Cryptos Decline As War Fears Deepen Global Markets Sell-off

Cryptocurrency prices continued to decline as the tensions surrounding the imminent transition to a tight monetary policy regime was exacerbated with the rising geo-political tensions in Eastern Europe.

Equity markets in Europe are in deep negative territory. Negative sentiment drove equity prices in Asia as well. Safe-haven gold has risen around 0.9 percent.

Aggregate crypto market capitalization is at $1.87 trillion versus $1.97 trillion on Friday.

Bitcoin is currently trading at $42,163.96 amidst the lead crypto coin’s prices slumping from a day-high of $43,810.83 on February 11, to a day-high of $42,992.55 on February 12 and further to a day-high of $42,693.05 on February 13.

Ethereum too witnessed the phenomenon of falling day-highs as the rival contender’s price dropped from a 24-hour high of $3,127.45 on Friday, to $2,980.08 on Saturday and further to $2,947.78 on Sunday. It is currently trading at $2,873.52.

BNB, XRP, Solana, Terra, Dogecoin, Avalanche and Polkadot too are in deep negative territory.

14th ranked SHIBA INU has bucked the declining trend to rally up 1.68 percent overnight. On a weekly basis too, the meme token tops the performer charts in the top-25 category with a 7.7 percent rally.

At current prices, Smart Contracts command a dominance of 27.52 percent, while Stablecoins occupy 9.61 percent of the market. DeFi’s market capitalization is 6.91 percent of the overall crypto market.

A quick contrast with the position exactly a year ago shows that among the top 20 cryptocurrencies as on 14 February 2021, only Bitcoin, Ethereum and Tether have retained their rankings even on February 14.

BNB (BNB) has advanced from rank 7 to rank 4 now, Dogecoin (DOGE) moved up to rank 10 now from 12 while USD Coin (USDC) jumped to 5 currently, from rank 13 a year ago.

14 of the top 20 cryptocurrencies this day a year ago, have slipped in rankings. Cosmos (ATOM) slipped one spot, XRP (XRP) and Cardano (ADA) declined two notches each, while Wrapped Bitcoin (WBTC) moved three slots down over the course of the past year.

During the past year, Polkadot (DOT) dropped 6 points and Uniswap (UNI) suffered a 10-rank dip. Litecoin (LTC) declined 12 notches, Chainlink (LINK) dipped 13 ranks, Bitcoin Cash (BCH) fell 16 ranks and Stellar (XLM) dropped down 19 positions in the hierarchy.

Monero (XMR) is now down 26 slots at 48th rank; EOS (EOS) has fallen from rank 18 to rank 48; AAVE has dropped 35 notches to rank 51; and Bitcoin SV (BSV) has fallen by 41 ranks to rank 58, from rank 17, exactly a year ago.

In other words, only 11 of the cryptocurrencies that were ranked in the top 20 a year ago, still rank within the top 20, while 5 have slipped to the top 40 and the remaining four have slipped to the top 60.

9 of the top 20 cryptocurrencies as on 14 February 2022 have risen from the ranks, down the hierarchy and were not part of the top 20, a year ago.

The churn witnessed in the hierarchy is not peculiar to the top 20. The crypto currency spectrum has been extremely dynamic and turbulent making it undoubtedly a survival of the fittest in terms of use cases, safety and liquidity.

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