Throughout 2022, the cryptocurrency market has been dominated by bears, with most digital assets losing a significant share in value. As the year draws to a close, it’s time to evaluate how elite digital assets are performing under different metrics.
Announced: 10 most active cryptocurrencies of 2022
In line with this, social intelligence platform LunarCrash has released the top ten cryptocurrencies of 2022 according to Galaxy Score. Galaxy Score, in particular, leverages artificial intelligence and machine learning to break up crypto movements. A higher ranking indicates that the specified digital assets perform well under metrics such as social volume, market volume, and price moving average. Below are the top ten LunarCrash coins by Galaxy Score.
Top 10 coins according to LunarCrush Galaxy Score for 2022. Source: LunarCrash
Crypto #1: Bitcoin (BTC)
The flagship cryptocurrency has lost almost 75% in 2022 from its all-time high of $69,000 recorded in November 2021. Bitcoin has been hit by high-profile events such as the Terra (LUNA) ecosystem crash and the FTX crypto exchange crash. At the same time, BTC was hit by expanded macroeconomic factors.
As the year closes, Bitcoin has entered a consolidation phase below $17,000 and market players are eagerly watching for a price floor. In particular, concerns persist that the asset may correct further before a new rally begins. At press time, Bitcoin was trading at $16,834.
Bitcoin YTD price chart. Source: Finbold
Crypto #2: Ethereum (ETH)
Ethereum (ETH) had a rough year in 2022, with the Merge upgrade turning the network into energy-efficient Proof-of-Stake (PoS) the highlight. Indeed, the upgrade was touted to affect the price of the asset, but it turned out to be a buy the rumor, sell the news event. However, the Ethereum team argues that the upgrade is likely to happen at more institutions that have adopted the asset.
In 2022, Ethereum peaked at almost $4,000, but prolonged bearish conditions weighed on the asset. At press time, Ethereum was trading at $1,221.
Ethereum YTD price chart. Source: Finbold
Crypto #3: XRP
While the overall crypto market is trading in the red zone, XRP has recorded significant gains in part inspired by the small gains of the token’s parent company, Ripple, in the Securities Exchange Commission (SEC) lawsuit. Indeed, the lawsuit has acted as the key element for XRP. Analysts think that if the situation turns in favor of Ripple, it will be a bullish sentiment for XRP and vice versa. Meanwhile, the community awaits a final decision after both parties have made their final submissions.
Notably, the XRP community is predicting a win, but legal experts have warned that the case could go either way. Currently, XRP is trading at $0.35.
XRP YTD price chart. Source: Finbold
Crypto #4: Litecoin (LTC)
The 14th-ranked cryptocurrency by market cap has been in the limelight as the community looks forward to the halving event planned for next year. The August 2023 event will halve the rewards paid to Litecoin (LTC) miners for recording transactions, reducing supply and making asset scarce.
At the same time, the asset witnessed activity in other metrics, such as recording the largest amount of inactive tokens moved in four years and a decrease in the aging of average token investments. Litecoin is currently trading at $65 with a target of $100 in sight.
Litecoin YTD price chart. Source: Finbold
Crypto #5: Binance Coin (BNB)
The native token of the Binance cryptocurrency exchange has been in the limelight recently after the FTX trading platform crashed. BNB fell sharply at one point after concerns arose about the state of Binance reserves, at a point where most exchanges were trying to boost confidence among investors.
In addition, BNB was negatively impacted by the possible prosecution of Binance in the United States. According to the press, the fifth-ranked cryptocurrency by market cap was trading at $245.
BNB YTD price chart. Source: Finbold
Crypto #6: Tezos (XTZ)
While the general crypto market correction has affected Tezos, 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, immutable tokens (NFT) ecosystem. Tezos is currently changing hands at $0.79.
Tezos YTD price chart. Source: Finbold
Crypto #8: VeChain (VET)
Interest in VeChain (VET) gained momentum in 2022 as the native token VET could solve the main problems in unreliable data for various sectors such as finance, energy sector and food and beverage industry.
Notably, interest has seen VeChain social betting reach new highs in 2023 as investors watch for the next price action of the asset amid the bear market. The coin is currently trading at $0.02.
VeChain YTD price chart. Source: Finbold
Crypto #8: Quant (QNT)
Quant (QNT) is among the elite cryptocurrencies that seem unaffected by the crypto market correction. Amid depressed conditions, the interoperability-based crypto project seemed to be targeting previous highs fueled by increased community activity.
For example, as of October 14, QNT’s six-month social commitments were over 130%, but the asset was affected by macroeconomic factors such as rising inflation. The asset has since reclaimed its $100 position and is trading at $106 to press.
QNT YTD price chart. Source: Finbold
Crypto #9: Zilliqa (ZIL)
Zilliqa (ZIL) was among the top performing assets in the crypto industry until the bears took over in November. Although Zilliqa operates as a transaction processing blockchain using the sharing method, unconfirmed reports suggest that the network is working to break into other industries such as gaming. The ZIL token is currently trading at $0.02.
Zilliqa YTD price chart. Source: Finbold
Crypto #10: Hedera (HBAR)
The Hedera (HBAR) blockchain has built a reputation for supporting cryptocurrencies, smart contracts, and decentralized applications (DApps). The purpose of the network is to eventually migrate Web2 gamers and programmers to Web 3.0.
Meanwhile, the network continues to register partnerships with different organizations. The 36th-ranked crypto by market cap is currently trading at $0.04.
Hedera YTD price chart. Source: Finbold
Going into 2023, the focus will be on how the market is handling the bearish situation and the response of different assets as a result.
Disclaimer: The content on this site should not be considered investment advice. Investment is speculative. When investing, your capital is at risk.