Top 3 best performing cryptocurrencies in the 2022 bear market

Top 3 best performing cryptocurrencies in the 2022 bear market – Mail Bonus

The cryptocurrency market has been declining for the past six months and its valuation dropped from over $ 3 trillion in November 2021 to $ 1.23 trillion in May 2022.

Fears of persistently rising inflation, the Central Bank’s hawkish response to it and the ongoing conflict between Ukraine and Russia have led investors to limit their risk to riskier assets. Their growing appetite for clients, such as the US dollar, also weighs on demand for some of the major cryptocurrencies and US equities.

As a result, some digital assets, such as Dogecoin (DOGE) and Cardano (ADA), fell by more than 80% from last year’s record highs. At the same time, several icons witnessed similar, though dwarf, declines compared to other top-30 assets.

These are three of these cryptocurrencies that are listed in random order.

Monero (-65%)

The Monero (XMR) cryptocurrency, which focuses on privacy, has suffered less losses than its main competitors in space since November 2021.

XMR prices fell by almost 40% to $ 186 from a peak in November 2021, by $ 300. The fall came to the surface as part of a broader correction movement that began after Monero reached its peak in May 2021, near $ 520, bringing its net cancellation to about 65%.

XMR / USD weekly price. Source: TradingView

The limited negative outlook for XMR since November 2021 has been the subject of reports that it has been used to evade sanctions. At the same time, fears of strict rules lurking in the cryptocurrency market also seemed to have heightened speculative demand for Monero.

From a technical point of view, the XMR has been strengthening in the range defined by the 50-week exponential moving average (50-week EMA; red wave) around $ 211 and the 200-week EMA (blue wave) near $ 167, which underlines the bias of conflict.

UNUS SED LEO (-40%)

UNUS SED LEO (LEO), a token supported by iFinex – the parent company of the BitFinex exchange, has been largely insecure due to widespread cryptocurrency developments.

The symbol continued its boom, even as its rivals in the top-30 moved lower after November 2021; it reached a historic high of around $ 8.15 in February 2022 but has since corrected by almost 40%, now at around $ 4.90.

LEO / USD weekly price card. Source: TradingView

In particular, iFinex introduced LEO in a private sale to raise $ 1 billion back in 2018. By doing so, the company wanted to reduce the financial shortfall it had suffered after the shareholding of its payment intermediary, Crypto Capital.

IFinex also announced that it would buy back LEO with at least 27% of its consolidated revenue from the previous month, thus removing its supply from the market. In addition, the company also committed to allocate 95% of Crypto Capital’s recovered funds and 80% of the BitFinex hacked funds in 2016 to the acquisition of LEO.

The yield on LEO so far is now around 100%. But the symbol seems very centralized, as the so-called centralized whale still holds about 97% of its net supply, according to information from Santiment.

Binance Coin (-53%)

Like Monero, the Binance Coin (BNB) peaked in early May with $ 700 worth of tokens. Since November 2021, the BNB / USD pair has almost re-tested before adjusting lower with the rest of the market. By doing so, it wiped out more than half of its valuation, now at about $ 325.

BNB / USD weekly price index. Source: TradingView

BNB serves as a toolbar in the Binance ecosystem, including the world’s leading cryptocurrency exchange by volume and a native blockchain called the BNB Chain. The token holders are also allowed to submit proposals through the BNB Chain’s built-in management unit, which is then elected.

Other cryptocurrencies

The major cryptocurrencies, Bitcoin (BTC) and Ethereum’s native symbol, Ether (ETH), have also outperformed most of their top competitors in the ongoing bear market.

BTC prices have fallen by 57% to about $ 29,300 from a record high of November 2021, $ 69,000. Meanwhile, the second-largest cryptocurrency, ETH, has fallen 60% to about $ 1,975 from over $ 4,850 over the same period.

Related: Bitcoin price coma welcomes Wall Street open amid signs that the market “calls for a party”

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

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