The top five cryptocurrencies of 2022
Techkord examines the top 100 assets by market capitalization and the listed below top-five performing cryptocurrencies of 2022.
Top 5 cryptocurrencies in 2022
- GMX
- Trust Wallet Token (TWT)
- Unus Sed Leo (LEO)
- OKB
- The Open Network (TON)
GMX
YTD return: 111%
Decentralized exchanges
Capitalization: $379.4 million
The best-performing digital asset among the top 100 coins is the GMX token, which serves as both a utility and a governance token within the GMX decentralized exchange (DEX) ecosystem (excluding stablecoins).
The demise of FTX, a centralized exchange, and its listing on well-known trading platforms like Binance and Huobi Global during 2022 were the main influences on the price increase of GMX. Additionally, the token experienced a strong rally in late November after its platform briefly outperformed Uniwap, the leading DEX competitor, in terms of daily trading expenses.
Trust Wallet Token (TWT)
YTD return: 92%
Sector: Payment platform
Market capitalization: $570m
Within the Trust Wallet ecosystem, Trust Wallet Token (TWT) performs the functions of a governance and utility token. The token declined along with the rest of the crypto market, mainly in 2022, but similar to GMX, its upward speed accelerated upon the November collapse of the FTX exchange.
According to Cointelegraph, the FTX’s demise increased scepticism about centralised exchanges, which may have led investors to transfer their money to self-custody wallets like Trust Wallet. The speculative activity might have significantly increased the value of TWT.
Unus Sed Leo (LEO)
Unusual Sed Leo’s YTD return was -3.5%.
Exchanges centred in one area
Capitalization: $3.44 billion
The iFinex ecosystem is home to Unus Sed Leo (LEO). The token saw losses in 2022, but at -3.5 percent, they paled in comparison to the majority of prominent coins, like Bitcoin and ETH, which lost more than 65% during the same time frame. LEO may have beaten the majority of top-performing assets in part due to iFinex’s guarantee. Notably, the company promised that it would use 27% of its earnings to buy back the tokens until the whole supply of 985.24 million units had been withdrawn from circulation at the time of LEO’s private sale in 2018.
Additionally, IFinex declared that it will buy LEO tokens with the money it lost as a result of the Bitfinex breach in August 2016. Given that the rise began following the United States Department of Justice’s recovery of 94,000 BTC from Bitfinex hackers, it makes sense why LEO increased by more than 100% at the beginning of the year. LEO’s price rose during the rally, reaching a YTD high of $8.15 in February. The token has since decreased by 55%, but it is still expected to be one of the top performers in 2022.
OKB
YTD return for OKB (OKB): -19%
Exchanges centred in one area
Capitalization: $1.38 billion
The native token of the OKX exchange is called OKB. It gives customers access to OKX’s initial exchange offering (IEO) platform, trading fee savings, and voting privileges for tokens that will be listed on the exchange.
Throughout 2022, OKB trended in tandem with the overall crypto market, notably its 150% comeback after bottoming out at roughly $9.50 in June. The fact that the token’s bullish retracement happened in the absence of a significant event that moved the market suggests that it had been primarily speculative.
Overall, compared to other top-ranked assets, OKB’s erratic rebound helped it keep its YTD losses under control.
The Open Network (TON)
YTD return for OKB (OKB): -19%
Exchanges centred in one area
Capitalization: $1.38 billion
The native token of the OKX exchange is called OKB. It gives customers access to OKX’s initial exchange offering (IEO) platform, trading fee savings, and voting privileges for tokens that will be listed on the exchange.
Throughout 2022, OKB trended in tandem with the overall crypto market, notably its 150% comeback after bottoming out at roughly $9.50 in June. The fact that the token’s bullish retracement happened in the absence of a significant event that moved the market suggests that it had been primarily speculative.
Overall, compared to other top-ranked assets, OKB’s erratic rebound helped it keep its YTD losses under control.
