AnyPad Crypto News: Crypto Q1 2022

Hi Pandas🐼

With the bull market slowing down, the top 30 coins in the crypto market continued to bleed since hitting all-time highs in November 2021. When the market hit rock bottom on the 23rd of January, the Top 30 coins had shed over $1 trillion in market cap from their peak, closing out the quarter at pretty much where it started at ~$1.9T.​ The relative market share of the Top 30 Coins remained quite similar, with BTC at 47% and ETH at 21.4%.​

💥Here are our Q1 2022 crypto highlights:

✅Only BTC and XRP managed to finish off Q1 positive

The top 5 cryptocurrencies made losses in Q1 2022, in sharp contrast to the exuberance and phenomenal gains of 2021.

SOL and BNB took the biggest hits in terms of returns, while BTC and XRP showed resilience.

The biggest gainer within the Top 10 was LUNA (+24.1%) for Q1, now ranked #9 and rapidly closing in on XRP and Solana. Aside from LUNA, BTC, and XRP, all other Top 10 tokens suffered losses in Q1.

Within the Top 30, the only other gainers for Q1were ETC (+45.7%), FTT (+33.6%), and WAVES (+256.1%).

✅Bearish signs in the market charged further growth in stablecoins:

In contrast with the rest of the crypto market, the market cap of the top 5 stablecoins grew by 13% and remained unchanged from 2021.

Stablecoin market share continued to increase likely owing to investors derisking amid geopolitical and macroeconomic uncertainties including inflation, war, regulations, etc.

Tether still retains its lead, though growth has slowed greatly compared to USDC, BUSD, and UST. The growth of Dai has also slowed down significantly compared to its peers.

UST experienced the strongest growth, though it is USDC that has gained the most in terms of absolute market cap.

✅ETH staking increased after successful testing of The Merge; Kraken & LIDO lead staking services:

Despite a dip in ETH price during Q1, the total number of ETH staked for the consensus layer saw a strong upward momentum (+25%) within the same period.

The successful Kiln testnet merge on March 14 ushered a spike in staked ETH. At 11M ETH staked by the end of Q1 2022, this represents ~9% of the total ETH supply.

Kraken (9.4%) and Lido (8.8%) still led as the Top 2 ETH staking services in validator count, far ahead of the pack with a combined dominance of ~18%.

The Merge is estimated to reduce daily ETH emissions from 12,000 ETH to 1,280 ETH, a 90% reduction equivalent to a triple halving in Bitcoin terms.

✅Total spot trading volume saw a dip to an avg $1.26T monthly volume in Q1 2022:

Q1 2022 spot trading volume across the top-10 centralized and decentralized exchanges declined from $6.08 trillion to $3.79 trillion compared to Q4 2021.

Trading volume peaked in Nov 2021 and continued to decline in the subsequent months before having a bit of a rebound in March 2022 as the market recovered.

February’s trading volume of $1.1T was lower than any month in 2021.

The DEX: CEX ratio has increased slightly from 11.8% in December 2021 to 12.8% towards the end of March 2022.

#crypto #bitcoin #ethereum #trading #anypad #blockchain

As written by Niranjan Duguta

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