Top Ten Cryptocurrencies and Hive in 2022

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We have entered the last month of 2022, which has been challenging for crypto investors. Especially since May, the agenda has been hectic. In such periods, making a general assessment based on the data will enable us to see the landscape more clearly.

Analysts such as Benjamin Cowen and Nicholas Merten, who broadcast on Youtube, have painted a pessimistic picture of the crypto market since June. And as of today, they are still pointing to new lows. We are in bear season, but the market has remained almost the same since June. I believe the price level of June 19 is the bottom of the 2022 bear market. Do the data support this view? The top 10 cryptocurrencies and Hive's price changes since the beginning of the year and June 19 are shown below. For the top 10 list, I took the situation at the beginning of the year. I did not include stablecoins in the list.

CoinPrice Change Year-to-DatePrice Change Since June 19
Bitcoin-64%-10%
Ethereum-66%29%
BNB-43%52%
Solana-92%-56%
Cardano-77%-31%
XRP-53%29%
Terra-100%301%
Polkadot-81%-23%
Avax-89%-12%
Dogecoin-40%95%
Hive-76%4%

The table above shows once again the importance of coin selection. Last year's popular coins, Solana, Terra, and Avax, were the worst-performing coins this year. Hive is different from the popular coins of 2021 in terms of price performance.

Since June 19, Ethereum, BNB, XRP, Terra, Dogecoin, and Hive have gained value. What do these coins have in common? Except for XRP and Terra, they have low inflation. Ethereum, BNB, and Hive are coins with solid utility. On June 19, the total value of the crypto market was $817 billion. Today it is $859 billion. Half of the coins in the top 10 have gained value, while half have lost value. Based on these data, we can argue that the market has been flat for five months. The disaster scenarios of Youtube analysts have not been real so far, and those who invested in the right coins in June made a profit. For example, I bought Hive in June with an average of 37 cents. The price has stayed the same as of today. On the other hand, I got about a 5% return on my Hive coins in 5 months.

My Comments on Top 10 Cryptocurrencies

Bitcoin had diverged from altcoins in the previous bear market and outperformed. This year, Bitcoin's performance has remained relatively the same compared to altcoins. It showed a similar price performance to Ethereum, while BNB, XRP, and Dogecoin resisted price drops better than Bitcoin. So this bear season scenario works differently. Decentralization and brand awareness are among the factors that make Bitcoin attractive.

Ethereum looks more attractive to me compared to Bitcoin. They performed similarly in the bear season, but we can easily predict that Ethereum will outperform BTC during the bull season. Ethereum is one of the few coins I can invest with peace of mind.

BNB has pleased its investors since the first day of its launch. I feel comfortable investing in BNB because of Binance's brand value. Factors that make BNB attractive are that it has zero inflation and plenty of utility. In Turkish, the idiom "he puts devil's shoes on backward" is used for resourceful people. We can easily use this idiom for CZ. We cannot trust CZ unconditionally, but I appreciate his work.

Solana, one of the stars of last year, was negatively affected by the bankruptcy of FTX. Due to the widespread use of the Solana network, the Solana price may increase over time. Following how the Solana price will develop in the next six months is necessary. Because investing in Solana before can be risky.

Cardano investment seems not attractive to me due to low user adoption. The fact that its value continues to decrease after June is also an important indicator. One feature I like about Cardano is that the stake returns slip as the amount increases. This mechanism, which prevents certain accounts from growing excessively, supports decentralization.

XRP is one of the coins I need help understanding being in the top 10 for a long time. Brad Garlinghouse is a successful marketer, and XRP has done well this year. The developments in the ongoing lawsuit with the SEC influenced the said performance. Will XRP be used by institutions one day? I am curious about it.

Terra Luna was a coin I had been considering investing in for a while. I did not implement this intent because the alternatives in the Hive ecosystem were more attractive. Although Terra Classic has gained value since June, staying away from it can keep us on the safe side.

Polkadot has been working for five years to provide interoperability between blockchains. NASA sent humans to the moon for the Apollo project, which lasted four years. Interoperability is an important concept. If Polkadot can produce products that are widely used in this regard, its value may increase.

Emin Gun Surer, the founder of Avalanche, is Turkish like me. Therefore, I follow the project closely. What sets Avax apart from other EVM-compatible networks is its claim on interoperability. Currently, three subnets are active on Avalanche.

Dogecoin became one of the best-performing coins of last month with the support of Elon Musk. How can Dogecoin have a place in the future of crypto? Thanks to strong community support, Dogecoin has performed relatively well this year after last year. Why should I buy Dogecoin instead of Bitcoin if PoW coins will also have a place in the future of crypto? Honestly, Dogecoin is not a cryptocurrency that appeals to me.

Conclusion

Since June 19, the crypto market has been on a sideways course. Despite all the bad news, the fact that the total value of the crypto market is above the level in June is a good sign for the future. We can make money in this transition period with well-chosen coins.

Not even in the top 100 in the market cap, Hive outperformed more than half of the top 10 coins in 2022. I bought Hive with all my dry powder in June. The important coins in my portfolio are Hive, SPS, Leo, and BNB. I am satisfied with the current composition of my portfolio.

Thank you for reading.

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Posted Using LeoFinance Beta



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Do you think SHIBA will eventually be at same level as DOGE?

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I would prefer SHIBA if I had to choose between them. It is better in terms of utility. Neither SHIBA nor DOGE fits my investing style.

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Mine neither. I would not put money on it.. but I am playing this silly game on my phone thats giving me SHIBAS for free... so now that i have them... Would be awesome haha

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Thank you for sharing your thoughts and the chart on the top 10 crypocurrencies.

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Solana has taken a huge hit. Do you think the ecosystem and community are strong enough to survive?

Posted Using LeoFinance Beta

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Yes, it can. Solana has utility. It is fast, and fees are low.

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