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Cointelegraph looks back at the best and worst cryptocurrencies of 2022 among the top 100 assets by market cap. We used the highest and lowest year-to-date (YTD) returns through the end of December 25, 2022.
Overall, the Cryptoindex.com 100 (CIX100), an index that tracks the 100 best performing cryptocurrencies, is down nearly 68% so far this year, suggesting most top coins will underperform in 2022. doing.
Stablecoins are naturally excluded from the list below. Similarly, coins that track the value of gold and similar mainstream assets have been neglected.
Instead, the coins mentioned below include decentralized currencies, smart contract tokens, exchange tokens, etc.
GMX serves as a utility and governance token. GMX decentralized exchange (DEX) ecosystem and the highest performing digital asset among the top 100 coins (excluding stablecoins).
GMX’s upward trend in price is largely due to the collapse of centralized exchange FTX and its 2022 listing on popular trading platforms including Binance and Huobi Global. Temporarily outperformed DEX’s biggest rivalUniwap, daily transaction fees.
trust wallet token (TWT) will serve as a utility and governance token within the Trust Wallet ecosystem. The token largely fell in 2022 in tandem with other crypto markets, but like GMX, gained momentum amid the collapse of the FTX exchange in November.
as Cointelegraph reportthe collapse of FTX Growing distrust of centralized exchangesThis may have prompted investors to move their funds to self-custody wallets like Trust Wallet. Speculation may have played a large role in boosting TWT’s ratings.
Unus Sed Leo (LEO) is native to the iFinex ecosystem. The token suffered a loss in 2022, but -3.5%, which is very little compared to most top coins, including Bitcoin (Bitcoin) and the ether (ethereum), which lost more than 65% over the same period.
one Why LEO Outperformed Most of the top assets can be iFinex pledges. Notably, during LEO’s private sale in 2018, the company declared that it would use 27% of the proceeds to buy back tokens until the entire supply of 985.24 million units was removed from circulation.
IFinex also said it would use the funds it lost in the deal. August 2016 Bitfinex hack Buy LEO tokens. This explains why LEO was up over 100% at the beginning of the year, given that the uptrend occurred after the US Department of Justice announcement. Collected 94,000 BTC From Bitfinex hackers.
The rally pushed LEO’s price to a year-to-date high of $8.15 in February. However, even though the token has since fallen 55%, he is still one of the best performers in 2022.
OKB is the native token of the OKX exchange. It provides users with discounted trading fees, access to OKX’s Initial Exchange Offering (IEO) platform, and voting rights on exchange-listed tokens.
In 2022, OKB showed trends in sync with the broader crypto market, recovering 150% after bottoming out at around $9.50 in June. The token’s bullish retracement occurred in the absence of major market-moving events, suggesting it was mostly speculative.
Overall, OKB’s volatile recovery has helped contain YTD losses compared to most top-ranked assets.
open network A Layer 1 blockchain ecosystem developed by Telegram founders Nikolai Durov and Pavel Durov. Its native token, his TON, has been on a downward trend like other major crypto assets for most of 2022, but has made an impressive recovery towards the end of the year.
TON’s recovery coincided with a flurry of optimistic news. For example, in October Telegram said An open network that auctions usernamesSimilarly, Open Network created a bot the following month. Telegram users to trade cryptocurrencies in the app.
Despite this, TON failed to recover all its losses and is still down 33.5% year-to-date to $2.36.
Related: Top 5 Most Googled Cryptocurrencies in the World in 2022
Terra (Luna) was a fiasco for the crypto sector after its market valuation plummeted by 99.99% in May.Elucidation that began with Terra’s Algorithm Stablecoin Implosion TerraUSD (UST) is one of the biggest bankruptcies in the history of the cryptocurrency industry.
Terra’s implosion prompted founder Do Kwon to propose a fork to revive the project. Final, Terra suffered a chain splitwith the old chain Present as Terra Classic The new chain is Terra 2.0.
The Luna Classic (LUNC) rose nearly 100% after its launch in late May 2022, while LUNA (LUNA2) fell about 40% over the same period.
FTX Token (FTT) served as the native token of the collapsed FTX. After facing a liquidity crisis in November.
The token continues to be traded on several exchanges, but liquidity and volume are lacking. Given FTX’s obsolete status, it’s technically “dead”.
Solana (Sol), the layer 1 blockchain protocol crashed 93.35% YTD due to a string of bad news throughout 2022. Including 6 network outages A year, $200 million hack Solana-based wallets and Solana wallets Association on FTX.
worse press came in the form of condemnation Solana is not very decentralized As it claims, SOL will have one of the worst performances of 2022.
Axie Infinity Shard (AXS) primarily serves as the governance token for Axie Infinity, a Play-to-Earn (P2E) gaming ecosystem. It also serves as fiat currency on the Axie Infinity Marketplace where you can buy in-game Non-Fungible Tokens (NFTs).
AXS Market to Consistently Decline in 2022 Very low voter turnout (lowering demand for tokens), $650 million hack Concerns about Axie Infinity’s blockchain Ronin in late March and 8% of supply unlocked in October.
AXS is down about 93% year-to-date, making it one of the worst performing assets in the current bear market.
Similar to Axie Infinity, The Sandbox allows users to interact with NFT and The Sandbox (sand), the utility token of the platform. However, despite initial success, the platform’s current number of unique users is less than 500. according to to data from DappRadar.
Declining voter turnout impacted demand for SAND across spot exchanges, pushing SAND prices down 93.50% year-to-date, as shown below. Other factors behind the decline in interest rates include a general lack of demand for riskier assets in a high interest rate environment.
Another token that has fallen over 90% YTD is Fantom (FTM), avalanche (Avax), Algorand (Argo), Decentraland (mana), BitTorrent (BTT), etc.
This article does not contain investment advice or recommendations. All investment and trading moves involve risk and readers should conduct their own research when making decisions.
