Q2.
Gains by OKX in terms of market share in the past quarter was reclaimed by Binance.
Thank you for reading.
Gains by OKX in terms of market share in the past quarter was reclaimed by Binance.
Thank you for reading.
Here's the link to the full report 🔰
coingecko.com
coingecko.com
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