Top 3 cryptocurrencies that are faring the best in the 2022 bear market

The crypto market has been in decline over the previous six months with its valuation dropping from over $3 trillion in November 2021 to $1.23 trillion in Might 2022.

Fears over persistently increased inflation, the Federal Reserve’s hawkish response to it, and the continuing battle between Ukraine and Russia prompted buyers to restrict their publicity to riskier property. Additionally, their rising urge for food for the safe-havens, such because the U.S. greenback, weighed down demand for among the high cryptocurrencies and U.S. equities.

In consequence, some digital property, equivalent to Dogecoin (DOGE) and Cardano (ADA), fell by greater than 80% from their document highs established final 12 months. On the similar time, a couple of tokens witnessed comparable albeit dwarfed declines in comparison with different property within the top-30.

These are three amongst these cryptocurrencies listed in random order.

Monero (-65%)

Privateness-focused cryptocurrency Monero (XMR) has suffered fewer losses than its high rivals within the house since November 2021.

XMR’s worth dropped practically 40% to $186 from its November 2021 peak of round $300. The plunge surfaced as part of a broader correction transfer that began after Monero reached its document excessive in Might 2021, close to $520, bringing its web draw back retracement to round 65%.

XMR/USD weekly worth chart. Supply: TradingView

XMR’s restricted draw back prospects since November 2021 got here forth amid reviews that it has been used to bypass sanctions. In the meantime, fears of strict rules lurking over the crypto market additionally appeared to have boosted the speculative demand for Monero.

From a technical perspective, XMR has been consolidating in a variety outlined by its 50-week exponential shifting common (50-week EMA; the pink wave) round $211 and 200-week EMA (the blue wave) close to $167, underscoring a bias battle.


UNUS SED LEO (LEO), a utility token backed by iFinex — the mother or father firm of BitFinex alternate, has been largely unfazed by broader crypto developments.

The token continued its uptrend whilst its rivals within the top-30 moved decrease after November 2021; it reached an all-time excessive of round $8.15 in February 2022 however has since corrected by nearly 40%, now buying and selling at round $4.90.

LEO/USD weekly worth chart. Supply: TradingView

Notably, iFinex launched LEO in a personal token sale to boost $1 billion again in 2018. In doing so, the agency needed to alleviate the money shortfall it had incurred after the partial fund seizure of its fee processor, Crypto Capital.

IFinex additionally introduced that it might purchase again LEO with a minimal of 27% of its consolidated revenues from the earlier month, thus eradicating its provide from the market. As well as, the agency additionally dedicated to allocating 95% of the recovered Crypto Capital funds and 80% of the funds from the BitFinex hack in 2016 to purchase LEO.

LEO’s returns thus far now stand round 100%. However the token seems closely centralized, with a so-called centralized alternate whale nonetheless holding round 97% of its web provide, in accordance with knowledge from Santiment.

Binance Coin (-53%)

Like Monero, BNB topped out in early Might as its worth per token crossed over $700. Then in November 2021, the BNB/USD pair nearly retested its document excessive earlier than correcting decrease with the remainder of the market. In doing so, it worn out greater than half of its valuation, now buying and selling round $325.

BNB/USD weekly worth chart. Supply: TradingView

BNB serves as a utility token contained in the Binance ecosystem, together with the world’s main crypto alternate by quantity and a local blockchain named BNB Chain. The token holders additionally get to submit proposals by way of BNB Chain’s built-in governance module, that are then voted on.

Different crypto property

High cryptos, Bitcoin (BTC), and Ethereum’s native token, Ether (ETH), have additionally fared higher than most of their top-ranking rivals within the ongoing bear market.

BTC’s worth has dropped by 57% to round $29,300 from its November 2021 document excessive of $69,000. In the meantime, the second-largest crypto, ETH, has plunged 60% to round $1,975 from above $4,850 in the identical interval.

Associated: Bitcoin worth coma greets Wall Avenue open amid indicators market ‘calling for rally’

Shiba Inu (SHIB) and Polkadot (DOT) are down 65% from their document highs of $55 and $0.00008760, respectively.

The views and opinions expressed listed below are solely these of the writer and don’t essentially replicate the views of Each funding and buying and selling transfer includes threat, you need to conduct your individual analysis when making a call.