Top 10 Cryptocurrencies in Q1 2022
Q1 2022 turned out to be less optimistic than in previous years but not for all coins. There were winners in the bear market, and some of the top altcoins even outperformed Bitcoin. Check out our review of the top cryptocurrencies in Q1 2022 by performance.
- Bitcoin managed to score a positive change of +1.43% in Q1 2022. However, it lands at the bottom of top 10 cryptocurrencies by performance in that time period;
- BTC is outperformed by VET, TRX, XRP, LUNA, FTT, ETC, LEO, RUNE and WAVES;
- WAVES, however, is not doing great in Q2 so far: the platform has been accused of scamming. The rest of the list did not go on parabolic rallies but grew organically and are set to continue.
Top 10 Cryptocurrencies in Q1 2022
Opening the top 10 cryptocurrencies is, unsurprisingly, Bitcoin. The first cryptocurrency managed to close Q1 2022 with a 1.43% profit.
On March 31st, Bitcoin was ranking first with a $865,202,119,216 market cap and a price tag of $45,538.68.
As far as the prospects of BTC in 2022 go, some announcements can be made at the Bitcoin 2022 conference. Mexican senator Indira Kempis, who is a speaker, pledged to introduce a bill to make BTC legal tender in the country.
Whether the environmental impact or legal status will affect BTC’s position as a proxy for the crypto market in the global economy, remains to be seen.
VeChain Thor (VET)
As for the rest of our top 10 cryptocurrencies by performance, all these altcoins outperformed BTC. VeChain was not too far from BTC with a 1.5% profit in Q1 2022.
On March 31st, VeChain Thor held a $4,984,139,714 market cap and was trading for the price of $0.0775.
The eighth crypto by performance in Q1 2022 is TRX with a 2.44% increase. On March 31st, Tronix held a $7,512,332,331 market cap and was trading for the price of $0.07388.
As of 2022, Tron Network is governed by TronDAO, which came after the Tron Foundation disbanded and Justin Sun stepped down. The community still has a lot of things to watch, such as the Grand Hackathon and APENFT drops.
Keeping its place within the top 10 cryptocurrencies with a $39,198,153,818 market cap, XRP gained 3.29% by Mar 31, 2022($0.8146).
The most relevant ongoing event for the XRP holders is the legal battle with the US Securities and Exchange Commission. Each turn in the process is reflected in the XRP’s price chart.
The most recent developments have been in the favor of Ripple’s side: the court ordered a review of the redacted notes by the SEC staff. The order is expected to be fulfilled by April 8.
Starting with Terra’s native token LUNA, which added 24.13% to its value in Q1 2022, we are entering the territory of gainers in the top 10 cryptocurrencies. Terra’s rise to prominence has been a sight to behold.
On March 31st, Luna held a $36,521,590,818 market cap and was trading for the price of $103.01. At the quarter’s close, it reached the highest price in its history that far, and kept climbing.
Terra’s LUNA token is backed by an unprecedented amount of BTC in its treasury: 35,767.98 BTC. With that and the rising adoption of UST, it can create a positive feedback loop between the prices of both cryptocurrencies.
Meanwhile, Terraform Labs launched an accelerator program to help more developers build solutions for using Terra’s stablecoins.
FTX Token (FTT)
On March 31st, FTX Token held a $6,711,884,132 market cap and was trading for the price of $48.89. In comparison to the year’s opening, it gained 25.72%.
The FTT token’s rise in value is obviously driven by the FTX exchange development. The exchange has splurged on the Super Bowl 2022 ad that was shown to millions of Americans.
Ethereum Classic (ETC)
Falling little short of the top three gainers, Ethereum Classic grew by 37.8% in Q1 2022. On March 31st, Ethereum Classic held a $6,330,883,294 market cap and was trading for the price of $47.28.
Sometimes, the secret to success is in not inventing the wheel: Ethereum Classic rallied in late March on the news about miner rewards slashing and implementing Ethereum Improvement Proposals that were included in the Berlin hard fork.
Both of these events have already impacted the price but have all the chances to keep the influence prolonged in the longer term.
Unus Sed Leo (LEO)
The bronze winner in the top 10 cryptocurrencies by performance in Q1 2022 is LEO token with a 53.68% increase. On March 31st, Unus Sed Leo held a $5,540,960,522 market cap and was trading for the price of $5.81.
LEO tokens helped Bitfinex recover from the 2016 hack, so why is the price of its utility token moving in 2022? The US Department of Justice (DOJ) got a hold of a couple that laundered the stolen funds.
While the stolen 94 thousand Bitcoin are now in the DOJ custody, Bitfinex came to reassure that they remain committed to a claim made in the LEO whitepaper: 80% of the tokens will be bought back.
The second place in the top 10 cryptocurrencies in Q1 belongs to THORChain which grew by 70.71%. On March 31st, THORChain held a $3,785,081,211 market cap and was trading for the price of $11.45.
The synthetic assets exchange presented “unwrapped” Bitcoin trading and a novel collateralization model in March. As a result, the RUNE token, which has a crucial role in this model, went parabolic and crushed all resistances.
And far ahead the rest of top 10 cryptocurrencies, with a whopping 265.27% rally is Waves. On March 31st, Waves held a $5,891,805,962 market cap and was trading for the price of $54.61.
What is the secret sauce? It is all in the roadmap: Waves Labs pledged to score a $10 billion total value locked and 5 million monthly active users by the US expansion.
However, do not get your hopes up. The chaos caused a Waves-issued algorithmic stablecoin Neutrino USD fall off the peg for more than 20%, and accusations of pump and dump and USDN being a Ponzi scheme followed soon after.
How to Buy These Coins on ChangeHero?
Did any of these coins catch your eye? You can easily get BTC, ETC, FTT, LUNA, XRP, TRX and VET on ChangeHero:
- Choose the currencies on the home page, amounts and the type of exchange. Provide your wallet address in the next step and check the amounts;
- Send in a single transaction the sum of cryptocurrency you will be exchanging. Fixed Rate transactions have a 15-minute limit;
- And now, relax! We are doing all the work: checking the incoming transaction and doing the exchange as soon as it arrives;
- As soon as the exchange has been processed, your coins are on the way to your wallet. We’ll be happy to hear your feedback if you enjoyed using ChangeHero.
Q1 2022 has been unkind to many cryptocurrencies, but there have been gainers, as well. It is worth remembering that not all gains are sustainable, and if it looks too good to be true, exercise caution.
What Coins Should I Buy for 2022?
The best performance in Q1 2022 has been shown by Bitcoin, VeChain, Tron, XRP, Terra, FTX Token, Ethereum Classic, LEO tokens and THORChain. Most of these projects have bright prospects for the near future, as well.
Is Bitcoin a Good Investment 2022?
As far as crypto investments are concerned, Bitcoin is always the safest option. In Q1 2022, it managed to end up being worth more than at the year’s opening, despite all the volatility.
What is the next big Cryptocurrency to explode in 2022?
Most of the assets that scored gains in Q1 2022 have been around for a while but THORChain and FTX Tokens have the shortest history without any past hurdles stacked against them.