In The Bearish Crypto Market, Here Are 3 Tokens That Are Least Affected This Year
The crypto market has plummeted in valuation during the last six months, falling from nearly $3 trillion in November 2021 to $1.23 trillion in May 2022. Concerns about rising inflation and the ongoing war between Ukraine and Russia led investors to reduce their investment to risky assets. In addition, their growing demand for safe-haven assets such as the US dollar reduced interest for some of the most frequently traded cryptocurrencies.
As a result, several digital assets, such as Dogecoin (DOGE) and Cardano (ADA), have dropped by more than 80% from their previous highs. Meanwhile, in compared to other cryptocurrencies, a few other tokens have been less affected by the gloomy crypto market.
Monero (XMR)
Monero (XMR) has suffered lower losses than other currencies on the market from November 2021.
From a high of about $300 in November 2021, the price of XMR has declined roughly 40% to $186. Monero is in the midst of a price fall after reaching a record high above $520 in May 2021. XMR has lost around 65 percent of its value this year compared to previous year’s ATH.
Technically, XMR has been stabilizing inside a price range established by its 50-week exponential moving average (50-week EMA; red wave) around $211 and its 200-week EMA (blue wave) around $167.
UNUS SED LEO (LEO)
The token UNUS SED LEO (LEO), which is backed by iFinex, the parent firm of the BitFinex exchange, is mostly unaffected by market volatility.
LEO peaked in roughly $8.15 in February 2022, but has since corrected down nearly 40% to around $4.90.
Notably, iFinex launched LEO in a private sale to raise $1 billion in 2018. The company raised that fund to offset the seizure of part of its payment processor, Crypto Capital.
IFinex also stated that they will buy LEO for a minimum of 27% of consolidated revenue from last month, thereby eliminating its supply from the market. Furthermore, the company has pledged to buying LEO with 95% of the money recovered by Crypto Capital and 80% of the money from the BitFinex breach in 2016.
LEO’s return has been approximately 100% so far. According to statistics from Santiment, the token looks to be very centralized, with whales trading on the CEX platform still possessing roughly 97 percent of its net supply.
Binance Coin (BNB)
Like Monero, BNB was one of the standout tokens in early May 2021 when the price per token reached nearly $700. Then in November 2021, the BNB/USD pair started a downward correction, thereby losing more than -50% of the BNB value. The token is currently trading around $325.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
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