This week the end of the year 2022, the leading cryptocurrencies of the industry, Bitcoin and Ethereum, dropped only by less than 2%. Since last weekend these top cryptocurrencies have remained practically unchanged. But in the year 2022, which has been the worst one for all the cryptocurrencies and crypto-related firms, these two cryptocurrencies also plummeted as much and reached new lows.
As of today, on the 31st of December, the price of Bitcoin, the largest cryptocurrency in the market, decreased by more than 1.5% over the last seven days. According to data from CoinGecko, BTC is currently, as of this writing, trading at around $16,557. While Ethereum, the second-largest cryptocurrency in the market, plummeted by more than 1.6% over the past week. As per data from CoinGecko, ETH is currently trading at around $1,192.
This week, the Bitcoin network started with a handicap because several leading US miners suspended operations due to extreme weather. The hash rate, a measure of the computing power of the network, of Bitcoin, dropped around 40% and hit a low of 156.36 EH/s, but it has since recovered to 247.87 EH/s.
On the other hand, this week has been a kind of worst one for Solana’s native token SOL and its broader ecosystem. SOL is the one cryptocurrency that faced the heaviest losses this week of the top twenty coins by market cap, recording a 17% decrease over the period. This week, the value of SOL hit a two-year low.
It’s not only SOL that is hit hard by this week, as Dogecoin, the leading meme coin of the industry and Elon Musk’s favorite cryptocurrency, is also in the same situation. DOGE, the top-performing meme coin of the year, posted the second-heaviest losses among the top twenty this week. This week, the value of DOGE plummeted by more than 11%.