Cryptocurrency Market Performance in 2022: Winners and Losers
Cryptocurrency Market Trends in 2022
The year 2022 saw significant selling pressure in the cryptocurrency market, resulting in a prevailing bear market. Amidst these conditions, only a few cryptocurrencies showed positive performance among the top 100 by market capitalization.
Top Gainers in the Cryptocurrency Market
Trust Wallet Token (TWT)
Trust Wallet Token (TWT), the native token of the Trust Wallet, defied the bear market with a 90% increase in value over the year. Starting the year at $0.7084, TWT rose to $1.347 by December 27th. This altcoin's growth underscores Binance's influential role in the crypto ecosystem, as TWT maintains a market capitalization of $561.75 million, ranking 62nd.
GMX
GMX achieved a remarkable 108% increase in value, trading at $44.8 and ranked 75th with a market capitalization of $375.59 million. GMX serves as the local asset for a decentralized exchange that supports both spot and futures trading with low fees. Its listing on several centralized exchanges in October contributed to its increased trading volume and market presence.
Biggest Losers in the Cryptocurrency Market
Several cryptocurrencies faced substantial losses in 2022. Among the top 10 biggest losers were:
- Terra Classic (LUNC): -100%
- Helium (HNT): -95%
- Solana (SOL): -93%
- Convex Finance (CVX): -92.8%
- Axie Infinity (AXS): -92.5%
- Sandbox (SAND): -92.4%
- Fantom (FTM): -92%
- Filecoin (FIL): -91%
- Flow (FLOW): -91%
- Curve DAO Token (CRV): -91%
Performance of Top 10 Cryptocurrencies
In the top 10 by capitalization, Cardano (ADA) experienced the most significant decline, losing 80% of its value. BNB was the least affected, with a 53% decrease. Ethereum's value dropped 67%, while Bitcoin fell by 63.5%. Other notable cryptocurrencies, including XRP and DOGE, lost 55%, and MATIC declined by 68%.
This snapshot of the cryptocurrency market in 2022 highlights the volatility and challenges faced, while also showcasing the resilience of select tokens amidst a tough year.
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