No cryptocurrency has come out of the 2022 crypto winter unscathed. But some of them managed to demostrate surprising resilience.
The talk around the crypto space has been vibrant lately because of a prolonged bear market, seeing the prices of every asset in the crypto market plummet extensively. At one point, the overall valuation of the crypto market dipped below the $1 trillion mark, down from an all-time high of roughly $3 trillion. Even the world’s foremost cryptocurrency, Bitcoin, lost 65% of its all-time high price.
But the widespread mayhem did not affect all digital assets the same way. This short article will look at four coins that have fared relatively well despite the general downtrend in the broader crypto market.
USD Coin (USDC) is a widely accepted stablecoin issued and managed by Coinbase and Circle. In a bad market where many stablecoins have uncoupled from their dollar pegs, USDC has done well, beating Tether (USDT) to become the most popular stablecoin on the Ethereum network.
When Terra USD (UST) went bankrupt in May, USDC and USDT tried to fill the $18 billion hole it left. A report by CoinMetrics, a company that analyzes blockchain data, showed that at least 147 Ethereum addresses increased their USDC holdings by about $1 million while decreasing their USDT balances by the same amount.
Currently, the free-float supply of USDC on the Ethereum blockchain is much higher than any other stablecoin. According to CoinMarketCap, USDC is currently trading at its $1 peg. The stablecoin had a 24-hour trading volume just north of $6.5 billion and a live market cap of $53,436,188,345. These numbers show that USDC is shrugging off the worst of the crypto winter.
Uniswap (UNI) was built on top of the Ethereum blockchain. It uses a new model called an automated market maker (AMM) that lets users trade cryptocurrency tokens without a third party.
It has since become the crypto sector’s leading decentralized exchange (DEX) platform.
Even though the market is down, Uniswap’s trading volume recently went over $1 trillion, showing that the company is still growing and doing well.
Uniswap’s native token, UNI, was initially sold for slightly less than $4 back in 2020. It then rose to more than $43 before being range-bound between $3 and $4.
At the time of writing, UNI was trading at $8.13, with a 24-hour trading volume of $158,417,748 and a market cap of $6,055,456,242. More than 102 million trades have occurred on Uniswap, showing its reliability. And as we get closer to the end of the crypto winter, things can only improve for the platform.
Choise.com is a one-click MetaFi ecosystem that efficiently and reliably links CeFi users to DeFi products. It is a unique and innovative project that seeks to lower the entry barriers into CeFi and DeFi spaces to aggregate and offer the best earn products.
The platform revolves around a proprietary DeFi ecosystem called Charism, which features several earn products that offer high cross-chain yields and reduced commissions. One of them are limited DeFi interest accounts that allow users to earn up to 26% APR on the platform’s native CHO token, as well as several others.
CHO is also used for staking, voting, promotion, and gas fees.
The token was recently listed on several exchanges, including Uniswap, LBank, MEXC, and Raydium. Recently the top management announced another upcoming listing on one of the major CEXes. According to CoinMarketCap, CHO currently trades at $1.01 and has a trading volume of $923,539. Going by its current market price, the token has gained approximately 74% YTD, showing that it has weathered the long-running bear market quite well.
Fantom (FTM) is a well-known alternative to Ethereum. The smart contract project is a layer-1 protocol used to build DeFi solutions.
Fantom provides high scalability, lower energy requirements, and lower fees than other blockchains by utilizing Tangle’s proof-of-stake (PoS) consensus algorithm. According to DeFiLlama, the project has gained traction among prominent altcoin investors and currently ranks eighth on the list of top DeFi chains.
FTM has been steadily increasing its crypto influence over the past few months. That is clear because it recently launched its own stablecoin, fUSD. This launch could make more investors want to buy FTM in the year’s second half.
FTM is the 57th largest cryptocurrency by market cap. It is priced at $0.35 and has a 24-hour trading volume of $226,592,210.
No cryptocurrency has come out of the 2022 crypto winter unscathed. But in our opinion, the above four represent surprising resilience.
CHO is a fledgling project with lots of promise. USDC has been around for a long time, doing well as its competitors fall off the face of the financial world.
On the other hand, UNI and FTM are highly viable projects with solid fundamentals, which, despite losing a chunk of their value in the prolonged bear market, are expected to get back on track presently.
Disclaimer: Coinspeaker is not responsible for the trustworthiness of any content or product on this page. Though our goal is to provide you with the most valuable information that we could find, we recommend you conduct the necessary research on your own before taking any decisions related to the products presented in this article. This article can’t be considered as investment advice.
Please check out latest news, expert comments and industry insights from Coinspeaker’s contributors.