At the end of 2021, countless people thought that several smart contract platform tokens, often referred to as “Ethereum killers”, would replace the second largest cryptocurrency in terms of market capitalization in 2022. As 2022 draws to a close, statistics show that none of the so-called “Ethereum killers” have overtaken the leading smart contract platform token, and a number of these tokens have lost significant value during the cryptocurrency winter.
Ethereum outperformed its competitors in terms of market cap, decentralized financial activity, and non-functional token sale.
On December 23, 2021, the total value of the top smart contract platform coins was about $823 billion, and at that time the market capitalization of ethereum (ETH) was 59.42% of the total. Today, December 30, 2022, the best smart contract platform in the cryptocurrency economy, coins are valued at $239 billion, and the market value of ETH is estimated at about $144 billion. Data shows that the market value of ETH is equal to 60.25% of the combined value of all the top smart contract platform tokens listed today.
Last year, when the smart contract platform coin economy was more valuable, many people thought that ETH could be “converted” by a bunch of “Ethereum killers”. About a year ago, Forkast published an editorial titled “Top Five Ethereum Killers” and it covered tokens such as BNB, solana (SOL), cardano (ADA), avalanche (AVAX), and polkadot (DOT). While some of these coins are top ten candidates for December 2021, only BNB and ADA remain, and Polygon (MATIC) recently entered the top ten.
On December 24, 2021, BNB was exchanging hands at $547.12 per unit, making it the second largest smart contract platform coin at the time. Today, it is still the second-largest smart contract platform token, but the value of the digital currency has fallen by 55.19% from its December 2021 price point of $547. Last year, solana (SOL) was the third largest smart contract platform token, and a year ago, at the end of December 2021, it was trading at $189.43 per unit. Today, SOL has the seventh largest smart contract coin market cap, and SOL has the 19th largest capitalization in the entire cryptocurrency economy.
Metrics show that the smart contract coin SOL has lost 94.81% of its USD value since December 23, 2021. Cardano (ADA) was the fourth largest smart contract asset and on December 23, 2021, ADA was trading at $1.48 each. unit. ADA was also the seventh largest market cap in the entire cryptocurrency economy. Today, December 30, 2022, cardano is trading at $0.24 per coin, making it the ninth largest market cap. On December 23, 2021, Terra’s LUNA was the fifth largest smart contract coin at the time, and LUNA (now called LUNC) was trading at $93.24 per coin. LUNA was also the ninth largest market cap in the entire crypto-economy during the last month of 2021.
The price of LUNA has been completely wiped out and is now down to $0.000140 per unit on December 30, 2022. Polkadot (DOT) was the sixth largest smart contract token; today it has risen to fifth place. However, last year DOT was the tenth largest cryptocurrency market, but DOT is now the 13th largest. At that time, DOT was trading at $29.39 per unit on December 23, 2021, but today DOT has fallen 85.30% and is trading at $4.32 per coin. Avalanche (AVAX) was the seventh largest smart contract coin, but today AVAX is now in eighth place. On December 23, 2021, AVAX changed hands at $121.88 per coin, and on December 30, 2022, it fell to $10.83 per unit.
Finally, Polygon was the seventh largest smart contract coin last year, but today it is in the fourth largest smart contract token position. Furthermore, Polygon (MATIC) was the 14th largest position overall in December 2021 and managed to enter the tenth position today. MATIC was trading at $2.67 per coin last year and is down to $0.75 per unit today, a loss of around 71.91%. Although none of the so-called “Ethereum killers” were able to bring ETH down a notch, ETH has lost some of its dominance since December 23, 2021. At that time, ETH dominance was about 19.5%, and today it is the second leader. the dominance of the crypto asset decreased to 17.4%.
What do you think about the so-called ‘Ethereum killers’ and their market performance in 2022? Let us know your thoughts on this topic in the comments section below.
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