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These are the 10 worst performing cryptocurrencies in 2022 – a year that was riddled with fraud, scams, and spectacular implosions for the crypto industry

FTX logo with crypto coins with 100 Dollar bill are displayed for illustration. FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.FTX logo with crypto coins with 100 Dollar bill are displayed for illustration. FTX has filed for bankruptcy in the US, seeking court protection as it looks for a way to return money to users.

Jonathan Raa/NurPhoto via Getty Images

  • 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

Cardano

Coinmarketcap

Ticker: ADA
2022 Losses: -82%
Market Value: $8.3 billion

9. Internet Computer

ICP

Coinmarketcap

Ticker: ICP
2022 Losses: -84%
Market Value: $1.1 billion

8. Polkadot

Polkadot price

Coinmarketcap

Ticker: DOT
2022 Losses: -85%
Market Value: $4.9 billion

7. Cronos

Cronos

Coinmarketcap

Ticker: CRO
2022 Losses: -90%
Market Value: $1.4 billion

6. Avalanche

Avalanche

Coinmarketcap

Ticker: AVAX
2022 Losses: -91%
Market Value: $3.3 billion

5. Algorand

Algo price

Coinmarketcap

Ticker: ALGO
2022 Losses: -91%
Market Value: $1.2 billion

4. Filecoin

Filecoin price

Coinmarketcap

Ticker: FIL
2022 Losses: -92%
Market Value: $1.0 billion

3. NEAR Protocol

NEAR

Coinmarketcap

Ticker: NEAR
2022 Losses: -92%
Market Value: $1.1 billion

2. HEX

HEX

Coinmarketcap

Ticker: HEX
2022 Losses: -93%
Market Value: $3.2 billion

1. Solana

Solana

CoinMarketCap

Ticker: SOL
2022 Losses: -95%
Market Value: $3.5 billion

Read the original article on Business Insider
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