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- Some of the worst performing cryptocurrencies fell more than 90% in 2022 as fraud and scams riddled the sector.
- The implosion of FTX in November was the latest shoe to drop that led to a downshift in crypto prices.
- These were the 10 worst performing cryptocurrencies in 2022, according to data from CoinMarketCap.
2022 was a very tough year for crypto investors. In fact, it was the polar opposite of 2021, when various cryptocurrencies zoomed to record highs and the total market value of the space hit $3 trillion.
Today, the total crypto market cap has plunged to just under $800 billion as investor confidence hits new lows.
A handful of scams, frauds, and platform meltdowns fueled a steep downward spiral in prices for nearly all cryptocurrencies. Most recently, the downfall of FTX and founder Sam Bankman-Fried sparked another sell-off in major tokens like bitcoin and ether.
Other failures in the crypto space in 2022 included the implosion of TerraUSD and Luna, the bankruptcies of Voyager Digital and BlockFi, and the unwinding of leverage via various crypto hedge fund blowups, like Three Arrows Capital.
The damage in the industry was so widespread that the best performing crypto with a market valuation of at least $1 billion was a token that broke even in 2022, according to data from CoinMarketCap.
Some popular cryptos that have fallen below the $1 billion market cap threshold include Terra Classic, which dropped 99%, as well as Helium, Axie Infinity, and The Sandbox, all of which plummeted more than 93% in 2022.
These are the 10 worst performing cryptocurrencies of 2022, according to data from CoinMarketCap. The list excludes tokens that have a market value of less than $1 billion.
10. Cardano
Coinmarketcap
Ticker: ADA
2022 Losses: -82%
Market Value: $8.3 billion
9. Internet Computer
Coinmarketcap
Ticker: ICP
2022 Losses: -84%
Market Value: $1.1 billion
8. Polkadot
Coinmarketcap
Ticker: DOT
2022 Losses: -85%
Market Value: $4.9 billion
7. Cronos
Coinmarketcap
Ticker: CRO
2022 Losses: -90%
Market Value: $1.4 billion
6. Avalanche
Coinmarketcap
Ticker: AVAX
2022 Losses: -91%
Market Value: $3.3 billion
5. Algorand
Coinmarketcap
Ticker: ALGO
2022 Losses: -91%
Market Value: $1.2 billion
4. Filecoin
Coinmarketcap
Ticker: FIL
2022 Losses: -92%
Market Value: $1.0 billion
3. NEAR Protocol
Coinmarketcap
Ticker: NEAR
2022 Losses: -92%
Market Value: $1.1 billion
2. HEX
Coinmarketcap
Ticker: HEX
2022 Losses: -93%
Market Value: $3.2 billion
1. Solana
CoinMarketCap
Ticker: SOL
2022 Losses: -95%
Market Value: $3.5 billion
