After analyzing the market cap of the top 30 crypto assets, the list was compiled after examining the drawdowns from record highs.
Over the past six months, the crypto market has seen its value drop from more than $3 trillion in November 2021 down to $1.23 trillion by May 2022.
Investors were advised to limit their exposures to riskier assets due to fears over persistently high inflation and the Federal Reserve’s hawkish response. Their growing appetite for safe-havens such as the U.S. dollars slowed down demand for top cryptocurrencies and U.S. equity.
Some digital assets like Dogecoin ( DOGE) or Cardano ( ADA_) fell more than 80% below their previous record highs. A few tokens saw similar, but smaller, declines to those of other top-30 assets.
These three cryptocurrencies are listed in random order.
Since November 2021, Monero ( XMR), a privacy-focused cryptocurrency, has experienced fewer losses that its top competitors in the space.
XMR’s value dropped almost 40% to $186, nearly 40% from its November 2021 peak at around $300. This plunge was part of a larger correction that began after Monero hit its record high in May 2021 at $520. It brought its net downside retracement down to about 65%.
XMR/USD weekly price chart. Source: TradingView
XMR’s downside prospects have been limited since November 2021, amid reports that it has been used to bypass the sanctions. The speculative demand to Monero was also fueled by fears about strict regulations in the crypto market.
Technically, XMR has been consolidating within a range defined 50-weeks exponential moving average (EMA) of around $211 and 200 EMA (the red wave) at near $167. This highlights a bias conflict.
UNUS SED LEO – -40%
UNUS SEED LEO ( LEO), a utility token backed by iFinex, the parent company of BitFinex’s exchange, has not been affected by broader crypto trends.
The token’s uptrend continued even though its top-30 competitors moved lower after November 2021. It reached an all time high of $8.15 in February 2022, but has since recovered by nearly 40% and is now trading at $4.90.
LEO/USD weekly price chart. Source: TradingView
In 2018, iFinex launched LEO through a private token sale. This was in order to raise $1 million. The firm did this to address the cash shortage it suffered after the partial funds seizure by Crypto Capital.
IFinex announced that it would purchase back LEO at a minimum of 27% from its consolidated revenues for the month prior, thus removing the market’s supply. The firm also announced that it would allocate 95% of the Crypto Capital funds recovered and 80% funds from BitFinex hack 2016 to LEO.
LEO’s return to date is around 100%. However, the token seems heavily centralized, with a so called centralized exchange whale holding 97% of its net supply , according data from Santiment.
Binance Coin (-53%)
BNB reached a record high in May when its token price surpassed $700. In November 2021, the BNB/USD pairing almost reached its record high again before falling lower in line with the rest. It wiped out over half its value, and now trades at $325.
BNB/USD weekly price chart. Source: TradingView
BNB is a utility token within the Binance ecosystem. It includes the world’s largest crypto exchange by volume as well as a native blockchain called BNBChain. Token holders can also submit proposals through the built-in governance module of BNB Chain, which is then voted upon.
Other crypto assets
The top cryptos, Bitcoin ( Bitcoin Cash) and Ethereum native token Ether ( Ethereum) have fared well in the ongoing bear markets.
BTC’s value has fallen by 57%, to $29,300. This is a drop from $69,000 in November 2021 when it was at its record high. The second largest crypto, ETH has dropped 60% to $1,975 after being above $4,850 during the same period.
The record highs for Shiba Inu ( SHIB) & Polkadot ($0.00008760) have fallen 65%, respectively, from their records of $55 & $0.00008760.