Kryptos Noziv on the last Friday of 2022

Stablecoins rule trading volume, while last Friday ends a year of extreme crypto turmoil with relatively quiet action.

2022, the year of one of the most extreme crypto winters, is coming to an end. This year the market has seen what investors could not have imagined even in their wildest dreams.

This is the first time in the history of Bitcoin That all quarters of the year are negative.

Crypto enthusiasts will remember this year for the much-anticipated Ethereum merger and unforeseen events such as the collapse of luna, Three Arrows Capital, centralized lending protocols and exchanges, and finally, the world’s second largest exchange, FTX. Let’s dive into the action of the last Crypto Friday of 2022.

Stablecoins dominate trading volume

The crypto market was quiet on the last Friday of 2022, considering the holiday season. However, most cryptocurrencies are dressed in Santa’s favorite color – red.

24 Hour Crypto Price-Action
source: crypto bubbles

According to data from TradingView, total crypto Market cap is down 0.5% today, from about $758 billion to $754 billion. Altcoin Market (excluding bitcoin and ethereum) decreased from $291.7 billion to about $290 billion, roughly 0.6%. bitcoin dominance stands at 42.16%, a slight decline of 0.06%

According to coinmarket cap, the volume of all stable coins is now $25.90 billion, which is 92.48% of the total crypto market’s 24-hour volume. USDT alone has a trading volume of $19 billion, which is almost equal to the combined trading volume of Bitcoin and Ethereum.

solana Recovers 23% from low of $8

Major cryptocurrencies, bitcoin and ethereum, had a slow day with minimal volatility, is bitcoin Business down 0.7% from today’s opening; Similarly, Ethereum is Business About 0.6% below the opening price. But Solana had a disruptive trading day.

Solana, once one of Alameda Research’s largest holdings, was hit even harder following the collapse of FTX Group. This week, Solana price dropped from a high of $11.5 to $8 due to various reasons adverse events, But, since Thursday’s low of $8, the price has recovered over 23%, trading at $9.95 as of writing.

SOL/USDT Price Action
source: trading viewSOL/USDT, Binance

Read BeInCrypto’s Solana Predictions for January 2023 here,

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