Top 3 Cryptocurrencies Performing in the Bear Market of 2022
After seeing the market value of more than $3 trillion in November of 2021, the crypto money market has depreciated greatly in the last 6 months, finally seeing $1.23 trillion in May.
Increasing concerns about permanently high inflation, the Fed’s hawkish statements on inflation, and the ongoing war between Ukraine and Russia have limited investors from investing in riskier assets. Also, the growing appetite for safe havens such as the US dollar has resulted in lower demand for some top cryptocurrencies and US stocks.
As a result, some cryptocurrencies such as Dogecoin (DOGE) and Cardano (ADA) have lost more than 80 percent from their record highs reached last year. At the same time, several cryptocurrencies suffered similar losses despite limited depreciation compared to other cryptocurrencies in the top 30 cryptocurrencies list. The cryptocurrencies in question are among the cryptocurrencies listed in random order.
Here are the top performing cryptocurrencies in the middle of the 2022 bear market.
Privacy-focused cryptocurrency Monero (XMR) has suffered fewer losses than its biggest rivals in the market since November of 2021.
The price of XMR fell nearly 40 percent from its November 2021 peak of $300 to $186. The dip is part of a broader correction that started after Monero hit a record high around $520 in May 2021, pushing the net downside correction to about 65 percent.
Limited negative prospects for XMR since November 2021 emerged amid reports that it is being used to circumvent sanctions. On the other hand, fears about strict cryptocurrency market regulations, which the crypto community is eagerly waiting for, also increased the speculative demand for Monero.
From a technical perspective, XMR is consolidating in a defined range with its 50-week exponential moving average (50-week EMA; red line) around $211 and the 200-week EMA (blue line) around $167, highlighting a bias conflict.
UNUS SED LEO (-40%)
UNUS SED LEO (LEO), a utility token backed by iFinex, the parent company of the BitFinex exchange , has been largely unaffected by the downtrend in the crypto markets in the broader perspective.
The token continued its uptrend against its top 30 competitors, even though it started to decline after November 2021, reaching an all-time high of $8.15 in February of 2022. However, it has since corrected almost 40 percent and is currently trading around $4.90.
iFinex specifically introduced LEO in a special token sale in 2018 to raise $1 billion. In doing so, the company wanted to alleviate the cash shortfall it was exposed to following the partial fund grab of payment processor Crypto Capital.
iFinex also announced that it will repurchase LEO with a minimum of 27 percent of its consolidated revenues for the previous month, thereby reducing its supply. In addition, the company has committed to allocate 95 percent of the Crypto Capital funds recovered in 2016 and 80 percent of the funds obtained from the BitFinex hack to buy LEO.
LEO’s returns to date are now around 100 percent. However, according to data from crypto analytics company Santiment, the token appears to be highly centralized, with a centralized exchange whale still holding about 97 percent of its net LEO supply.
Binance Coin (-53%)
Like Monero, Binance Coin (BNB) peaked in early May 2021 as its price per cryptocurrency exceeded $700. The BNB/USD pair nearly retested the record level in November 2021 before going through a lower scale correction along with the rest of the market. In doing so, it has lost more than half of its value and is currently trading around $325.
BNB serves as a utility token in the Binance ecosystem, including the world’s largest cryptocurrency exchange by volume and a native blockchain called BNB Chain. Token holders can also submit offers through BNB Chain’s built-in governance module, which will be voted on later.
Latest Situation in Other Cryptocurrencies
The largest cryptocurrency Bitcoin (BTC) and Ethereum ‘s native token Ether (ETH) outperformed many of its top competitors in the face of the ongoing bear market. Bitcoin’s price fell 57 percent from the record high of $69,000 in November 2021 to $29,300. The second-largest cryptocurrency, ETH, has dropped 60 percent from $4,850 to $1,975 in the same period.
Cryptocurrencies such as Shiba Inu (SHIB) and Polkadot (DOT) fell 65% from record highs of $55 and $0.00008760, respectively.