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Friday, August 12, 2022

These Were The Ten Worst Performing Cryptocurrencies in January 2022

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January 2022 didn’t go well for equity markets and the same was the case with Bitcoin as well. Bitcoin lost about 20% in January, its worst January since 2018.

Not only Bitcoin, but many other popular cryptocurrencies also dropped significantly last month. Such a drop may offer investors a chance to initiate new positions. Let’s take a look at the ten worst performing cryptocurrencies in January 2022.

Ten Worst Performing Cryptocurrencies In January 2022

We have used the monthly return data (from coinmarketcap.com) to rank the ten worst performing cryptocurrencies in January 2022. We have only considered cryptocurrencies with a market cap of more than $1 billion (as of Jan. 31, 2022) for the list. Following are the ten worst performing cryptocurrencies in January 2022:

  1. Monero (XMR: -42%)

Launched in 2014, it aims to maintain the privacy and anonymity of transactions. Its native token, XMR, facilitates quick and inexpensive payments without the fear of censorship. XMR is down over 41% YTD but is up almost 1% in the last seven days. It has an all-time high of $517.62 (May 2021) and an all-time low of $0.213 (January 2015).

  1. THORChain (RUNE: -43%)

Launched in 2019, it is a decentralized liquidity protocol enabling users to exchange cryptocurrency assets without giving up their custody in the process. THORChain’s native token RUNE is the base currency of the THORChain ecosystem, and is also used for governance and security of the platform. RUNE is down almost 44% YTD and almost 4% in the last seven days. It has an all-time high of $21.26 (May 2021) and an all-time low of $0.007939 (September 2019).

  1. Kusama (KSM: -44%)

Kusama is a blockchain platform that offers a vastly interoperable and scalable framework for developers. It describes itself as “Polkadot’s wild cousin” because it shares almost the same codebase as Polkadot, which is among the most successful interoperable blockchains. KSM is down almost 40% YTD and almost 1% in the last seven days. It has an all-time high of $623.75 (May 2021) and an all-time low of $0.9158 (January 2020).

  1. Algorand (ALGO: -45%)

Launched in 2019, it is a self-sustaining, decentralized, blockchain-based network that supports different types of applications. Silvio Micali, who is a computer science professor at MIT (Massachusetts Institute of Technology) and recipient of the Turing Award in 2012, is the founder of Algorand. ALGO is down over 43% YTD but is up over 5% in the last seven days. It has an all-time high of $3.28 (June 2019) and an all-time low of $0.1024 (March 2020).

  1. Convex Finance (CVX: -45%)

Convex Finance is a protocol that simplifies Curve boosting experience to maximize yields. It enables Curve liquidity providers to make trading fees, as well as claim boosted CRV without locking CRV themselves. CVX is down almost 43% YTD but is up over 6% in the last seven days. It has an all-time high of $62.69 (January 2022) and an all-time low of $1.88 (July 2021).

  1. Curve (CRV: -46%)

Launched in January 2020, it is a decentralized exchange for stablecoins that utilizes AMM (automated market maker) for managing liquidity. Curve launched a DAO (decentralized autonomous organization) in August, with CRV as its in-house token. CRV is down over 45% YTD but is up almost 11% in the last seven days. It has an all-time high of $60.50 (August 2020) and an all-time low of $0.3316 (October 2020).

  1. Quant (QNT: -46%)

Launched in June 2018, it aims to connect blockchains and networks without reducing the efficiency and interoperability of the network. Developers need to hold a certain amount of Quant tokens (QNT) to build a Mapp on the network. QNT is down almost 40% YTD and almost 1% in the last seven days. It has an all-time high of $428.38 (September 2021) and an all-time low of $0.1636 (August 2018).

  1. Kadena (KDA: -51%)

Kadena network aims to unite public applications, private blockchains and other interoperable chains in one place. Its native token KDA is used to pay for computation on the Kadena public chain. KDA is down almost 53% YTD but is up almost 7% in the last seven days. It has an all-time high of $28.25 (November 2021) and an all-time low of $0.1213 (January 2021).

  1. Loopring (LRC: -52%)

Launched in 2017, it is an open protocol to develop decentralized crypto exchanges. Loopring aims to combine decentralized on-blockchain order settlement with centralized order matching into a hybridized product. LRC is down over 55% YTD and over 9% in the last seven days. It has an all-time high of $3.83 (November 2021) and an all-time low of $0.01986 (December 2019).

  1. Gala (GALA: -56%)

Launched in 2019, it aims to use blockchain  to give players more control over the games they play. Players can use NFTs, as well as Gala’s native token GALA to influence the governance of games within the Gala Games ecosystem. GALA is down almost 57% YTD and over 5% in the last seven days. It has an all-time high of $0.8367 (November 2021) and an all-time low of $0.000151 (December 2020).

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