According to a CoinGecko report, the total capitalization of the cryptocurrency market fell by more than 50% in the second quarter of 2022, while the DeFi sector decreased by almost 75%.
The analysts of the company have written:
“It looks like 2022 is going to be a terrible year for the crypto market. Compared to now, the first quarter appears to be the calm before the storm.”
According to the company, the top 30 cryptocurrencies are down 68% from their November 2021 peak of $1.8 trillion. The reason is the collapse of the Terra ecosystem and the problems of major industry players that followed.
The analysts have said that spot trading volumes remained “relatively stable” in the second quarter.