24 February 2024
It's safe to say that 2022 was not a good year for the Cryptocurrency sector. Crashing prices and bankruptcies stunted development. While the year 2022 was not kind to Cryptocurrencies, there were those that held out better than others. And certainly superior to most others. Just a few days remain till the start of a new year, so we thought we'd use this opportunity to run down the top 10 performing Cryptocurrencies of 2022.
There is no better indicator of the Cryptocurrency market's surging popularity than the increasing number of participants. Despite this, the issue of which Cryptos to put money into will never stop being important.
Also Read: Bitcoin Cash Price Forecast For 2023-2030
Despite its closeness to the end of the year, here are 10 of the most successful Cryptocurrencies of 2022 you should know:
1. Ethereum Classic (ETC)
The Ethereum Classic blockchain continues to rely on miners to protect the network via the use of the proof of work method, in contrast to the Ethereum 2.0 blockchain that was released following the Ethereum Merge. Nonetheless, the Ethereum network switched from proof of work to proof of stake during the Ethereum Merge in September 2022, making miners obsolete. To continue their work, miners needed to find a new route.
2. Ripple (XRP)
A massive lawsuit brought by the SEC over suspected illicit selling of equities made 2022 a difficult year for Ripple's XRP. As of the close of 2022, this case has not been resolved, but XRP is doing quite well despite the legal wrangling. It's no secret that XRP's value fell in 2022 with that of the vast majority of other Cryptocurrencies. Midway through the year, though, the price of XRP stabilized and even rose somewhat. XRP's value took another fall in November due to the FTX fiasco, although it has since recovered to hover between $0.30 and $0.40.
3. BNB (BNB)
The BNB token, formerly known as Binance Coin, is a crucial component of the BNB Chain environment. The BNB Beacon Network as well as BNB Smart Chain make up it. The latter chain enables the creation of decentralized applications (DApps), while the former is utilized for governance and staking. The price of BNB did not remain immune to the ensuing collapses and scandals of 2022, although it performed well between June and December, increasing from $214 to $290.
4. Lido DAO (LDO)
The Lido staking solution is governed by the Lido DAO, a decentralized autonomous organization. For proof-of-stake blockchains, Lido supports liquid staking, and LDO serves as the Lido DAO's governance token, which may be utilized in internal voting. The cost of LDO dropped drastically between May 2022 and June 2022, although it eventually began to rebound. Although it has not yet entered a growth phase, its price has not decreased and is still more than one dollar, despite being badly impacted by the FTX bankruptcy filing in November.
5. Binance USD (BUSD)
One Binance USD is equal to one USD, making it a stablecoin. Therefore, it would be worrisome if the value of Binance USD suddenly spiked or plummeted dramatically. Stablecoins are designed to maintain a constant value, but this does not imply their performance can't be evaluated. In order to learn about Binance USD's performance during 2022, we need just examine its market valuation and trading volume.
6. Chiliz (CHZ)
On the Ethereum blockchain, you'll find the Chiliz project, which is focused on creating Cryptocurrency for sports clubs. The CHZ ERC-20 token is the network's official medium of exchange. Despite struggling greatly during the May 2022 Crypto meltdown, CHZ recovered and fared very well over the rest of the year. The cost of one CHZ increased from $0.09 to $0.28 between June as well as November, a rise of approximately 200%.
Blockchain networks that are compatible with Ethereum may now communicate and grow with the help of the Polygon blockchain. MATIC, Polygon's native Crypto, is now worth $0.92. Despite a precipitous decline in price during the May 2022 market crisis, MATIC had surprisingly excellent results in the second half of 2022. Following a low of $0.33 in June, MATIC started climbing again, reaching $1.28 in November when FTX declared insolvent.
8. Uniswap (UNI)
Uniswap's native coin, UNI, is used on the platform. To date, the Uniswap DEX has been the largest and also most prominent of all DEXs in the DeFi business. As a fee payment method and a governance token, this asset has several uses on the Uniswap decentralized exchange. While UNI was a hot commodity for a while, it suffered a major decline in value with the rest of the market in May 2022.
9. Trust Wallet Token (TWT)
Many Cryptocurrency owners choose to keep their private keys in Trust Wallet, a popular software wallet. When it comes to administration, Trust Wallet has designed its personal property called TWT. Owners of Trust Wallet Tokens have a voice in the direction Trust Wallet takes because of their ability to take part in governance. The value of TWT has skyrocketed with Trust Wallet's increasing popularity.
10. Cosmos (ATOM)
Interoperability across different blockchains is a key feature of the Cosmos network. Simply said, it allows blockchain technologies to interact with one another. The Cosmos ecosystem's native virtual currency, ATOM, is also a somewhat liquid asset. However, the asset suffered severe damage in the May 2022 catastrophe, which was terrible news for Cosmos. Although the ATOM price continued to drop in November, it started to recover in the second half of the year.
The year 2022 was full of misfortune, from the Terra crash to the fall of the FTX, both of which contributed to significant market declines. However, many Cryptos, particularly ones with high practicality, fared well this year. It is difficult to anticipate anything in this very unpredictable market, but it is possible that these assets may increase even more in 2023.
Disclaimer: The author’s thoughts and comments are solely for educational reasons and informative purposes only. They do not represent financial, investment, or other advice.