Coin Race: Top Winners/Losers of January
The first month of 2022 is behind us, and as in nature so in the crypto markets – it was cold.
The month of December 2021 saw mostly lower prices for major cryptoassets. For example, bitcoin (BTC) and ethereum (ETH) both went down by close to 20%, which spelled absolute failure of many of the most bullish price predictions for 2021.
The losses continued in the first month of 2022, with BTC dropping to USD 35,500 at one point, and ETH to USD 2,200. The crypto prices across the board turned so red that even McDonald’s trolled crypto twitter. The prices reacted to the economic developments in the USA as well, dropping along with stocks as the Federal Reserve (Fed) confirmed tapering, then going slightly up as traders started digesting the Fed statement, before making a few more up and down trips as the month was nearing its end.
That said, January ended largely in red across the board, despite some green candles on the last day of the month.
It was a fully red month for the top ten coins by market capitalization. Not a single coin ended January in green. What’s more, all of them saw double-digit drops. Among these, the highest one is solana (SOL)’s 39% fall. Terra (LUNA) is not far behind, with almost 38%. As for Solana, it did experience some issues in January, as its CEO denied that the network went down due to an attack, but the network experienced high congestion once again due to bots spamming the network.
Four coins dropped between 22% and 27%, these being cardano (ADA), XRP, binance coin (BNB), as well as ethereum. XRP did go up slightly with the market at one point as the XRP-affiliated Ripple announced a buyout, but it wasn’t enough to pull it out of the red zone over the month.
Lastly, two coins recorded losses below
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