The year 2022 is coming to an end. Before we all start breaking our New Year’s resolutions after just 2 weeks, let’s practice reflection. After all, what better place to learn than the immediate past? Although the year 2022 has often been a head-shaking year when it comes to cryptocurrencies, Metaverse, Web 3 and Co., there have also been great moments. What really happened in 2022?
In our big annual review, we want to address the most important events in the crypto market in 2022 and add a very personal touch to them. Enjoy reading our last article in 2022!
In summary, what about the year 2022?
The year 2022 is over and it is not easy to rank the last 12 months. On the one hand, of course, we have to think about lower prices. The entire crypto market suffered heavy losses. The bear market had a complete grip on cryptocurrencies. This resulted in losses of 64% for bitcoin and over 70% for various altcoins.
We have also seen several crises and bankruptcies. After Terra (LUNA) and Celsius, the collapse of crypto exchange FTX dragged the entire market down. You can read more about the biggest bankruptcies of the past year in this article on the subject.
There were also a lot of advances. The Ethereum network finally completed the Ethereum merger and transitioned to the Proof-of-Stake network – possibly the biggest event in cryptocurrencies in 2022. Cardano also had its own major event with the Vasil Hard Fork. In addition, Polygon (MATIC) was able to score points with massive growth and great cooperations.
Why did cryptocurrencies lose so much in 2022?
Major cryptocurrencies recorded losses in all areas in 2022 (except stablecoins). During the year 2022, coins suffered the following losses:
- Bitcoin: down 64%
- Ethereum: minus 68%
- BNB: minus 52%
- XRP: down 59%
- Dogecoin: down 59%
- Cardano: minus 81%
- Polygon: minus 70%
It should also be kept in mind that some coins like XRP or Dogecoin lost more heavily before 2022.
Cryptocurrency losses had in 2022 different reason:
- From bear market as a natural part of the bitcoin cycle, cryptocurrency prices have already lost heavily in late 2021.
- through the increase in key rates the US dollar and with it the entire FIAT system was bolstered by the US Federal Reserve. In turn, cryptocurrencies were weakened in value.
- Due to the numerous bankruptcies of once highly acclaimed projects, this has become Trust in the Crypto Market reduced.
What were the positive highlights in cryptocurrencies in 2022?
After looking again at the losses of major cryptocurrencies with a pained face, we want to take stock of the year positive highlights of the year call again. Because in 2022 there was not only suffering and falling prices, but also great subsequent developments.
- From Ethereum merger was the major event of 2022. On September 15, the network moved from Proof-of-Work to Proof-of-Stake. In one fell swoop, the Ethereum network became 99.9% more efficient. The merger was only part of the development of Ethereum 2.0. Many steps to increase the scalability of Ethereum will follow in the coming months. In this article, we have summarized the Ethereum merger.
- Cardano (ADA) has seen positive developments despite heavy losses in recent months. This included, above all, the success Vasil hard fork. This was the first big big step towards increasing the scalability of the Cardano blockchain. This process is called a basho and continues until 2023.
- Polygon (MATIC) was the hot piece of 2022. The Matic coin was able to increase in value until the new year and the drop in the following months was also relatively small. Polygon managed to score points with massive network growth and cooperation with Nike, Disney, Starbucks and JP Morgan.
- the Takeover of Twitter by American billionaire Elon Musk has been widely received positively by the crypto space. He appreciates Musk’s announcement on Twitter about expanding free speech. Musk is also considered a fan of crypto and especially Dogecoin. This is why DOGE was able to see its price more than double in the short term in November.
- the MiCA regulations regulating cryptocurrencies in the EU has turned out to be much cheaper than many crypto fans feared. Above all, the position of bitcoin as a possible decentralized currency of the future has been strengthened.
What were the negative highlights of 2022?
However, when we talk about the positive sides of 2022, we must not omit the negative aspects. In 2022, not only prices fell sharply, but there were also many bankruptcies and negative developments:
- The FTX scandal is above all. The respected crypto exchange, started by former “investing star” Sam Bankman-Fried (SBF for short), miscalculated, wasted its users’ assets and even allegedly engaged in money laundering and the financing of illegal campaigns. The market crashed and confidence in crypto exchanges and the space as a whole plummeted. In this article, we have summarized the topic.
- Other failures came in the form of Terra (LUNA) and Celsius. Terra was a cryptonet that developed algorithmic stablecoins. When the value of its own TerraUSD stablecoin could no longer be sustained, the network imploded. Celsius was a crypto lending platform and went bankrupt due to the bear market. The German platform Nuri was also indirectly affected. More on that in this article.
- Things could get tough for Ripple (XRP).. Litigation was further delayed and no verdict was issued in 2022. After FTX’s FTT token was classified as a security in the scandal, it could set a precedent for the XRP coin. A guilty verdict could mean the end of the platform.
Our Personal Cryptoticker Highlight: The Berlinverse
We haven’t even talked about Metaverse and Web3 in this article. This was also due to the topic becoming very quiet in the mainstream of the bear market and there is significantly less money in the scene than at the end of 2020 and especially in 2021. However, this does not means that a small setback, but does not mean that the subject is dead is.
The liveliness of the Metaverse, NFTs and Web3 could hardly be observed both in the German-speaking area and with the Berlinverse. At the two-day conference, where Cryptoticker also had a booth and co-hosted the event, more than 20 speakers shared their industry experiences and gave important tips for future entrepreneurs in the Web3 sector. There was also an NFT art gallery to see. You can read everything you need to know about the Berlinverse here.
What are our takeaways for cryptocurrencies in 2023?
2022 has been largely marked by the bear market and the bankruptcies of once-respected market players. Nevertheless, there have been great developments and events over the past year. The good thing about a bear market is that it passes. There is a lot to think that after all the crises of the last 12 months, prices will rise again in the coming year 2023. Let’s hope for a successful 2023!
The whole Cryptoticker team wishes all our readers, followers and supporters a happy new year 2023!
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