2022 wasn’t a lucrative year for the cryptocurrency industry, following massive crashes and bankruptcy filings that restricted growth on any token. Though this year hit digital assets hard, some assets showed resilience, recording notable price moves – better than others. Let’s check the list.
Ethereum Classic (ETC)
Unlike ETH2.0, which arrived after the ETH merge, the Ethereum Classic (ETC) blockchain still relies on PoW (Proof-of-Work) mechanism, where miners secure the platform. Meanwhile, the September 2022 Merge migration saw the Ethereum blockchain transitioning from PoW to PoS.
That meant the network no longer required miners. Meanwhile, it forced crypto miners to resort to other avenues. Ethereum was among the choices. Individuals can still mine this digital coin, making it a lucrative alternative for ex-ETH miners.
Though ETC saw the impact of the various market slumps of 2022, the alternative token weathered well. ETC changed hands at around $34 early this year. While publishing this blog, in December 2022, the alt traded near $20. Though its value dipped this year, ETC hasn’t suffered like most crypto assets, including BTC.
Ripple’s XRP saw an unrestrained year amidst the massive legal battle that SEC filed over alleged illegal securities sale by the crypto project. Though the case is still ongoing, XRP remains far from dead. XRP’s price declined this year, similar to other cryptocurrencies.
Nevertheless, the alt stopped the downsides mid-year to recover some lost grounds. Meanwhile, the November FTX fall meant another nasty blow for the remittance token, though it fought against the downward wave and attempted to maintain consistency values at $0.30 – $0.40.
Binance Coin (BNB)
BNB is a digital coin that plays a primary role within the BNB Chain network. That includes the BNB Smart Chain and BNB Beacon Chain. Meanwhile, the platform uses the latter chain for staking and governance, whereas the former enables Dapps development.
BNB’s price wasn’t an exemption from 2022’s downturn. Nevertheless, the alt showcased impressive performance from June to December, soaring to $290 from $214. Also, BNB recorded increasing trading volume and market capitalization during this publication, though this might shift in the upcoming weeks or months.
Lido DAO (LDO)
Lido DAO (LDO) is a DAO (decentralized autonomous organization) that offers Lido staking solution governance. Lido allows liquid staking for PoS blockchains, while LDO serves as Lido DAO’s governance token. Holders can use the coin for decision-making in Lido DAO.
LDO’s price struggled in May-June this year before starting recoveries. Though it’s yet to jump into the growth phase, following severe impacts from FTX’s bankruptcy, LDO’s price hasn’t crashed more and stays beyond a dollar.
Binance USD (BUSD)
BUSD is a US dollar-tied stablecoin. That means drastic falls or price surges would be pessimistic news. A stablecoin should stay stable, though that doesn’t imply a lack of ways to measure its success. Assessing Binance USD’s trading volume and market capitalization can showcase the asset’s performance throughout this year.
Binance USD saw its market capitalization grow substantially in 2022, surging by more than 50%. Also, the token’s 24hr trading volume recorded attractive growth, soaring more than 34% throughout this year.
Indeed, the crypto market saw multiple unfortunate events in 2022, including the FTX fall and Terra collapse, which triggered massive value declines in the space. Nevertheless, various digital assets showed resilience, especially projects with lucrative utility. These cryptos might grow further in the coming year, though it might be challenging to forecast upcoming actions in this volatile sector.