2022 was an undoubtedly rough year for the crypto industry, with subsequent crashes and bankruptcies making it hard for any crypto to grow. But, while 2022 hit cryptos hard, some assets weathered the year well. Or, at least better than others. So, which cryptos performed best in 2022?
1. Ethereum Classic (ETC)
Unlike Ethereum 2.0 (which came after the Ethereum Merge), the Ethereum Classic blockchain still uses the proof of work mechanism, which relies on miners to secure the network. However, during the Ethereum Merge, which took place in September 2022, the Ethereum blockchain transitioned from proof of work to proof of stake, meaning miners were no longer required. So, miners had to seek out another avenue.
Enter Ethereum Classic. This asset can still be mined, which makes it a desirable option for ex-Ethereum miners. Though the various crashes of 2022 also hit ETC prices, the asset weathered this well. At the start of the year, one ETC was worth around $34. At the beginning of December, one ETC was worth around $20. While its value has decreased, it has not suffered nearly as much as many other assets, such as Bitcoin.
2. XRP (XRP)
Ripple’s XRP had a tumultuous 2022 amid a huge lawsuit filed by the SEC over the alleged illegal sale of securities. This lawsuit is still ongoing at the end of 2022, but XRP itself is far from dead in the water.
Like most other crypto assets, XRP’s price dropped in 2022. However, XRP’s price stopped falling mid-year and even began to recover for a short while. The November FTX debacle gave XRP’s value another nasty hit, but it fought against this downturn and is now maintaining a relatively consistent value between $0.30 and $0.40.
3. BNB (BNB)
Once known as Binance Coin, BNB is an asset that plays a key role in the BNB Chain ecosystem. This consists of the BNB Beacon Chain and the BNB Smart Chain. The former chain is used for governance and staking, while the latter allows for the development of DApps.
BNB’s price did not stay isolated from 2022’s subsequent crashes and scandals, but it fared well between June and December, going from $214 to $290. BNB’s market cap and trading volume are also increasing overall at the time of writing, but this can very easily change in the coming weeks or months.
4. Lido DAO (LDO)
Lido DAO is a decentralized autonomous organization that provides governance for the Lido staking solution. Lido enables liquid staking for proof of stake blockchains, and LDO acts as the governance token of the Lido DAO, which can be used in the decision-making process within Lido DAO.
LDO’s price suffered significantly between May and June 2022 but then started to recover. While it still isn’t in a growth stage, having been severely affected by the November FTX bankruptcy filing, its price has not dropped any further and remains above a dollar.
5. Binance USD (BUSD)
Binance USD is a stablecoin whose price is pegged to the value of one US dollar. Therefore, if Binance USD’s price were to rise (or fall!) drastically, it would be bad news. The purpose of a stablecoin is to remain stable, but this doesn’t mean we have no way of measuring its success. Simply looking at the market capitalization (market cap) and trading volume of Binance USD can provide us with information on its performance throughout 2022.
So, in this instance, we’ve shown a graph of Binance USD’s market cap rather than its price. The market cap multiplies the value of the asset by its circulating supply. As you can see above, Binance USD’s market cap grew significantly throughout 2022. In fact, it grew by over 50 percent! Binance USD’s 24-hour trading volume also saw a decent degree of growth, increasing by over 34 percent throughout the year.
6. Chiliz (CHZ)
Chiliz is a project built on the Ethereum blockchain that deals with the development of cryptocurrencies for sports teams. The network’s native asset is an ERC-20 token known as CHZ.
CHZ did pretty well throughout the second half of 2022 after suffering considerably during the May crypto crash. Between June and November, the value of CHZ rose from $0.09 to $0.28, an increase of over 200%. However, the FTX bankruptcy case had a detrimental effect on the price of Chiliz. At the time of writing, one CHZ is worth $0.15. This may improve in 2023, though there is no way of knowing for sure.
7. Polygon (MATIC)
The Polygon blockchain allows blockchain Ethereum-compatible networks to connect and scale. Polygon’s native cryptocurrency is MATIC, with a current value of $0.92. During the second half of 2022, MATIC performed pretty solidly after seeing a drastic drop in price amid the May 2022 market crash.
In June, MATIC began recovering from a low of $0.33 and climbed up to $1.28 in November before FTX filed for bankruptcy. At this point, MATIC, along with the majority of other cryptos, saw another fall in its price. But MATIC is now recovering again and may reach a dollar in value soon.
8. Uniswap (UNI)
UNI is the native token of the Uniswap decentralized exchange. The Uniswap DEX is currently the biggest in the industry and stands at the forefront of the DeFi realm. This asset has a great deal of utility within the Uniswap decentralized exchange, both as a form of fee payment and a governance token.
UNI has been a popular asset for some time but followed the rest of the market when it lost a big chunk of value in May 2022. It also had a tough time in November amid the FTX fiasco. At this point, UNI hit a low of just under $5 but has since been climbing back upwards, regaining its previous worth.
At the time of writing, each UNI token is worth $6.19, so this asset is evidently on the rise again (though it is constantly fluctuating, as is the case for most crypto assets).
9. Trust Wallet Token (TWT)
Trust Wallet is a popular software wallet that crypto holders use to store their private keys. Trust Wallet has developed its own asset, known as TWT, for its governance process. Those who hold Trust Wallet Token can participate in governance to have their say in how Trust Wallet progresses.
As Trust Wallet’s popularity has increased, the price of TWT has grown significantly. For example, between June and December 2022, TWT’s price rose from $0.67 to $2.65. This increase of nearly 300% was incredibly good news for the platform and investors.
In fact, TWT barely took a hit during the crash ignited by the FTX bankruptcy. Since the start of November, TWT’s value grew by $1.45. This may seem minuscule compared to high-value assets like Bitcoin but it is representative of a large surge in demand.
TWT’s market cap is also continuing to rise, along with its trading volume. Things are looking hopeful for this asset, which may continue to do well throughout 2023.
10. Cosmos (ATOM)
The Cosmos network has a focus on providing blockchains with interoperability. Essentially, it provides blockchains with the ability to communicate with each other.
ATOM is the native cryptocurrency of the Cosmos ecosystem and is a pretty popular asset. But the May 2022 crash was very bad news for Cosmos, and the asset lost a big chunk of its value. However, ATOM’s price began to bounce back in the second half of the year, though it was again affected by another crash in November.
But this wasn’t curtains for Cosmos. This blockchain network is still very popular, and the ATOM asset can be staked in return for rewards on several platforms. The coin’s utility has kept its price from tanking too severely during the FTX debacle and is now floating between $8 and $10 in value.
2022 Was a Challenge for the Crypto Industry
Unfortunately, 2022 was filled with unfortunate events, such as the Terra crash and FTX collapse, which fueled large drops in value across the board. But numerous cryptos weathered this year well, especially those with a good deal of utility. We may see these assets grow even further in 2023, though it is tough to predict anything in this highly volatile market.
The information on this website does not constitute financial advice, investment advice, or trading advice, and should not be considered as such. MakeUseOf does not advise on any trading or investing matters and does not advise that any particular cryptocurrency should be bought or sold. Always conduct your own due diligence and consult a licensed financial adviser for investment advice.
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