Quite a lot of persons have been trying to find out the general overview of the crypto market in 2022. This article will give an insight to that.

There is no doubt that the year 2022 hasn’t really been a great year so far for crypto market as the price of Bitcoin keeps going down. May 2022, gave crypto investors the shock of their lives, when  they woke up, with negative headlines everywhere which casted a dark shadow over the future of the crypto market and their confidence in crypto investments.

The month ended up being a bearish month for the cryptocurrency market as Bitcoin traded as low as $26,350.49 on the 12th day of May 2022. 

It began trading from $37,714.88 at the beginning of the month and ended the month at $31,792.31, showing a 15.70% loss. The significant decline in the market in the beginning of the month, sent bitcoin to trade below the $30,000 zone. The market later ended the month at 46.24%.

This made cryptocurrency market capitalization decline by 24.34% for the month of may. 

From $1.73 trillion at the start of the month and to $1.31 trillion at the end of the month.

Altcoin market also experienced similar declines, losing 28.92% in May, from approximately $988 billion to $702 billion at the end of the month. During this month, we saw the altcoin market capitalization trade as low as $621 billion.

In the same May 2022, the collapse of Terra Luna wiped $500 billion from the crypto market, and in June 2022 nearly $400 billion has left crypto as the industry market cap fell below $1 trillion for the first time since January 2021.

On monday, June 13 2022, we saw Bitcoin price collapse again from $27,000 to $22,000.

To show you the effect of the falling crypto prices, the lending and staking network Celsius, froze over $11 billion in assets on Monday then on Tuesday, the United State’s largest crypto trading platform Coinbase, made an announcement that it was laying off 18% of its full-time staff.

The bearish crypto news joined with the bearish market conditions caused the crash of cryptocurrency again in June 2022.

How Many Crypto Users In 2022

In 2022, Blockchain wallets which makes Bitcoin trading possible has reached over 81 million wallet users in 2022 and still growing.

In Conclusion

The crypto market haven't faired so well so far in 2022 but there are predictions that before the end of 2022 it might drastically go all high up again.