The cryptocurrency market fell to $1.23 trillion in May 2022, after valuing over $3 trillion in November 2021, and has been on the decline for the past six months. Leading cryptocurrency Bitcoin and other altcoin projects are also continuing their downtrend.
Some altcoin projects lost less
Fears about ever-increasing inflation, the Federal Reserve’s hawkish reaction to it, and the ongoing conflict between Ukraine and Russia have made investors more risky caused them to limit their investments in assets. Also, their growing appetite for safe havens like the US dollar has dampened demand for some of the top cryptocurrencies and US stocks.
As a result, some altcoin projects such as Dogecoin (DOGE) and (Cardamo ADA) have dropped more than 80 percent from record highs set last year. . At the same time, several altcoins witnessed smaller drops compared to other assets in the top 30. As Kriptokoin.com, we are presenting the 3 altcoins with the best performance in the bear market and their details.
Here are the 3 altcoins in the list:
Monero (-65%)
Privacy-focused altcoin Monero (XMR), one of its biggest competitors in the market since November 2021 suffered fewer losses. The price of XMR fell nearly 40 percent from its peak of around $300 in November 2021 to $186. In addition, Monero peaked at $ 520 in May 2021. From here it looks like it has completed part of a wider corrective move that started after raising the net downside correction to around 65%.
XMR’s limited downside prospects since November 2021 emerged amid reports that it is being used to bypass sanctions. Meanwhile, fears of strict regulations lurking over the crypto market also seemed to fuel speculative demand for Monero. From a technical standpoint, XMR is consolidating around $211 and the 200-week EMA (blue wave) at $167 in a range defined by its 50-week exponential moving average (50-week EMA; red wave).
UNUS SED LEO (-40%)
UNUS SED LEO (a utility token supported by iFinex, parent company of BitFinex exchange) LEO) has been largely unaffected by the broader crypto downtrends. The altcoin continued its uptrend after November 2021 even as its top 30 competitors moved lower; It hit an all-time high of around $8.15 in February 2022. However, it has since corrected by almost 40 percent and is currently trading around $4.90.
iFinex introduced LEO in a special token sale with the goal of raising $1 billion in 2018. In doing so, the firm sought to alleviate the cash shortfall that emerged after the partial fund grab by payment processor Crypto Capital. IFinex also announced that it will repurchase LEO with at least 27 percent of its consolidated revenues for the previous month, thereby removing its supply from the market. In addition, the firm has committed to use 95 percent of the recovered Crypto Capital funds and 80 percent of the funds from the BitFinex hack in 2016 to purchase LEO.
Binance Coin (-53%)
Like Monero, BNB’s price peaked above $700 in early May. Then in November 2021, the BNB/USD pair nearly retested its record before correcting lower with the rest of the market. But now it has deleted more than half of its value.
BNB is the subsidiary altcoin project of the world’s leading crypto exchange and the local blockchain ecosystem called BNB Chain. BNB holders can also submit offers and participate in voting through BNB Chain’s built-in governance module.
Other cryptocurrencies
Top cryptocurrencies Bitcoin (BTC) and Ethereum (ETH) has outperformed many of its top competitors in the ongoing bear market. The BTC price has dropped from a record low of $69,000 in November 2021 to around $29,300. Meanwhile, the leading raltcoin ETH dropped nearly 60 percent from $4,850 to $1,975 over the same period.
