January 28, 2023

2022 Begins With A Whimper For Most Cryptos, But 2 Currencies Are Making Strong Gains

Cryptocurrencies, which ended a roller-coaster year on a meek note, are continuing to see lackluster sentiment in the first trading session of 2022.

Although most cryptocurrencies notched up noteworthy gains for 2021, the ride was extremely bumpy. The volatility stemmed from China’s crackdown on crypto mining and trading, and the reemergence of the COVID-19 driven by the omicron variant.

Bitcoin And Most Altcoins Languish: Bitcoin (CRYPTO: BTC), the apex cryptocurrency with the highest market capitalization, has started 2022 on a weak note and was seen trading down over 1.5%. The crypto is, however, holding support around the $47,000 level.

Ethereum (CRYPTO: ETH), the second most valued crypto, is also down by a similar magnitude.

Binance Coin (CRYPTO: BNB), an exchange-based token created and issued by the Binance exchange, is down moderately. Tether (CRYPTO: USDT), a stable coin tied to the U.S. dollar, is seen flitting in and out of positive territory.

Solana (CRYPTO: SOL), Cardano (CRYPTO: ADA), USD Coin (CRYPTO: USDC) and Polkadot (CRYPTO: DOT) are all in negative territory.

Meme currencies Dogecoin (CRYPTO: DOGE) and Shiba Inu (CRYPTO: SHIB) are continuing to be locked in a lackluster phase. The former is down about 0.50% and the latter was seen losing about 1%.

Related Link: The Biggest Crypto And Blockchain Stories Of 2021

Cosmos, XDC Network Shine: Bucking the mostly negative sentiment among the major cryptos, Cosmos (CRYPTO: ATOM) and XDC Network (CRYPTO: XDC) are trading with gains in excess of 8%.

Both the cryptos have been on a strong run in the past week, having gained over 25% in the past seven days.

Cosmos is a crypto that powers an ecosystem of blockchains designed to scale and interoperate with each other. It is a proof-of-stake chain. Cosmos holders can stake their tokens in order to maintain the network and receive the coin as a reward.

XDC, meanwhile, is the native coin of the XDC Network, which is an enterprise-ready hybrid Blockchain technology company optimized for international trade and finance. The XDC protocol is designed to support smart contracts, has a 2 seconds transaction time, a transaction speed of 2,000 TPS and uses XinFin Delegated Proof of Stake.

Related Link: Why Elon Musk Thinks Dogecoin Is Better For Transactions Than Bitcoin

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