Bitcoin, the most hated cryptocurrency in the world

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The steep drop in bitcoin’s price helped it become the world’s most hated virtual currency in 2022, according to a survey by crypto education website Coin Kickoff.

The world’s largest cryptocurrency by market value was the most hated coin in 16 countries, led by Canada, Qatar and Finland.

Ethereum and solana were the most loved in the world, led by Indonesia, Russia and Uzbekistan.

Coin Kickoff established its love/hate rankings by analyzing over 835,000 Twitter posts with the artificial intelligence algorithm HuggingFace.

Bitcoin lost 70% of its value in 2022, forcing investors to vent their frustration on social media. Ethereum, the second-largest cryptocurrency, fell nearly as much, dropping 67.5%, but was spared the backlash.

Coin Kickoff noted that, unlike bitcoin, many Ethereum projects are based on decentralized finance (DeFi) – which aims to expand the use of cryptocurrencies for more complex transactions such as lending.

Solana was also loved, despite losing 94% of her value. Its network suffered more than five outages, numerous hacks and the fallout from the bankruptcy of FTX, with FTX and its sister company Alameda Trading holding 10.7% of its tokens, according to Coin Telegraph.

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recent rally

Sentiment for bitcoin may improve with its recent price rally.

Ian Wright, the crypto expert behind Coin Kickoff, told FOX Business: “Although it is still 67% down from its all-time high, investors are confident that the current economic climate in the United States and bitcoin is positioned as the preeminent cryptocurrency and will yield further gains as the year progresses.”

FxPro senior market analyst Alex Kuptsikevich was more cautious. “Despite the positive performance of U.S. equity indices, bitcoin continued its failed attempts to consolidate above $23,000 on Wednesday. The crypto market has, at least, paused after its rally since the start of the year,” he said.

Wright added that investors will be looking to see if Etherum can reach $5,000 in 2023.

“Like bitcoin, its value increases due to economic conditions. It is still highly regarded within the American crypto community due to its long-term potential and the basis of blockchain for many of the most exciting prospects in industry,” he told FOX Business. .

Solana is taking advantage of bonk, a new coin launched on its blockchain in December. Bonk soared 5,000% in early January but has since retreated, despite being up 910% year-to-date last week.

Surprisingly, bitcoin wasn’t the most hated virtual currency in the United States.

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Americas Top 5 hated by percentage of negative tweets

1. Axie Infinity (32.34%) lost 90% of its value in 2022. Hackers stole $625 million from its Ronin network and the player base for its games has shrunk due to competition for worlds virtual 3Ds.

2. 1inch Network (31.59%) saw its value peak in 2021 at nearly $7.50 to the dollar. Its performance has been much slower in 2022 due to the broader turmoil in the crypto market.

3. Terra (27.35%) was one of the highest-profile crypto casualties of 2022. Despite a promising IPO where startup Terraform Labs secured $200 million in funding, the blockchain collapsed in May 2022, wiping out $45 billion in market capitalization in one week. Its founders Do Kwon and Daniel Shin have been sued in Singapore, Korea and the United States for alleged financial irregularities, and authorities in Seoul issued an arrest warrant for Shin in November 2022.

4. Uniswap (22.00%) peaked at $42 against the dollar and has yet to see its value break above the $10 mark.

5. Holochain (21.24%) is touted as a more ethical alternative to centralized crypto offerings. Holo allows customers to make their own choices and create more transparency around its blockchain technology. However, the coin is still valued at just $0.02 against the dollar.

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Americas Top 5 most liked by percentage of positive tweets

1. Stellar (68.72%) partnered with the Ukrainian government in 2021 to develop its digital infrastructure. The coin’s value increased further when Franklin Templeton became the first investment firm to launch a “tokenized” mutual fund in the United States using Stellar’s blockchain.

2. EOS (64.29%) gained popularity for its versatility, open source capability, and intuitive, user-friendly platform that helps developers and investors. This transparency and accessibility make it a favorite for investors.

3. Decentraland (53.89%) has the largest metaverse currently online. Many predict that his coin will reach parity with the dollar in 2023. Widespread interest in the platform from brands such as Adidas, Dolce & Gabbana, Samsung, Sothebys and Tommy Hilfiger makes it more accessible as a concept for the General public.

4. The NEAR protocol (53.03%) reached all-time highs in early 2023. Many investors believe it has one of the most reliable technologies on the market, with an active developer community and the emphasis on safety.

5. Ravencoin (51.76%) as a peer-to-peer platform offers more coin versatility than its rivals.

Reuters contributed to this report.

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Fox News Senior Congressional Correspondent Chad Pergram reports from Capitol Hill, where crypto is largely unregulated.

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