Cointelegraph seems to be again on the perfect and worst-performing cryptocurrencies of 2022 among the many prime 100 belongings by market capitalization. We used the best and the bottom year-to-date (YTD) returns by way of the shut of Dec. 25, 2022.
General, Cryptoindex.com 100 (CIX100), an index that tracks the 100 best-performing cryptocurrencies, fell practically 68% YTD, suggesting most prime cash underperformed in 2022.
Stablecoins are naturally omitted from the record beneath. Equally, cash monitoring the worth of gold and related mainstream belongings have additionally been ignored.
As an alternative, the cash talked about beneath embrace decentralized currencies, sensible contract tokens, alternate tokens and others.
High 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 inside the GMX decentralized alternate (DEX) ecosystem and is the best-performing digital asset among the many prime 100 cash (excluding stablecoins).
GMX’s worth uptrend largely picked its cues from the collapse of FTX, a centralized alternate, and its itemizing on in style buying and selling platforms — together with Binance and Huobi International — throughout 2022. As well as, the token rallied impressively in late November after its platform briefly surpassed its prime DEX rival, Uniwap, in each day buying and selling charges.
2. Belief Pockets Token (TWT)
- YTD return: 92%
- Sector: Cost platform
- Market Cap: $570 million
Belief Pockets Token (TWT) serves as a utility and a governance token inside the Belief Pockets ecosystem. The token moved decrease in tandem with the remainder of the crypto market, largely in 2022, however like GMX, its upside momentum elevated amid the collapse of the FTX alternate in November.
As Cointelegraph reported, the FTX’s collapse boosted distrust for centralized exchanges, which can have prompted buyers to maneuver their funds to self-custody wallets like Belief Pockets. The hypothesis might have performed a significant function 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.
One of many explanation why LEO outperformed most top-ranking belongings might be iFinex’s pledge. Notably, the agency declared on the time of LEO’s non-public sale in 2018 that it could make use of 27% of its income to purchase again the tokens till the whole provide of 985.24 million items was faraway from circulation.
IFinex additionally mentioned it could use the funds it misplaced throughout the August 2016 Bitfinex hack to buy LEO tokens. That explains why LEO rallied by greater than 100% at the beginning of the 12 months, given the uptrend got here after the USA Division 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 among the finest performers in 2022.
4. OKB (OKB)
- YTD return: -19%
- Sector: Centralized alternate
- Market Cap: $1.38 billion
OKB is the native token of the OKX alternate. It supplies 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 largely speculative.
General, OKB’s risky restoration helped it restrict its YTD losses in comparison with most top-ranking belongings.
5. The Open Community (TON)
- YTD return: -33.5%
- Sector: Good contracts
- Market Cap: $3.52 billion
The Open Community is a layer-1 blockchain ecosystem developed by the Telegram founders Nikolai Durov and Pavel Durov. Its native token, TON, trended downward in step with different prime crypto belongings throughout most of 2022 however recovered impressively forward of the 12 months’s shut.
TON’s restoration interval coincided with back-to-back optimistic information. For example, in October, Telegram introduced that it could make use of the Open Community to public sale usernames. Equally, the Open Community constructed a bot the following month that enables Telegrams customers to commerce cryptocurrencies in-app.
Nonetheless, TON didn’t recoup all of its losses, nonetheless down 33.5% YTD at $2.36.
Associated: High-five most Googled cryptocurrencies worldwide in 2022
Worst 5 cryptos of 2022
1. Terra (LUNA)
- YTD efficiency: -99.99%
- Sector: Good contracts
- Market Cap: $604 million
Terra (LUNA) grew to become a debacle for the cryptocurrency sector after its market valuation crashed by 99.99% in Might. 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.
Terra’s implosion prompted its founder Do Kwon to counsel a fork to revive the challenge. Ultimately, Terra underwent a series cut up, with the previous chain present as Terra Traditional and the brand new chain as Terra 2.0.
Luna Traditional (LUNC) jumped practically 100% after its launch in late Might 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 dealing with a liquidity disaster in November.
The token continues to commerce throughout a number of exchanges however accompanies poor liquidity and quantity. It’s technically “lifeless” given the defunct standing of FTX.
3. Solana (SOL)
- YTD efficiency: -93.35%
- Sector: Good contracts
- Market Cap: $4.11 billion
Solana (SOL), a layer-1 blockchain protocol, crashed 93.35% YTD as a consequence of a sequence of dangerous information all throughout 2022. That features six community outages within the 12 months, a $200 million hack on a Solana-based pockets and Solana’s affiliation with FTX.
Extra dangerous protection appeared within the type of accusations that Solana is just 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 persistently trended decrease in 2022 as a consequence of underwhelming gamers 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 provide in October.
AXS is down roughly 93% YTD, changing into one of many worst-performing belongings 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 knowledge 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 elements behind the declining curiosity embrace a basic lack of demand for riskier belongings in the next rate of interest setting.
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 call.
