The crypto market has experienced a lot in 2022: war in Europe, record-high inflation in the US, the demise of Terra and FTX, massive job losses, and a sharp drop in prices. WhaleChart has compiled a list of the worst performing virtual currencies in 2022.
Worst Performing Crypto of 2022
WhaleChart used the highest and lowest year-to-date (YTD) results for the fiscal year end on December 27, 2022.
evaluation was not included stable coins and currencies that track the price of gold and other common assets.
When Terra (LUNA) dropped 99.99% in its market capitalization in May, it quickly turned into a disaster for the cryptocurrency industry. The collapse of TerraUSD (UST) caused massive panic within the crypto ecosphere.
do quon, Terra’s founder proposed a fork to revive the project after it imploded. Terra eventually underwent a series split, with the new series operating as Terra 2.0 and the older series continuing as Terra Classic.
Luna Classic (LUNC) rallied nearly 100% after launching in late May 2022, while luna (LUNA2) dropped 40% within the same time frame.
FTX Token (FTT)
When FTX experienced liquidity difficulty In November, the firm went under, and the FTX token acted as its native token.
This year, the token’s market valuation plummeted 98% to an all-time low market capitalization of $307 million. The cryptocurrency still trades on many platforms with very low volume and liquidity. Since FTX is no longer in operation, it is considered ‘dead’.
Since the beginning of the year, SOL has lost approximately 93.35% of its value. The coin was worth $172 on January 1. Nevertheless, its value capitalization has seen a sharp decline due to the market crash, multiple network disruptions, platform hacks, Terra and FTX explosions, and other factors.
For example, after the collapse of Terra, SOL fell from $94.14 on 5 May to $43.91 on 12 May. Crypto winter eventually caught up with SOL, which peaked at $36.02 on 6 November. then, as a result ftx debacleSOL fell 50% over the next four days, falling to $13.86 by 10 November.
The strong association between FTX and Solanas is one of the factors contributing to the sharp decline of SOL. More than ten Solana projects received funding Alameda ResearchFTX’s sibling company, between December 2020 and March 2022. The relationship was beneficial as FTX was doing well, but when SBF’s empire burned down, it was The reason for the demise of FTX,
Ax Infinity (AXS)
Play to Earn (P2E) Gaming Network xi infinity AXI primarily uses Infinity Shards as its governance token. Additionally, it accepted payments in the AXI Infinity marketplace, where players can purchase in-game NFTs.
$650 million hacked in 2022 due to low player attendance, which reduces demand for tokens Axi Infinity’s Blockchain Ronin at the end of March, And due to concerns about releasing 8% of the supply in October, the AXS market has been in a steady downtrend.
AXS has experienced a YTD decline of nearly 93%, making it one of the worst performing securities in the current bearish trend.
sandbox AXI is a virtual network similar to Infinity. Its users can develop, own and monetize their gaming capabilities using NFTs and Sandbox Sand, the utility token of the network. However, despite its early popularity, data from DappRadar shows that the site only has 500 or fewer unique users today.
Low presence across all spot exchanges has affected the interest for Sand, due to which its price has declined 92.50% YTD. Other reasons for diminishing interest include a lack of interest in riskier investments in an environment of increased interest rates. It currently has a market cap of $690 million.
Who will be standing?
Historical data demonstrates the cyclical nature of the cryptocurrency market. Therefore, we can expect a turnaround in 2023, even though most coins have significant YTD losses. While we wait for this to happen, the current bear market presents an excellent opportunity to buy short and save money. However, cryptocurrencies are very volatile.
Fantom FTM, Avalanche AVAX, Algorand ALGO, Decentraland MANA, and BitTorrent (BTT) are some of the other coins that have dropped over 90% year to date.
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