YEREVAN (CoinChapter.com) – As the first month of 2022 has come to an end, it’s time to summarize. Despite the overall bearish bias on the crypto market, January came up with a few winners, and it’s not the leading cryptos like Bitcoin (BTC) or Ethereum (ETH).
Thus it would be more affable to present the best performing digital assets of Jan 2022 before moving on to those that lagged behind.
Top 5 best performing tokens
#1 FTX (FTT)
FTT is the in-house token of the FTX crypto exchange. The digital asset had a turbulent month and traded almost 50% lower than its record high. However, FTT managed a nearly 10% uptrend month-to-date. The FTT/USD exchange rate stood at $43.98 on Jan 31, with a strong bullish incentive.
Moreover, the exchange swelled to $32 billion in valuation in the wake of raising $400 million in a Series C funding round.
#2 Fantom (FTM)
Fantom is a highly scalable blockchain for DeFi and decentralized apps and one of the so-called “Ethereum killers.” Its native token FTM declined over 17% in January, following the bearish market. However, Fantom was one of the best performing DeFi platforms.
Also read: Fantom (FTM) surpasses Ethereum in number of transactions.
Despite FTM’s fluctuating price, the platform’s total value locked (TVL) grew by 87% in the previous month, going from $4.9 billion to $9.2 billion.
FTM token traded at $2.06 in the New York session on Jan 31.
#3 Osmosis (OSMO)
Osmosis is another crypto exchange on the countdown. It took off in 2022, and much like Fantom grew in TVL. The platform went from $852 million to $1.2 billion, peaking mid-month. Additionally, its native token OSMO gained 9.7% month-to-date, also peaking mid-January.
As a result, the OSMO/USD exchange rate stood at $7.53 in Monday’s New York session.
#4 Decentraland (MANA)
The virtual world Decentraland, and its token MANA, have rapidly gained users and attention in Q3-Q4 2021. Following the bearish January, MANA has lost 16% month-to-date. However, considering the bleeding market, MANA’s losses didn’t come close to many other digital assets in the top 50.
Also read: Decentraland (MANA) logs new all-time high amid $2.4M virtual plot sale.
Moreover, the price rapidly recovered in the previous week, going from $1.80 to $2.70 and showing increasing bullish potential.
#5 UNUS SED LEO (LEO)
The last entry on the list is a token used on the Bitfinex crypto exchange. UNUS SED LEO describes itself as the “utility token at the heart of the iFinex ecosystem.” Its price didn’t fluctuate amid the ubiquitous decline and stood at $3.69 on Jan 31.
Top 5 crypto losers of January
The market winners withstood the bloody January, and some of them slid into February with green candles. However, the losing side was much more significant, as many tokens lost north to 40% in the previous month.
#1 Algorand (ALGO)
Smart contract platform Algorand’s native token ALGO crashed over 45% in the previous month, complying with bleeding Bitcoin. As a result, its TVL went from $136 million to a mere 80 million on Jan 31. On Monday, the token traded at $0.95. Even though some tokens have been recovering in the past week, ALGO consolidated throughout the past seven days.
#2 Axie Infinity (AXS)
Axie Infinity Metaverse token was one of the most successful coins of Q3 2021. However, 2022 didn’t start with a bullish incentive. The AXS token lost 44% and traded at $52.6 on Jan 31. In addition, the platform recently launched a governance token RON for its Ethereum side chain Ronin.
The latter launched in Feb 2021 and aimed to speed transactions and eliminate high gas fees for players.
Also read: Ethereum recovers some lost ground, but ETH price struggles to move above $2.7k.
#3 Solana (SOL)
Smart contract platform and another “Ethereum killer” on the list, Sonala (SOL), lost over 43.6% in the previous month. The platform also wiped 3 billion off its TVL, as SOL traded at $100.5.
However, February looked promising for Solana, as Coinbase listed several Solana-based products. In detail, two tokens on the Solana ecosystem, FIDA, and ORCA, were the first to make it to Coinbase.
#4 Terra (LUNA)
Stablecoin issuance protocol Terra’s governance token LUNA lost 43.5% month-to-date and traded at $51.3 on Jan 31. Moreover, the token dumped after the Wonderland controversy that blew up in the previous week and forced the latter to shut down.
Also read: Terra(LUNA) down 15% after Wonderland controversy reveal.
#5 Avalanche (AVAX)
Another Ethereum competitor Avalanche (AVAX), was among the biggest ‘losers’ in January. It lost over 40%, and the AVAX/USD exchange rate stood at $70.1 after a turbulent month. The platform also lost $3 billion in TVL, with bleak prospects for a soon recovery.
