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The top five crypto winners (and losers) of 2022

Published on

December 27, 2022
Read Time:6 Minute, 47 Second

Cointelegraph appears to be like again at the very best and worst cryptocurrencies of 2022 among the many high 100 belongings by market cap. We used the best and lowest year-to-date (YTD) returns by the top of December 25, 2022.

General, the 100 (CIX100), an index that tracks the 100 top-performing cryptocurrencies, fell nearly 68% year-to-date, suggesting that the majority high cash have underperformed in 2022.

CIX100 weekly worth chart. Supply: TradingView

Stablecoins are after all omitted from the next listing. Equally, cash that monitor the worth of gold and comparable mainstream belongings have additionally been ignored.

As an alternative, the cash beneath embrace decentralized currencies, sensible contract tokens, alternate tokens, and others.

The 5 greatest cryptos of 2022

1. GMX (GMX)

  • YTD return: 111%
  • Sector: Decentralized Trade
  • Market Cap: $379.4 million

GMX acts as a utility and governance token inside the GMX decentralized alternate (DEX) ecosystem and is the best-performing digital asset among the many high 100 cash (excluding stablecoins).

GMX's worth uptrend was primarily pushed by the collapse of FTX, a centralized alternate, and its itemizing on fashionable buying and selling platforms - together with Binance and Huobi International - in 2022. Moreover, the token made a powerful restoration after its platform in late November briefly surpassed its top DEX rival Uniwap in daily trading fees.

GMX price development YTD. Source: CoinMarketCap

2. Trust Wallet Token (TWT)

  • YTD return: 92%
  • Industry: payment platform
  • Market Cap: $570 million

Trust Wallet Token (TWT) serves as a utility and governance token within the Trust Wallet ecosystem. The token moved lower along with the rest of the crypto market, mainly in 2022, but like GMX, its upward momentum picked up amid the FTX exchange collapse in November.

Daily TWT/USD price chart. Source: TradingView

As Cointelegraph reported, the collapse of FTX increased mistrust of centralized exchanges, which may have prompted investors to move their funds to self-custodial wallets like Trust Wallet. The speculation may have played an important role in boosting the TWT rating.

3. One But Leo (LEO)

  • YTD yield: -3.5%
  • Sector: Centralized Exchange
  • Market Cap: $3.44 billion

Unus Sed Leo (LEO) hails from the iFinex ecosystem. The token suffered losses in 2022, but at -3.5% they were little compared to most top coins including bitcoin (BTC) and ether (ETH) which lost over 65% over the same period.

LEO/USD daily chart. Source: TradingView

One of the reasons why LEO has outperformed most top-tier assets could be iFinex's promise. Notably, at the time of the private sale of LEO in 2018, the company stated that it would use 27% of its proceeds to buy back the tokens until the entire supply of 985.24 million units was retired.

IFinex also said it would use the funds it lost during the August 2016 Bitfinex hack to buy LEO tokens. That explains why LEO is up more than 100% earlier in the year as the uptrend came after the United States Department of Justice 94,000 BTC recovered by Bitfinex hackers.

The rally took LEO price to a YTD high of $8.15 in February. Since then, however, the token is down 55% but still remains one of the best performers in 2022.

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4. United Nations (UN)

  • YTD return: -19%
  • Sector: Centralized Exchange
  • Market Cap: $1.38 billion

OKB is the native token of the OKX exchange. It offers users discounts on trading fees, access to OKX's IEO (Initial Exchange Offering) platform, and voting rights for tokens to be listed on the exchange.

OKB has performed in sync with the broader crypto market in 2022, including its 150% recovery after bottoming around $9.50 in June. The token's bullish retracement came despite the lack of a major market-moving event, suggesting it was mostly speculative.

OKB/USD daily chart. Source: TradingView

Overall, OKB's volatile recovery helped limit its YTD losses relative to most top-tier assets.

5. The Open Network (TON)

  • YTD return: -33.5%
  • Sector: Smart Contracts
  • Market Cap: $3.52 billion

The Open Network is a Layer 1 blockchain ecosystem developed by Telegram founders Nikolai Durov and Pavel Durov. Its native token, TON, trended lower in line with other top crypto assets for most of 2022, but rallied impressively before year-end.

TON/USD price action YTD. Source: CoinMarketCap

TON's recovery period coincided with consecutive bullish news. For example, Telegram announced in October that it would use the Open Network to auction usernames. Similarly, over the next month, the Open Network built a bot that allows Telegram users to trade cryptocurrencies on the app.

Nonetheless, TON failed to recoup all of its losses and is still down 33.5% year-to-date to $2.36.

Related: Top 5 most googled cryptocurrencies worldwide in 2022

The five worst cryptos of 2022

1. Earth (MOON)

  • YTD performance: -99.99%
  • Sector: Smart Contracts
  • Market Cap: $604 million

Terra (LUNA) became a debacle for the cryptocurrency sector after its market valuation plummeted 99.99% in May. The dissolution began with the implosion of Terra's algorithmic stablecoin TerraUSD (UST), marking one of the largest busts in crypto industry history.

LUNA/USD daily chart. Source: TradingView

The implosion of Terra prompted its founder, Do Kwon, to propose a fork to revive the project. Eventually, Terra was split with the ancient chain existing as Terra Classic and the new chain as Terra 2.0.

Luna Classic (LUNC) surged nearly 100% following its launch in late May 2022, while LUNA (LUNA2) plummeted about 40% over the same period.

2. FTX Token (FTT)

  • YTD performance: -98%
  • Sector: Centralized Exchange
  • Market Cap: $307 million

FTX Token (FTT) served as the native token for FTX, which collapsed after a liquidity crisis in November.

FTT/USD daily chart. Source: TradingView

The token continues to be traded on multiple exchanges, but comes with low liquidity and volume. Given FTX's defunct status, it's technically "dead."

3. Solana (SUN)

  • YTD performance: -93.35%
  • Sector: Smart Contracts
  • Market Cap: $4.11 billion

Solana (SOL), a Layer 1 blockchain protocol, crashed 93.35% YTD in 2022 due to a string of bad news. This includes six network outages per year, a $200M hack on a Solana-based wallet and Solana's connection to FTX.

SOL/USD daily chart. Source: TradingView

More bad reporting surfaced in the form of accusations that Solana wasn't as decentralized as it claims, leading to SOL being one of the worst performers of 2022.

4. Axie Infinity (AXS)

  • YTD performance: -93%
  • Industry: Gaming/Metaverse
  • Market Cap: $775 million

Axie Infinity Shard (AXS) primarily serves as a governance token for Axie Infinity, a play-to-earn (P2E) gaming ecosystem. It also acts as legal tender on the Axie Infinity marketplace where in-game non-fungible tokens (NFT) can be purchased.

The AXS market has rallied in 2022 on the back of under-participation by players (which lowers demand for tokens), a $650 million hack of Axie Infinity's Ronin blockchain in late March, and fears surrounding the Activation of 8% of the offer in October constantly declining.

AXS/USD daily chart. Source: TradingView

AXS is down about 93% year-to-date, becoming one of the worst-performing assets in the current bear market.

5. The sandbox (SAND)

  • YTD performance: -92.50%
  • Industry: Gaming/Metaverse
  • Market Cap: $690 million

Like Axie Infinity, The Sandbox is a virtual platform that allows users to create, own, and monetize their gaming skills using NFTs and The Sandbox (SAND), the platform's utility token. But despite initial success, the platform now has fewer than 500 unique users, according to to knowledge from DappRadar.

Decrease voter turnout has harm SAND's demand on spot exchanges, which in flip has pushed its worth down 93.50% year-to-date, as proven beneath. Different components behind the autumn in curiosity embrace a common lack of demand for riskier belongings in a better rate of interest atmosphere.

SAND/USD each day chart. Supply: TradingView

Different tokens which are down greater than 90% year-to-date embrace Fantom (FTM), Avalanche (AVAX), Algorand (ALGO), Decentraland (MANA), BitTorrent (BTT), and others.

This text doesn't include any funding recommendation or suggestion. Each funding and buying and selling transfer entails danger and readers ought to do their very own analysis when making a choice.

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Azeez Mustafa
Azeez began his FinTech career path in 2008 after growing interest and intrigue about market wizards and how they managed to become victorious on the battlefield of the financial world. After a decade of learning, reading and training the ins and outs of the industry, he’s now a sought after trading professional, technical/currency analyst and funds manager – as well as an author.
Last Updated : December 27, 2022
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