During 2022, the crypto market collapsed, but as many as four distinct moments can be identified as to why the collapse occurred.
The crypto market collapsed: the reason for the first drop
The first drop occurred at the beginning of the year and was actually rather expected.
In fact, it started a few days after hitting new all-time highs, that is, after November 10, 2021 when the total capitalization of the crypto market touched $3.1 trillion. Bitcoin’s price had risen to $69,000 and that of ETH (Ethereum) to nearly $4,900.
Note that not only did that drop appear to be inevitable, given previous increases, but it also lasted several months, until early May 2022 when capitalization had fallen to $1.8 trillion. A decline of -42 percent after setting a new all-time high was perfectly normal.
In fact, it does not seem fair to call this a crash, if only because it occurred over the course of several months.
The first real descent: how and why the crypto market collapsed
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