The peaks of the crypto business in 2022 fall into a longer crypto season and affect many of the top companies in the sector.
The shutdown of several major cryptocurrency exchanges has made concerns about liquidity and solvency a topic of conversation across the market.
At the beginning of the year, the total market capitalization of all cryptocurrencies was approximately $2.2 trillion. By the end of 2022, this amount will drop below $800 billion. Therefore, it shows a lot about what happened in those days.
As 2022 draws to a close, we take a look at the five best cryptocurrencies of the year.
Top 5 Crypto: Ethereum (ETH) – Market Capitalization: $148 Billion
After surpassing bitcoin by more than 350% in 2021, Ethereum (ETH) ranks tenth among cryptocurrencies in 2022, losing only 70% of its value.
Among cryptocurrency investors and enthusiasts, Ethereum is the most well-known altcoin because it is more than just another cryptocurrency. And despite the difficult first half of the year, experts believe that in 2022 it will return above $3,000.
According to data from Coingecko, ETH is trading at $1,194 at the time of writing, down 2.2% over the past week.
Bitcoin (BTC) – Market Cap: $323 Billion
Despite doing better than some of its smaller peers, the world’s most valuable and largest cryptocurrency cannot avoid a market crash in 2022.
As Bitcoin’s popularity has grown, so has its value. In May 2016, one Bitcoin was worth about $500. On December 20, 2022, one BTC is worth approximately $16,795. That’s an increase of almost 3,260%.
Bitcoin is down 76% from its peak of $68,787 in November 2021. According to CoinMarketCap, Bitcoin’s current price is $16,523, down about 2.0% over the past week.
Tether (USDT) – Market Cap: $66 Billion
Tether (USDT) is a stablecoin, meaning it is backed by fiat currencies such as the US dollar and the Euro and theoretically maintains the same value as one of these denominations.
Algorithm-based projection website Wallet Investor predicts, as of December 1, 2022, that the price of USDT will remain pegged to the US dollar for the next half decade.
Theoretically, the value of Tether should be more stable than other cryptocurrencies, and investors who expect the volatility of other coins appreciate it.
Crypto total market cap at $755 billion on the daily chart | Chart: TradingView.com
Dogecoin (DOGE) – Market capitalization: $9.8 billion
Starting in the second quarter, the original “meme” coin joined other cryptocurrency markets in the main sale. In 2022, Dogecoin performed better than other tokens.
DOGE is the third best performer in the top 10, with a decline of more than 50% this year, second only to XRP, which experienced a 54% decline.
The joke currency has outperformed most others due to Elon Musk’s deal to acquire Twitter, with coin supporters thinking that this acquisition could increase the price of DOGE, which is currently trading at $0.0697, down 10% in the last seven days.
Cardano (ADA) – Market Cap: $9 Billion
The Cardano ADA token has shown modest growth compared to other major cryptocurrencies. In 2017, ADA is worth $0.02 per coin. on December 20, 2022 is 0.26 US Dollar. This is a growth of 1.188%.
Some analysts estimate that the value of ADA will increase by around 256% between the end of 2022 and the end of 2025. Then, between 2025 and 2030, the cryptocurrency is anticipated to increase by 206%.
The true value that blockchain provides to users will increase as speed and efficiency increase, and as a result, the value of ADA should also increase.
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Featured image: FXVNPo