Prime 5 crypto winners (and losers) of 2022


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Cointelegraph seems to be again on the perfect and worst-performing cryptocurrencies of 2022 among the many prime 100 property by market capitalization. We used the best and the bottom year-to-date (YTD) returns by means of the shut of Dec. 25, 2022.

Total, 100 (CIX100), an index that tracks the 100 best-performing cryptocurrencies, fell almost 68% YTD, suggesting most prime cash underperformed in 2022.

CIX100 weekly worth chart. Supply: TradingView

Stablecoins are naturally omitted from the listing beneath. Equally, cash monitoring the worth of gold and related mainstream property have additionally been ignored.

As a substitute, the cash talked about beneath embrace decentralized currencies, sensible contract tokens, alternate tokens and others.

Prime 5 crypto of 2022

1. GMX (GMX)

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

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

GMX’s worth uptrend principally picked its cues from the collapse of FTX, a centralized alternate, and its itemizing on common buying and selling platforms — together with Binance and Huobi World — throughout 2022. As well as, the token rallied impressively in late November after its platform briefly surpassed its top DEX rival, Uniwap, in each day buying and selling charges.

GMX worth efficiency YTD. Supply: CoinMarketCap

2. Belief Pockets Token (TWT)

  • YTD return: 92%
  • Sector: Cost platform
  • Market Cap: $570 million

Trust Wallet Token (TWT) serves as a utility and a governance token throughout the Belief Pockets ecosystem. The token moved decrease in tandem with the remainder of the crypto market, principally in 2022, however like GMX, its upside momentum elevated amid the collapse of the FTX alternate in November.

TWT/USD each day worth chart. Supply: TradingView

As Cointelegraph reported, the FTX’s collapse boosted mistrust for centralized exchanges, which can have prompted traders to maneuver their funds to self-custody wallets like Belief Pockets. The hypothesis might have performed a significant position in boosting TWT’s valuation.

3. Unus Sed Leo (LEO)

  • YTD return: -3.5%
  • Sector: Centralized alternate
  • Market Cap: $3.44 billion

Unus Sed Leo (LEO) is native to the iFinex ecosystem. The token suffered losses in 2022, however at -3.5%, they had been little in comparison with most prime cash, together with Bitcoin (BTC) and Ether (ETH), which misplaced over 65% in the identical interval.

LEO/USD each day worth chart. Supply: TradingView

One of many reasons why LEO outperformed most top-ranking property could possibly be iFinex’s pledge. Notably, the agency declared on the time of LEO’s non-public sale in 2018 that it might make use of 27% of its income to purchase again the tokens till your complete provide of 985.24 million models was faraway from circulation.

IFinex additionally mentioned it might use the funds it misplaced in the course of the August 2016 Bitfinex hack to purchase LEO tokens. That explains why LEO rallied by more than 100% at the start of the year, given the uptrend came after the United States Department of Justice recovered 94,000 BTC from Bitfinex hackers.

The rally took LEO’s worth to a YTD excessive of $8.15 in February. Nonetheless, the token has dropped 55% since, although nonetheless remaining probably the greatest performers in 2022.

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4. OKB (OKB)

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

OKB is the native token of the OKX alternate. It gives customers reductions on buying and selling charges, entry to OKX’s preliminary alternate providing (IEO) platform, and voting rights for tokens to be listed on the alternate. 

OKB trended synchronously with the broader crypto market in 2022, together with its 150% restoration after bottoming out at round $9.50 in June. The token’s bullish retracement occurred regardless of the absence of a significant market-moving occasion, suggesting it had been principally speculative.

OKB/USD each day worth chart. Supply: TradingView

Total, OKB’s risky restoration helped it restrict its YTD losses in comparison with most top-ranking property. 

5. The Open Community (TON)

  • YTD return: -33.5%
  • Sector: Sensible contracts
  • Market Cap: $3.52 billion

The Open Network is a layer-1 blockchain ecosystem developed by the Telegram founders Nikolai Durov and Pavel Durov. Its native token, TON, trended downward consistent with different prime crypto property throughout most of 2022 however recovered impressively forward of the yr’s shut. 

TON/USD worth efficiency YTD. Supply: CoinMarketCap

TON’s restoration interval coincided with back-to-back optimistic information. As an illustration, in October, Telegram introduced that it might make use of the Open Network to auction usernames. Equally, the Open Community constructed a bot the following month that enables Telegrams users to trade cryptocurrencies in-app.

Nonetheless, TON did not recoup all of its losses, nonetheless down 33.5% YTD at $2.36.

Associated: Top-five most Googled cryptocurrencies worldwide in 2022

Worst 5 cryptos of 2022

1. Terra (LUNA)

  • YTD efficiency: -99.99%
  • Sector: Sensible contracts
  • Market Cap: $604 million

Terra (LUNA) turned a debacle for the cryptocurrency sector after its market valuation crashed by 99.99% in Could. The unraveling began with the implosion of Terra’s algorithmic stablecoin TerraUSD (UST), marking one of many largest busts within the crypto trade’s historical past.

LUNA/USD each day worth chart. Supply: TradingView

Terra’s implosion prompted its founder Do Kwon to recommend a fork to revive the venture. Finally, Terra underwent a chain split, with the old chain existing as Terra Classic and the brand new chain as Terra 2.0.

Luna Traditional (LUNC) jumped almost 100% after its launch in late Could 2022 whereas LUNA (LUNA2) dropped round 40% in the identical interval.

2. FTX Token (FTT)

  • YTD efficiency: -98%
  • Sector: Centralized alternate
  • Market Cap: $307 million

FTX Token (FTT) served as a local token to FTX, which collapsed after facing a liquidity crisis in November. 

FTT/USD daily price chart. Source: TradingView

The token continues to trade across several exchanges but accompanies poor liquidity and volume. It is technically “dead” given the defunct status of FTX.

3. Solana (SOL)

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

Solana (SOL), a layer-1 blockchain protocol, crashed 93.35% YTD as a result of a sequence of unhealthy information all throughout 2022. That includes six network outages in the year, a $200 million hack on a Solana-based pockets and Solana’s association with FTX.

SOL/USD each day worth chart. Supply: TradingView

Extra unhealthy protection appeared within the type of accusations that Solana is not as decentralized because it claims to be, leading to SOL being one of many worst-performers of 2022.

4. Axie Infinity (AXS)

  • YTD efficiency: -93%
  • Sector: Gaming/metaverse
  • Market Cap: $775 million

Axie Infinity Shard (AXS) serves primarily because the governance token for Axie Infinity, a play-to-earn (P2E) gaming ecosystem. It additionally acts as a authorized tender within the Axie Infinity market, the place in-game nonfungible tokens (NFT) might be bought.

The AXS market has constantly trended decrease in 2022 as a result of underwhelming players turnout (which lowers the demand for tokens), a $650 million hack regarding Axie Infinity’s blockchain Ronin in late March and fears surrounding the unlocking of 8% of supply in October. 

AXS/USD each day worth chart. Supply: TradingView

AXS is down roughly 93% YTD, turning into one of many worst-performing property within the present bear market.

5. The Sandbox (SAND)

  • YTD efficiency: -92.50%
  • Sector: Gaming/metaverse
  • Market Cap: $690 million

Like Axie Infinity, The Sandbox is a digital platform the place customers can create, personal and monetize their gaming expertise utilizing NFTs and The Sandbox (SAND), the platform’s utility token. However, regardless of preliminary success, the platform now has lower than 500 distinctive customers, according to information from DappRadar.

The decrease turnout has affected SAND’s demand throughout spot exchanges, which, in flip, has pushed its worth down 93.50% YTD, as proven beneath. Different components behind the declining curiosity embrace a common lack of demand for riskier property in the next rate of interest setting.

SAND/USD each day worth chart. Supply: TradingView

Different tokens that fell greater than 90% YTD are Fantom (FTM), Avalanche (AVAX), Algorand (ALGO), Decentraland (MANA), BitTorrent (BTT) and others.

This text doesn’t include funding recommendation or suggestions. Each funding and buying and selling transfer includes danger, and readers ought to conduct their very own analysis when making a choice.