The crypto market was dominated by bears throughout 2022. Because Bitcoin and many altcoin projects lost significant value. As the year draws to a close, analytics platform LunarCrash has evaluated how crypto projects are performing with different metrics. Accordingly, LunarCrash shared the top ten cryptocurrencies of 2022 according to the Galaxy Score.
Leading crypto Bitcoin (BTC) comes first
BTC has lost almost 75% in 2022 from its ATH level of $69,000 recorded in November 2021. Bitcoin has been affected by high-profile events such as the Terra (LUN) and FTX collapse. At the same time, BTC was hit by expanded macroeconomic elements. As the year closes, Bitcoin has entered a consolidation phase below $17,000. Market actors eagerly watch for a price floor. In particular, there are concerns that the asset will correct further before starting a new rally. At press time, Bitcoin was trading at $16,787.
Top performing altcoin projects
The leading altcoin had a strong year in 2022. With this, Merge upgraded the network you follow from . to power efficient Proof-of-Stake (PoS). Many experts expected the upgrade to affect the altcoin price. But it turned out to be a buy the rumor, sell the news event. However, the Ethereum group suggests that the upgrade will increase the adoption of Ethereum. In 2022, Ethereum peaked at almost $4,000. However, the long-term bearish conditions increased the pressure on the asset. At press time, Ethereum was trading at $1,208.
While the overall crypto market is trading in the red zone, XRP has recorded some valuable benefits. In this, the increase in the probability of Ripple winning in the Ripple and SEC case was effective. Indeed, the lawsuit has acted as the core element for XRP. Analysts say that if the situation turns in favor of Ripple, it will be a bullish sentiment for XRP. In addition, they state that the contrary situation is also valid. In the middle, the community awaits the final decision after both parties have made their final presentations. In particular, the XRP community predicts a win. But legal experts warn that the case could end either way. Currently, XRP is trading at $0.3453.
While the community is looking forward to the halving event planned for next year, the altcoin has been in the limelight. The August 2023 event will halve the rewards paid to Litecoin (LTC) miners. At the same time, the altcoin recorded the largest measure of dormant tokens moved in four years. It has also witnessed significant activity in other metrics, such as a decrease in the aging of average token investments. Litecoin is currently trading at $67.
Binance Coin (BNB)
BNB has been in the limelight recently, after the collapse of FTX. However, the token plunged sharply at one point after concerns arose about Binance’s reserve situation, at a point where many exchanges were trying to raise faith amid investors. Additionally, BNB was negatively impacted by Binance’s possible prosecution in the US. At press time, the altcoin was trading at $242.
The overall crypto market correction has also affected Tezos. However, the asset remains in the limelight thanks to its strong on-chain development activity. Currently, Tezos developers are focusing on scaling with sequential upgrades. Some of Tezo’s selling points include multiple smart contract languages, network reinforcement, and a robust NFT ecosystem. Tezos was trading at $0.78 at press time.
Interest in VeChain accelerated in 2022. This was dominated by the argument that it would resolve key issues in unreliable information for various branches such as finance, power division, and the food and beverage industry. Investors are watching the next price action of the asset in the middle of a bear market. Accordingly, they expect VeChain’s social stakes to reach new heights in 2023. The altcoin was trading at $0.02 at press time.
Quant is in the midst of select cryptocurrencies whose market seems unaffected by the correction. In the midst of depressed conditions, the interoperability-based crypto project is targeting previous highs supported by increased community activity. For example, as of October 14, QNT’s six-month community engagements were over 130%. However, the altcoin was affected by macroeconomic factors such as rising inflation. The asset has since reclaimed its $100 status. QNT was trading at $106 at press time.
Zilliqa was in the midst of the best performing assets on the market until the bears took over in November. Although the altcoin works as a blockchain as long as a process using the sharing method, unconfirmed reports indicate that the network is working to break into other segments for gaming. ZIL was trading at $0.02 at press time.
Hedera Blockchain has gained a reputation for supporting cryptocurrencies, smart contracts and decentralized applications (DApps). The goal of the network is to eventually migrate Web2 gamers and programmers to Web 3.0. In this middle, the network continues to establish subsidiaries with different organizations. According to the market cap, the 36th-ranked altcoin is currently trading at $0.04.