January 20, 2023
5 min read

Outperforming the Rest: The Top 5 Crypto Assets of 2022

George Chen

As we usher in 2023, it is essential to reflect on the digital assets that made a significant impact in the crypto-sphere in the previous year. These are the crypto-performers that have been able to navigate the market conditions and stand out among the competition. By keeping track of these assets, investors can gain valuable insights and make informed decisions as they navigate the crypto market. 

Without further ado, let’s dive right into the highest-growth crypto performers of 2022, using the highest and the lowest year-to-date (YTD) returns through the close of Dec. 25, 2022.

1. GMX

GMX (GMX) is a decentralised exchange (DEX) that offers spot and perpetual listings with leverage of up to 30 times. Its main features are low swapping fees and "zero price impact trades." It uses a multi-asset liquidity pool where users can earn fees from trading, and has implemented the Chainlink oracle for "dynamic pricing." Additionally, it uses an aggregate price feed to reduce the risk of liquidations. 

By the close of 2022, GMX had established itself as a market leader, achieving a remarkable YTD return of 111%. This impressive performance was marked by two major rallies in July and November 2022, fueled by GMX's innovative features and the decline of FTX. The latter of which led to a surge of interest in decentralized exchanges like GMX.

As of 16 January 2023, GMX had a market cap of $623m, ranking it 78th out of all cryptocurrencies listed on CoinMarketCap.

GMX market cap (AUD). Source: CoinMarketCap

2. Trust Wallet Token (TWT)

Trust Wallet Token (TWT) serves as a utility and a governance token within the Trust Wallet ecosystem. The founder of Trust Wallet, Viktor Radcenko, believes that TWT will prove useful in educating its holders about governance and the power of voting & decision-making. The cryptocurrency app currently supports around 250,000 different assets.

As the cryptocurrency market took a downturn in 2022, the token found itself following suit. Luckily for it, the collapse of the FTX exchange in November sparked a surge of upward momentum for the token as confidence dipped for TWT’s centralised competitors (not unlike GMX). Though it saw a decline in the latter half of December, it still managed to achieve an impressive 92% YTD return on investment for the year.

As of 16 January 2023, TWT had a market cap of $927m, ranking it 65th out of all cryptocurrencies listed on CoinMarketCap.

TWT market cap (AUD). Source: CoinMarketCap

3. Unus Sed Leo (LEO)

Unus Sed Leo (LEO) is a utility token issued by iFinex, the parent company of Bitfinex and Tether (USDT). It is a dual-protocol token that contributes to blockchain interoperability and its main purpose is to recoup lost funds. It also offers trading fee discounts to token holders on associated exchanges such as Bitfinex, EthFinex, and EOSFinex.

LEO may have had a rough ride in the crypto market in 2022, but it still managed to come out (relatively) on top at a YTD return of -3.5% compared to other top coins like Bitcoin and Ether, which saw losses of over 65%. This was due to iFinex's pledge to buy back 27% of LEO's tokens and use funds lost during the Bitfinex hack to purchase LEO tokens, which led to a rally of over 100% at the start of the year

As of 16 January 2023, LEO had a market cap of $4.82b, ranking it 22nd out of all cryptocurrencies listed on CoinMarketCap.

LEO market cap (AUD). Source: CoinMarketCap

4. OKB (OKB)

OKB is the native token of the OKX exchange. It provides users discounts on trading fees, passive income through OKX Earn, access to OKX's initial exchange offering (IEO) platform, and voting rights for tokens to be listed on the exchange.

In 2022, the OKB token followed the broader crypto market trends, including a 150% increase in value after reaching a low of around $14.73 in June. This resurgence happened despite a lack of significant market-moving events, indicating it was mainly driven by speculation. Despite its volatility, OKB's recovery helped it limit its losses for the year compared to other top-ranking assets.

As of 16 January 2023, OKB had a market cap of $2.69b, ranking it 30th out of all cryptocurrencies listed on CoinMarketCap.

OKB market cap (AUD). Source: CoinMarketCap

5. The Open Network (TON)

The Open Network (TON), previously known as Telegram Open Network, is a layer-1 blockchain ecosystem that was developed by the founders of Telegram. The project was later taken over by the TON Foundation and rebranded to its current name. The network offers fast transactions, low fees and user-friendly applications. Furthermore, TON's architecture is flexible, scalable and environmentally friendly.

TON, like other major crypto assets, experienced a downtrend throughout most of 2022. But as the year came to a close, TON made a resurgence, aligning with a string of bullish news. For instance, Telegram's decision to employ the Open Network to auction usernames and the debut of an in-app cryptocurrency trading bot on the platform. Despite these positive developments, TON was unable to fully recoup its losses, closing the year with a YTD return of -33.5%. Nevertheless, TON's performance still managed to outshine the majority of other cryptocurrencies.

As of 16 January 2023, TON had a market cap of $4.05b, ranking it 25th out of all cryptocurrencies listed on CoinMarketCap.

TON market cap (AUD). Source: CoinMarketCap

Preparing for 2023

The cryptocurrency market has been a rollercoaster ride in 2022, with new and established digital assets showing remarkable strength and resilience amidst volatility. As 2023 dawns and early signs of market recovery surface, it's crucial for investors to stay up-to-date on the latest industry developments and trends.

At CryptoSpend, we are dedicated to providing you with the most valuable insights and information to empower you to make informed decisions and stay at the forefront of the ever-evolving crypto landscape

**All information in this article is for informational purposes only. You should not construe any such information or other material as legal, tax, investment, financial, or other advice. Nothing contained herein shall constitute a solicitation, recommendation, endorsement, or offer by CryptoSpend to invest, buy, or sell any coins, tokens, or other crypto assets. Any descriptions of CryptoSpend products or features are merely for illustrative purposes. Past performance is not a guarantee or predictor of future performance. The value of crypto assets can increase or decrease, and you could lose all or a substantial amount of your purchase price. It is essential for you to do your research and due diligence to make the best possible judgement, as any purchases shall be your sole responsibility.

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