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    Terra USD, FTM and AXS: A round up of the worst-performing cryptocurrencies in the first half of 2022

    Terra USD, FTM and AXS: A round up of the worst-performing cryptocurrencies in the first half of 2022

    Terra USD, FTM and AXS: A round up of the worst-performing cryptocurrencies in the first half of 2022
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    By CNBCTV18.com  IST (Published)

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    Tag along as we round up these worst-performing cryptocurrencies from the first half of 2022 -

    It’s been an awful last six months for the crypto market. The oldest cryptocurrency, Bitcoin, has registered a 58 percent drop on a YTD basis. It has steadily declined from $46,726 at the start of 2022 to a low of $19,319 at the time of writing.
    While this drop seems formidable, it is nothing compared to the value losses some altcoins have suffered in the last six months. So, tag along as we round up these worst-performing cryptocurrencies from the first half of 2022:
    Terra USD
    The biggest loser on the charts this year was obviously the Terra USD (UST). The algorithmic stablecoin lost its peg with the dollar and crashed all the way to $0. However, Terra soon halted its blockchain, rebranded the stablecoin to ‘Terra Classic USD’ (USTC), and made it operational again.
    In the last 7 days, this rebranded stablecoin has ballooned 637 percent from $0.0084 to $0.059. But despite this massive gain, it still takes the top spot as the worst-performing cryptocurrency with a 93.83 percent loss YTD.
    DeFi Tokens
    With so many use cases, decentralised finance (DeFi) is considered the next big thing in the cryptosphere. However, most of these coins have been battered by the crypto winter and have been in freefall since the start of the year. Tokens such as Fantom, Avalanche, and Yearn Finance have been hit particularly hard.
    The FTM token of the Fantom Protocol shed 90.44 percent YTD, starting at $2.33 and ending at $0.25 at the time of writing. Its market capitalisation was slashed by 89 percent, from $5.81 billion to $627.4 million in the last six months.
    Avalanche’s AVAX token also bled 85.51 percent from $112 at the start of the year to a current price of $16.5. Its market capitalisation plunged 82.45 percent in the process, falling from $26.56 billion to $4.66 billion YTD.
    Avalanche is the fastest smart contracts platform among all the blockchains in the world and was once considered a rising star of the crypto world.
    The YFI token of DeFi aggregator Yearn Finance nosedived 85.44 percent YTD from $33,500 to $5,262 in the first half of 2022. Its market capitalisation was swept clean from $1.22 billion to $192.86 million.
    Metaverse Coins:
    The metaverse has been the talk of the town since Facebook rebranded itself to Meta and virtual land plots sold at seven-figure prices. However, the severe crypto meltdown has spared no one. Metaverse tokens such as the Decentraland MANA, AXS by Axie Infinity, and The Sandbox’s SAND token have all taken quite a beating.
    The worst-hit is Axie Infinity’s AXS token which has registered an 85.57 percent drop since the start of the year. The P2E platform’s token has slipped from $94.4 to $13.32 in the last six months. To make matters worse, Axie Infinity’s Ronin Bridge was even hit with a $625 hack back in March.
    The SAND token has also collapsed by 83 percent since the start of 2022, going from $6 to $1 YTD. It’s a similar story for Decentraland’s MANA which has registered a price drop of 74.93 percent YTD, starting the year at $3.32 and landing at a mere $0.83 at the time of writing.
    Ethereum Killers:
    Ethereum killers such as Solana, Cardano, and Tezos have also been battered in 2022, with billions of dollars washed out from their market capitalisations.
    Solana’s SOL token plummeted 82 percent YTD from $173 to $32 at the time of writing. Its market capitalisation lost 79.5 percent, falling from $53.18 billion to $10.9 billion. Solana is 4000x faster than Ethereum, with a blinding processing speed capacity of 65,000 transactions per second. However, it has recently been under the spotlight due to frequent network outages.
    Tezos isn’t that far behind either. One of the greenest blockchains, Tezos lost 70.8 percent of its price to the crypto bloodbath. From$4.4 at the start of 2022, it has been pushed down to $1.38. Its market capitalisation has also shrunk from $4 billion to $1.3 billion, a 67.5 percent downturn.
    Some coins have manged to keep their head above water
    However, it’s not all bad news. Some coins have managed to fight the trend and tide over these difficult times. Among them is a relatively unheard-of coin, UNUS SED LEO (LEO). It was founded by iFinex, which is the parent company of Bitfinex. LEO registered 56.21 percent gains on a YTD basis, jumping from $3.8 at the start of the year to $5.94 at the time of writing.
    This jump could be attributed to its unique burn mechanism, wherein iFinex buys back LEO from the market every month at market rates. The amount of LEO bought back and burned equals at least 27 percent of the revenue generated by iFinex.
    Next on the list of better-performing coins are TrueUSD (TUSD) and USD Coin (USDC), both registering marginal gains of 0.16 percent and 0.01 percent YTD, respectively. Following them is the USDD coin, currently trading at $0.99, just as it was at the start of the year. However, this is expected of stablecoins as they are designed to maintain their peg with the US Dollar constantly.
    Following the stablecoins are the ApeCoin (APE) and STEPN (GMT). These coins have not gained or lost value since the start of the year. This is commendable given how much other altcoins have bled. APE is the governance and utility token of the APE Ecosystem. On the other hand, the GMT is the governance token of the popular move-to-earn NFT app STEPN, which has seen an influx of users over the last few months. These were the only coins that managed to stay in the green or not fall below it.
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