The crypto market was dominated by bears throughout 2022. Because, Bitcoin and most altcoin projects lost serious value. As the year draws to a close, analytics platform LunarCrash evaluated how crypto projects are performing with different metrics. Accordingly, LunarCrash shared the top ten cryptocurrencies of 2022 according to 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 Terra (LUN) and the FTX collapse. At the same time, BTC was hit by expanded macroeconomic factors. 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 a new rally begins. At press time, Bitcoin was trading at $16,787.
Top performing altcoin projects
Ethereum (ETH)
The leading altcoin had a tough year in 2022. With this, cryptocoin.comMerge upgraded the network you follow from . to energy 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 team suggests that the upgrade will increase the adoption of Ethereum. In 2022, Ethereum peaked at almost $4,000. However, prolonged bearish conditions increased the pressure on the asset. At press time, Ethereum was trading at $1,208.
Ripple (XRP)
While the overall crypto market is trading in the red zone, XRP has recorded significant gains in part. The increase in the probability of Ripple winning in the Ripple and SEC case was effective in this. Indeed, the lawsuit has acted as the key element for XRP. Analysts say that if the situation turns in favor of Ripple, it will be a bullish sentiment for XRP. They also state that the reverse is also true. Meanwhile, the community awaits the final decision after both parties have made their final presentations. Specifically, the XRP community predicts a win. But legal experts warn that the case could end either way. Currently, XRP is trading at $0.3453.
Litecoin (LTC)
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 amount of inactive 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 fell sharply at one point after concerns arose over Binance’s reserve situation at a point where most exchanges sought to boost confidence among investors. In addition, BNB was negatively impacted by the possible prosecution of Binance in the US. At press time, the altcoin was trading at $242.
Tezos (XTZ)
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 support, and a robust NFT ecosystem. Tezos was trading at $0.78 at press time.
VeChain (VET)
Interest in VeChain accelerated in 2022. This was driven by the claim that it would solve the main problems in unreliable data for various sectors such as finance, the energy sector 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 betting to reach new heights in 2023. The altcoin was trading at $0.02 at press time.
Quant (QNT)
Quant is among the elite cryptocurrencies whose market seems unaffected by the correction. Amid depressed conditions, the interoperability-based crypto project is targeting previous highs fueled by increased community activity. For example, as of October 14, QNT’s six-month social engagements were over 130%. However, the altcoin has been affected by macroeconomic factors such as rising inflation. The asset has since reclaimed its $100 position. QNT was trading at $106 at press time.
Zilliqa (ZIL)
Zilliqa was among the best performing assets in the market until the bears took over in November. Although the altcoin operates as a transaction processing blockchain using the share method, unconfirmed reports suggest that the network is working to break into other industries such as gaming. ZIL was trading at $0.02 at press time.
Hedera (HBAR)
Hedera Blockchain has built 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. Meanwhile, the network continues to form partnerships with different organisations. The 36th-ranked altcoin by market cap is currently trading at $0.04.
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