The frenetic peak of the crypto business in 2022 has plunged into a prolonged crypto winter, with many of the sector’s top companies going out of business.
Liquidity and solvency concerns have become a hot topic across markets in the aftermath of the closure of several large crypto exchanges.
Earlier this year, the market capitalization of all cryptocurrencies was estimated at $2.2 trillion. By the end of 2022, this amount will fall below $800 billion. So this shows a lot about the events of that period.
As 2022 draws to a close, we take a quick look at the five best performing cryptocurrencies of the year.
Top 5 Crypto: Ethereum (ETH) – Market Cap: $148 Billion
Having outperformed Bitcoin by over 350% in 2021, Ethereum (ETH) has lost just under 70% of its value, ranking 10th among cryptocurrencies in 2022.
Among investors and cryptocurrency enthusiasts, Ethereum stands out as the most well-known altcoin because it is more than just a cryptocurrency. And after a tough first half of the year, experts believe he’ll be back above $3,000 by 2022.
According to CoinGecko data, ethereum It is trading at $1,194 at the time of writing, down 2.2% over the past week.
Bitcoin (BTC) – Market cap: $323 billion
Despite being the world’s most valuable and largest cryptocurrency, a market crash in 2022 was not averted.
As Bitcoin’s popularity grows, so does its value. In May 2016, the price of 1 Bitcoin was around $500. As of December 20, 2022, 1 BTC was worth approximately $16,795. This is an increase of almost 3,260%.
Bitcoin is down 76% from its November 2021 peak of $68,787. According to CoinMarketCap, the current Bitcoin price is Bitcoin is $16,523, down about 2.0% over the past week.
Tether (USDT) – Market cap: $66 billion
tether (USDT) It’s a stablecoin. This means that it is backed by fiat currencies such as US dollars and euros, and is theoretically worth as much as any of these denominations.
Algorithm-based forecasting website Wallet Investor predicts that as of December 1, 2022, the price of USDT will continue to largely track the US dollar over the next five years.
In theory, Tether’s value should be more stable than other cryptocurrencies, and investors who expect extreme volatility in other coins appreciate it.
Crypto total market cap at $755 billion on the daily chart | Chart: TradingView.com
Dogecoin (DOGE) – Market cap: $9.8 billion
Starting in Q2, the original “meme” coin joined the rest of the cryptocurrency market in a major sale.In 2022, Dogecoin outperformed most other tokens.
DOGE is the third best performer in the top 10, down just over 50% this year, second only to XRP, which is down 54%.
The joke currency was largely due to Elon Musk’s acquisition of Twitter, which is believed to improve DOGE’s price, down 10% over the past seven days to 0.0697. It is traded in dollars, which makes it better than most other currencies.
Cardano (ADA) – Market cap: $9 billion
Cardano ADA token shows moderate growth compared to other major cryptocurrencies. The price of ADA in 2017 was $0.02 per coin. As of December 20, 2022, it is $0.26. This is a growth of 1,188%.
Some analysts expect ADA to rise in value by around 256% between the end of 2022 and the end of 2025. After that, between 2025 and 2030, cryptocurrencies are expected to grow by another 206%.
The true value that blockchain provides to users should increase as its speed and efficiency increase, which in turn should increase the value of ADA.
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