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2022: Looking back at the top 10 coins one year ago today


Key Takeaways

  • Crypto was crushed across the board, with all of the top 10 coins getting hammered
  • LUNA was the worst as it death spiralled to near-zero in May
  • Solana has lost 92% of its value this year, falling from the third biggest crypto to sixteenth
  • Three best performers have been BNB, XRP and Dogecoin, but they still pared back 56%+
  • Bitcoin dropped 64% and Ethereum fell 67%

 

2022. What a year.

In crypto markets, it’s safe to say that it hasn’t been one the best. The world has transitioned to a new interest rate paradigm, with markets realising quite how much of the crypto space was predicted on overleverage at cheap rates.

That cheap credit is gone now and the rug of liquidity has been pulled, with market prices collapsing as a result. Throw in a few scandals – FTX, LUNA and Celsius, to name a few – and the markets have been absolutely torrid.

In this piece, we look back at the top 10 coins at the start of the year.

2022 seems a long time ago now

The below is a historical screenshot from the start of the year, taken off CoinMarketCap.

Bitcoin is not far off a trillion dollars, trading close to $50,000 and leading the way for the market at large. Ethereum has recently dipped below $4,000, while the third spot is occupied by Binance’s coin, BNB.

Tether is the first stablecoin on the list in fourth, while Solana jumps out next in fifth place. The coin, linked with a revered entrepreneur by the name of Sam Bankman-Fried, is marketing itself as an ETH killer and making serious gains, now over $50 billion in market cap. 

The only other stablecoin is USD Coin in seventh, while Dogecoin ranks tenth when excluding the stablecoins, or twelfth overall. There is also LUNA, or Terra, in ninth – the coin which powers the burgeoning DeFi ecosystem that is Terra. 

Life is good, life is fun, life is up-only. Sure, the market has peeled back a little from November, when Bitcoin hit its all-time high of $68,739, but prices are still high and profits are flowing. Happy New Year, and roll on 2022. 

One year later

One year later, you could probably argue things are a little different. I have collated the performance of the top 10 coins (excluding the two stables) into the chart below: 

Luna, obviously, has pretty much gone to zero. Solana comes in as the second-worst performer, losing a staggering 92% of its value in 2022. From being ranked as the fourth biggest crypto, it is now sixteenth. Avalanche has also killed investors, falling from eleven to eighteen and shaving 87% of its value in the process.

The best performers, on the other hand, are BNB, XRP and Dogecoin, the trio losing “only” 56%/57% of their value. BNB, despite the recent controversy around Binance, looks set to end the year as the fifth biggest crypto, having let USDC and USDT overtake it.

This year, it really has been only stablecoins that have been immune to the price action. Even Bitcoin and Ethereum are down 64% and 67% respectively. Again, all these figures would be enlarged even further if expanded back to all-time highs of November.

Investors will be relieved to see the year come to a close, such has been the punishment in markets. The only problem is, we are still in a high-interest rate environment, the industry is still dealing with the fallout of FTX, and the world is a very uncertain place right now.

The post 2022: Looking back at the top 10 coins one year ago today appeared first on CoinJournal.

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Bitcoin interest surged in 2022 despite ‘crypto winter’: report

  • Bitcoin sits 8th on Yahoo Finance’s list of top quotes as measured by total page views in 2022.
  • According to the platform, BTC/USD has accumulated more than 157 million quote views, with Tesla topping the list.
  • Ethereum ranks 25th while the Coinbase (COIN) stock currently sits in 30th spot.

Cryptocurrencies have remained deep within an unforgiving crypto winter for all of 2022. That’s it.

And December is not offering much relief to traders so far, not with heavy duty contagion amid a spike in the number of crypto projects falling into distress.

It’s thus surprising to say that interest in Bitcoin, the world’s largest cryptocurrency by market cap, soared throughout the year. But then it has.

Bitcoin among top 10 assets per investor interest

The price of Bitcoin fell below $16,000 after FTX’s implosion, but as CoinJournal recently reported, large investors appear to have used that as an opportunity to buy more. That is interest that has reflected throughout the year as prices nosedived from last year’s peak above $69,000.

According to an in-house metric Yahoo Finance uses to measure investor interest across the markets, BTC has seen a laser-like focus from investors even as prices plunged to lows last seen in 2020.

A report the company published on Thursday showed that the BTC/USD quote has so far accumulated over 157 million views in 2022. Ranked alongside other top assets, the flagship cryptocurrency falls within the top 10. Indeed, as of Thursday, bitcoin ranked 8th on the platform’s list of top 10 trending tickers.

Looking at the list, Tesla Inc. (TSLA) stock quote ranks first with more than 398 million views, followed by the three major US indices (the Dow Jones Industrial Average, the S&P 500 and Nasdaq). Tech giant Apple Inc. (AAPL) sits 5th with more than 249 million page views while Amazon (AMZN) comes next with 199 million views so far.

Ethereum (ETH) is 25th on the list in terms of investor interest as measured by 63.8 million page views so far. Elsewhere, Coinbase (COIN) has also been on top of investors’ list of interesting assets, with the crypto stock ranked 30th after more than 57 million quote views.

The post Bitcoin interest surged in 2022 despite ‘crypto winter’: report appeared first on CoinJournal.

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Here is why Terra Classic is up by more than 6% in the last 24 hours

  • LUNC is up by more than 6% in the last 24 hours, outperforming the broader crypto market.

  • The rally comes after the team revealed that the Terra Classic Shuttle bridge would shut down next month.

  • The total crypto market cap could drop below the $800 billion level soon.

The Terra Classic Shuttle bridge will shut down in January

The Terra Classic team announced via Twitter on Thursday that its Terra Classic Shuttle bridge will sunset on Jan. 31st, 2023, 0000 hrs (UTC). The team urged its community members to bridge assets back to Terra before then to ensure they don’t lose their assets.

This latest cryptocurrency news has resulted in LUNC outperforming the broader cryptocurrency market. At press time, LUNC is trading at $0.0001358, up by more than 6% in the last 24 hours.

The broader crypto market has been trading in the red zone for the past two days. The total crypto market cap is now around $810 billion and could drop below $800 billion if the bearish trend continues.

The price of Bitcoin stands at $16,883, down by less than 1% in the last 24 hours. 

Key levels to watch

The LUNC/USDT 4-hour chart is bearish despite Terra Classic performing well over the last few hours. The technical indicators, however, show that LUNC’s sentiments are improving.

LUNC/USDT Chart By TradingView

 

The MACD line remains in the negative zone, indicating that the bears are still in control of the LUNC market. The 14-day RSI of 48 shows that LUNC is no longer in the oversold region.

If the bullish momentum increases, LUNC could move past the first resistance level at $0.0002074 before the end of the day. However, LUNC could find it hard to surpass the second major resistance level at $0.0002343 in the near term. 

Where to buy Terra Classic now

As LUNC is such a new asset, it’s yet to be listed on major exchanges. You can still purchase LUNC using a DEX (decentralised exchange) though, which just means there are a few extra steps. To buy LUNC right now, follow these steps:

1. Buy ETH on a regulated exchange or broker, like eToro ›

We suggest eToro because it’s one of the world’s leading multi-asset trading platforms, an exchange and wallet all-in-one with some of the lowest fees in the industry. It’s also beginner-friendly, and has more payment methods available to users than any other available service.

2. Send your ETH to a compatible wallet like Trust Wallet or MetaMask

You’ll need to create your wallet, grab your address, and send your coins there.

3. Connect your wallet to the 1Inch DEX

Head to 1Inch, and ‚connect‘ your wallet to it.

4. You can now swap your ETH for LUNC

Now that you’re connected, you’ll be able to swap for 100s of coins including LUNC.

The post Here is why Terra Classic is up by more than 6% in the last 24 hours appeared first on CoinJournal.

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UNI looks to rally following Uniswap’s Moonpay partnership

  • UNI is up by less than 1% today as the broader crypto market continues to underperform.

  • Uniswap announced a strategic partnership with Moonpay earlier this week.

  • The total crypto market cap could drop below $800 billion as the market continues to perform poorly.

Uniswap allows users to purchase crypto on the Uniswap Web App

The Uniswap team announced earlier this week that users can now purchase crypto on the Uniswap Web App using a credit/debit card or bank transfer. This is thanks to its partnership with Moonpay.

Users can connect their wallet to the Uniswap Web App and be able to buy crypto using fiat. Despite this latest cryptocurrency news, UNI is up by less than 1% in the last 24 hours.

At press time, the price of Uniswap stands at $5.33 per coin. The positive performance comes as the broader cryptocurrency market continues to underperform. 

The total crypto market cap currently stands at $810 billion, down by less than 1% in the last 24 hours. Bitcoin continues to struggle below the $17k resistance level and is also trading in the red zone today.

Key levels to watch

The UNI/USD chart is bearish despite Uniswap performing positively over the last few hours. The technical indicators show that UNI’s performance could improve in the near term.

UNI/USD Chart By TradingView

 

The MACD line remains below the neutral zone, and with UNI’s ongoing performance, it could find it tough to move into the positive region.

The 14-day relative strength of 50 shows that UNI is no longer in the oversold region. However, it would need to perform even better if it intends to enter the overbought area.

If the positive momentum increases, UNI could surge past the first major resistance level at $5.996 before the end of the day. However, UNI would need the support of the broader cryptocurrency market to surge past the $6.6 resistance level in the near term.

Where to buy Uniswap now

eToro

eToro is a global social investment brokerage company which offers over 75 cryptocurrencies to invest in. It offers crypto trading commission-free and users on the platform have the option to manually invest or socially invest. eToro even has a unique CopyTrader system which allows users to automatically copy the trades of popular investors.

Buy UNI with eToro today

OKX

OKX is a top cryptocurrency exchange which offers over 140 cryptocurrencies to invest in. OKX takes customer security very seriously, they store almost all of their clients‘ funds in cold storage, and the exchange is yet to be hacked. On top of this, the exchange offers very low fees and customers can even use their crypto as collateral for loans on the platform.

Buy UNI with OKX today

The post UNI looks to rally following Uniswap’s Moonpay partnership appeared first on CoinJournal.

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Most of the Bitcoin supply is now loss-making


Key Takeaways

  • Bitcoin was the best performing asset class between 2011 and 2021, but the year 2022 has brought nothing but pain
  • After rising 14X from its pandemic low in March 2020 to its all-time high in November 2021 of $68,739, Bitcoin has struggled amid risk-off environment
  • Pullback has been so severe that majority of the supply is in loss-making position

What a ride it has been for Bitcoin. 

But as we close the chapter that is 2022, the party has turned into a nightmare for most. Literally, most. Because the majority of the Bitcoin supply, which as I write this is 19.24 million bitcoins, is in a loss-making position. 

I have written before about this trend, and as the chart above shows, we have seen greater than 50% of the supply in a loss-making position before. But after a respite, the market has again careened downward after a certain Mr Bankman-Fried was exposed. 

But it is quite the sobering statistic when considering that in the decade between 2011 and 2021, Bitcoin was the best performing asset class in the world. Exploding from fractions of a penny to near $69,000 last year, it made a lot of people very, very rich. 

But for anybody who bought in during the pandemic, the story is likely very different. In extending out the above graph back over the course of the decade, the ups and downs are evident.

Macro environment unprecedented for Bitcoin

The one thing that is glaring is that for the first time in Bitcoin’s history, it is now experiencing a bear market in the wider economy. 

Launched in 2009, Bitcoin had, until 2022, enjoyed one of the longest and most explosive bull markets in financial history. Risk assets across the board went sky-high, with the S&P 500 printing a 7X return from its low point amid the Great Financial Crash to its level at the start of 2022. 

“The scandals and idiosyncratic risk in the cryptocurrency space have been many this year. Nonetheless, despite the torrid happenings in the crypto industry which have undoubtedly made things a lot worse, Bitcoin has plummeted due to the wider macro environment, which has made a mockery of any thought that Bitcoin is not a high-risk asset”, said Max Coupland, director of CoinJournal, when assessing Bitcoin’s 2022 price action.

On this note, when plotting Bitcoin’s price level against the S&P 500, all looks healthy. Only thing is, I cut the chart off at the start of 2022. 

The below chart then does the same – plots the S&P 500 against Bitcoin. Only this time, it focuses on 2022, showing that both the stock market and Bitcoin have plunged. 

“Bitcoin is uncorrelated” narrative killed

Of course, the narrative that Bitcoin is uncorrelated is completely dead. Not only that, but the misguided thinking that led some to conclude that Bitcoin is an inflation hedge has been proven foolish. 

There is no other way to put it – Bitcoin has traded like a high risk asset. 

In fact, it has traded like such a high risk asset that not only was it the best performing asset of the decade between 2011 and 2021, when markets surged up and all these risk assets printed meteoric gains, but now that we are experiencing the flipside, it has performed worse than nearly anything. 

It has pulled back so severely that those gains which saw it claim that best performing asset title are now not enough to prevent the fact that most of the supply is held by investors in loss making positions. 

If you use our data, then we would appreciate a link back to https://coinjournal.net. Crediting our work with a link helps us to keep providing you with data analysis research.

Research  Methodology

  • On-chain data sourced via Glassnode

  • S&P 500 and Bitcoin price data sourced via Yahoo Finance

  • Bitcoin the “best performing asset class of 2011-2021” sourced via Yahoo Finance

The post Most of the Bitcoin supply is now loss-making appeared first on CoinJournal.