The cryptocurrency market has been in decline for the past six months, with its valuation falling from over $3 trillion in November 2021 to $1.23 trillion in May 2022.
Fears over persistently rising inflation, the aggressive Federal Reserve response and the ongoing Ukraine-Russia conflict have prompted investors to limit their exposure to riskier assets. Additionally, their growing appetite for safe havens such as the US dollar weighed on demand for some major cryptocurrencies and US equities.
As a result, some digital assets, such as Dogecoin (DOGE) and Cardano (ADA), are down more than 80% from their all-time highs set last year. At the same time, a few tokens saw similar, albeit small, declines compared to other top-30 assets.
These are three of those cryptocurrencies listed in random order.
Monero (-65%)
Privacy-focused cryptocurrency Monero (XMR) has suffered fewer losses than its main rivals in the space since November 2021.
XMR price fell almost 40% to $186 from its November 2021 peak of around $300. The crash came as part of a broader corrective move that began after Monero hit its all-time high in May 2021 near $520, bringing its net retracement to around 65%.
XMR’s limited downside outlook since November 2021 emerged amid reports that it has been used to circumvent sanctions. Meanwhile, heFears of strict regulations haunting the cryptocurrency market also appear to have fueled speculative demand for Monero.
From a technical perspective, XMR has been consolidating in a range defined by its 50-week EMA (the 50-week EMA – the red wave) around $211 and the 200-week EMA (the blue wave) around $211. of USD 167, which underlines a conflict of trends.
UNUS THIRST LEO (-40%)
UNUS SED LEO (LEO), a utility token backed by iFinex – the parent company of the BitFinex exchange, has been largely unfazed by broader cryptocurrency trends.
The token continued its uptrend even as its top-30 rivals moved lower after November 2021; it hit an all-time high of around $8.15 in February 2022, but has since corrected almost 40%, now trading at around $4.90.
Specific, iFinex introduced LEO in a private token sale to raise $1 billion as early as 2018. With that, the firm wanted to alleviate the cash shortfall it had incurred following the partial seizure of funds from its payment processor, Crypto Capital.
IFinex also announced that it would buy back LEO with a minimum of 27% of its consolidated revenue from the previous month, thus removing its offer from the market. In addition, the firm also committed to earmarking 95% of the funds recovered from Crypto Capital and 80% of the funds from the 2016 BitFinex hack to buy LEO.
LEO’s profitability to date is around 100%. But the token appears heavily centralized, with a so-called centralized exchange whale still holding around 97% of its net supply, according to data from Santiment.
BinanceCoin (-53%)
Like Monero, Binance Coin (BNB) peaked in early May when its price per token topped $700. Then in November 2021, the BNB/USD pair nearly retested its record high before correcting lower. with the rest of the market. In doing so, it wiped out more than half of its valuation, and it now trades around $325.
BNB serves as a utility token within the Binance ecosystem, which includes the world’s leading cryptocurrency exchange by volume and a native blockchain called BNB Chain. Token holders can also submit proposals through BNB Chain’s built-in governance module, which are then voted on.
Other crypto assets
Major cryptocurrencies Bitcoin (BTC) and Ethereum’s native token Ether (ETH) have also outperformed most of their major rivals in the current bear market.
The price of BTC has fallen 57%, to around $29,300, from its November 2021 all-time high of $69,000. Meanwhile, the second largest cryptocurrency, ETH, has plunged 60% to around $1,975 from over $4,850 in the same period.
Shiba Inu (SHIB) and Polkadot (DOT) are down 65% from their all-time highs of $55 and $0.00008760, respectively.
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