Two weeks into 2022 and cryptocurrencies as a whole have had a stuttering start.
While we see signs of recovery, the looming threat of tightening monetary policy is ever-present. With that, crypto sentiment is caught in a precarious state, with investors waiting to see what happens next.
This contrasts with the start of 2021. Back then, Bitcoin was riding a wave of momentum after breaking a three-year resistance level in December 2020. It went on to hit $65,000 in April 2021 and posted a new all-time high of $69,200 in November 2021.
All the same, these performances pale in comparison to the biggest cryptocurrency gainers of 2021.
Which cryptocurrencies performed best in 2021?
Decentraland (MANA) – this virtual world platform comes in tenth place, posting +3,900%.
Harmony (ONE) – designed as a dApp platform with random state sharding, Harmony grew +5,500% in 2021.
Kadena (KDA) – describes itself as the only scalable layer 1 Proof-of-Work blockchain. Kadena experienced +8,900% gains.
“[With acyclic graph] There are no blocks, unlike in a blockchain. Instead, transactions are recorded as vertices, and these are recorded on top of one another.”
Terra (LUNA) – uses pegged stablecoins to operate a global payment network. It posted +13,700% gains.
Axie Infinity (AXS) – driving the Play-2-Earn genre, AXS experienced +16,200% growth last year.
The Sandbox (SAND) – ties blockchain and gaming with the ability to create and trade digital assets. The value of SAND increased by +16,300% in 2021.
Gala (GALA) – Gala’s mission is to make blockchain games that people want to play. It tops the list with an incredible +45,000% growth last year.
Can 2022 replicate last year’s success?
Although 2022 is off to a faltering start, the hope is “hot tokens” can replicate the success seen above.
Which the “hot tokens” will be is anyone’s guess, but 2021’s top performers do have a strong Metaverse and gaming theme.
Having said that, the macroeconomic picture cannot be ignored, add to that increasing regulatory scrutiny, and the outlook is cautious, to say the least.
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