5 Top Crypto Performers During The 2022 Market Flop

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The exuberant spikes in crypto activity in 2022 fell into a protracted crypto winter and left many companies in the sector slumping.

The aftermath of the shutdown of several major cryptocurrency exchanges has made concerns about liquidity and solvency a big topic of conversation across the market.

At the start of the year, the total market capitalization of all cryptocurrencies was estimated at $2.2 trillion. By the end of 2022, this amount would fall below $800 billion. Therefore, it says a lot about the events of the period.

As 2022 draws to a close, we take a quick look at the top five performing cryptocurrencies of the year, as well as some of the industry’s most memorable happenings.

Top 5 Cryptos: Ethereum (ETH) – Market Cap: $148 Billion

After overtaking bitcoin by more than 350% in 2021, Ethereum (ETH) ranked tenth among cryptocurrencies in 2022, losing just under 70% of its value.

Among cryptocurrency investors and aficionados, Ethereum stands out as the best-known altcoin because it is more than just a cryptocurrency. And despite a tough first half, experts believe that by 2022 it will be back above $3,000.

According to data from Coingecko, ETH was trading at $1,194 at the time of writing, down 2.2% over the past week.

Bitcoin (BTC) – Market cap: $323 billion

Even though it did better than some of its lesser peers, the world’s most valuable and largest cryptocurrency could not avoid the stock market crash of 2022.

As Bitcoin’s popularity has grown, so has its value. In May 2016, one bitcoin cost around $500. As of December 20, 2022, one BTC was valued at around $16,795. That’s an increase of nearly 3,260%.

Bitcoin is down 76% from its peak of $68,787 in November 2021. According to CoinMarketCap, the current price of Bitcoin is $16,523, down approximately 2.0% over the week last.

Tether (USDT) – Market cap: $66 billion

Tether (USDT) is a stablecoin, which means that it is backed by fiat currencies such as the US dollar and the euro and theoretically holds an equal value to either of these denominations.

Algorithm-based projection website Wallet Investor predicted, as of December 1, 2022, that the price of USDT will remain primarily pegged to the US Dollar for the next half-decade.

Theoretically, Tether’s value should be more stable than other cryptocurrencies, and investors who anticipate the high volatility of other coins appreciate that.

Total Crypto Market Cap At $755 Billion On Daily Chart | Chart: TradingView.com Dogecoin (DOGE) – Market Cap: $9.8 Billion

Beginning in the second quarter, the original “meme” coin joined the rest of the cryptocurrency market in a sell-off. In 2022, Dogecoin performed better than most other tokens.

DOGE is the third best performer in the top 10, down just over 50% this year, just behind XRP, which has seen a 54% drop.

The joke coin outperformed most largely due to Elon Musk’s deal to acquire Twitter, with coin proponents believing the acquisition could improve the price of DOGE, which now trades at $0.0697, down 10% in the past seven days.

Cardano (ADA) – Market cap: $9 billion

The Cardano ADA token has shown modest growth compared to other major cryptocurrencies. In 2017, ADA cost $0.02 per coin. As of December 20, 2022, it cost $0.26. This is a growth of 1,188%.

Some analysts predict that the value of ADA will increase by around 256% between the end of 2022 and the end of 2025. Then, between 2025 and 2030, the cryptocurrency is expected to increase by another 206%.

The actual value that blockchain provides to its users will increase as its speed and efficiency improve, and therefore the value of ADA is also expected to increase.

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Featured Image: FXVNPRo

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