24 Jan 2022
Blood in the streets: Crypto market cap slashed in half since November
The crypto market is in shambles. The broad sell-off has cut the total market cap of the crypto sector in half, with certain altcoins nearing an 80% drawdown from their 2021 highs.
BTC has now seen a 52% decline from its Nov 10th ATH but has mostly outperformed all altcoins since the peak.ETH is down 54% since the Nov 10th ATH. ETH climbed vs. BTC up until December but has struggled to maintain its strength with the bear market intensifying.Metaverse tokens saw strong hype in Q4 as VC capital entered the sector, but currently, MANA, SAND, and AXIE have all seen a decline of more than 68% from their ATHs.Layer-1s have seen a more varied performance. The FOAN (FTM, ONE, ATOM, Near) layer-1s have outperformed the rest of the market, while SOL and ADA have seen very substantial sell-offs, now trading 68% below their ATHs.The situation is even grimmer among the DeFi “blue chips”. Both UNI and AAVE are nearing 80% drawdowns from their ATH. In contrast to the coins previously mentioned, UNI and AAVE reached their all-time highs in May 2021 and never neared their highs this fall.The total crypto market cap has fallen 50% since the mid-November peak. The total crypto market cap fell by 55% during the May sell-off.