Top five crypto winners (and losers) of 2022

Cointelegraph appears 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 the shut of Dec. 25, 2022.

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

CIX100 weekly value chart. Source: TradingView

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

Instead, the cash talked about under embrace decentralized currencies, sensible contract tokens, change tokens and others.

Top five crypto of 2022

1. GMX (GMX)

  • YTD return: 111%
  • Sector: Decentralized change
  • 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 value uptrend principally picked its cues from the collapse of FTX, a centralized change, and its itemizing on fashionable buying and selling platforms — together with Binance and Huobi Global — throughout 2022. In addition, 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 value efficiency YTD. Source: CoinMarketCap

2. Trust Wallet Token (TWT)

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

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

TWT/USD each day value chart. Source: 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 Trust Wallet. The hypothesis may have performed a serious function in boosting TWT’s valuation.

3. Unus Sed Leo (LEO)

  • YTD return: -3.5%
  • Sector: Centralized change
  • 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 have 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 value chart. Source: TradingView

One of the reasons why LEO outperformed most top-ranking property may very well 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 all the provide of 985.24 million items 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 value to a YTD excessive of $8.15 in February. However, the token has dropped 55% since, although nonetheless remaining one of the perfect performers in 2022.

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4. OKB (OKB)

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

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

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 serious market-moving occasion, suggesting it had been principally speculative.

OKB/USD each day value chart. Source: TradingView

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

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 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 value efficiency YTD. Source: CoinMarketCap

TON’s restoration interval coincided with back-to-back optimistic information. For occasion, in October, Telegram introduced that it might make use of the Open Network to auction usernames. Similarly, the Open Network 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.

Related: Top-five most Googled cryptocurrencies worldwide in 2022

Worst five cryptos of 2022

1. Terra (LUNA)

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

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

LUNA/USD each day value chart. Source: TradingView

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

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

2. FTX Token (FTT)

  • YTD efficiency: -98%
  • Sector: Centralized change
  • 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 attributable to 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 value chart. Source: TradingView

More 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 the 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) may be bought.

The AXS market has constantly trended decrease in 2022 attributable to 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 value chart. Source: TradingView

AXS is down roughly 93% YTD, changing into one of the 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. But, 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 value down 93.50% YTD, as proven under. Other elements behind the declining curiosity embrace a basic lack of demand for riskier property in the next rate of interest atmosphere.

SAND/USD each day value chart. Source: TradingView

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

This article doesn’t include funding recommendation or suggestions. Every funding and buying and selling transfer entails threat, and readers ought to conduct their very own analysis when making a call.