3 Cryptocurrencies Beating the 2022 Bear Market
The crypto market has taken a downward turn over the past 6 months, with asset prices taking an even bigger hit during the crash of May 12 and total market valuation dropping by over 40% — $3 trillion in November 2021 to $1.23 trillion in May 2022. The prices of some of the most popular cryptocurrencies have plunged to new record lows with many including BTC and ETH losing over half of their value in the last 6 months, many others are struggling to stay afloat.
BTC’s price has dropped by 24% from $38,514 to around $29,300 in the last 30 days. Meanwhile, the second-largest crypto, ETH, has plunged 40% to around $1,819 from above $2,856 in the same period.
However, despite the plunge, some assets have shown strength and great resilience with relative price stability and performance that appears to be withstanding the test of the bear market.
- TRONIX (TRX)
TRX is a cryptocurrency running on the TRON blockchain with the goal to create a decentralized Internet. Created by Justin Sun, a 26-year-old Beijing-based tech entrepreneur, the cryptocurrency has shown great resilience since this year’s crypto market crash, rising to new highs in March this year and at the start of May, TRX was worth $0.06277 but on 26 May it was worth around $0.081, a rise of 29% at a time where most altcoins are down 50% or more, TRX has shown that in bear markets, winners win. The stability of the price of the asset can be attributed to the launch of the USDD stablecoin, the Tron Grand Hackathon, and a host of other initiatives which pushed TRX to greater heights last month.
TRX Price: $0.0815
Price change in the last 30 days: +23.39%
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- Ethereum Classic (ETC)
ETC is an open-source, decentralized, blockchain-based distributed cryptocurrency platform that runs smart contracts. Ethereum Classic was formed in 2016 as a result of a hack of The DAO, a smart contract operating on the Ethereum blockchain. ETC has surprisingly outperformed Ethereum since the start of the bear market of 2022, showing great resilience, and has been able to militate against more of the losses than the larger ether has. Since the start of May, the price of ETC has dropped by around 15% from $25.93 to $21.88 but has recovered by over 60% since the record low of May 12 when it fell to $16.31.
ETC Price: $21.68
ETC Price change in the last 30 days: -15.46%
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- BINANCE COIN (BNB)BNB was created in July 2017 and initially worked on the Ethereum blockchain with the token ERC-20 before it became the native currency of Binance’s own blockchain, the Binance Chain. It serves as a utility token inside the Binance ecosystem, including the world’s leading crypto exchange by volume. The coin has shown remarkable resilience and has been able to restabilize its price since the crash of May 12 when it dropped to $227. One of the suspected reasons behind BNB’s relatively stable price is the fact that Binance has been stepping its foot into major European nations. The company’s expansion has been able to help keep the price of the asset afloat despite market sentiments.
BNB Price: $298.44
Price change in the last 30 days: -18.53%
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Top cryptos, Bitcoin (BTC), and Ethereum’s native token, Ether (ETH), have also fared better than most of their top-ranking rivals in the ongoing larger bear market.
Disclaimer: Cryptocurrency investment is subject to high market risk. The opinions and statements made above should NOT be considered financial advice. Always Do Your Own Research.