- Majority of the popular cryptos have lost more than 50% of their 2022 returns since January, except for TRX which gained 5%.
- LUNC, AVAX, SOL, DOT, and ADA are among the popular cryptos that have negative returns.
- The Crypto Fear & Greed Index shows that investors have Extreme Fear about the current market condition.
Charlie Bilello, a Twitter crypto influencer, highlighted 14 coins that have lost significant value since 2022. From his tweet, all of the top ten cryptocurrencies have lost more than 50% of their value since the start of the year, except for TRON (TRX), which gained 5%.
Few notable listed cryptos are Terra LUNA CLassic (LUNC, -99%), Avalanche (Avax, -77%), Solana (SOL, -76%), Polkadot (DOT, 68%), and Cardano (ADA, -57%).
LUNA 1.0 was one of the few coins that attained a new ATH this year. It fell freely from $119 two months ago to $0.00001675 on May 13. Because of the devastating collapse of LUNA 1.0, Terraform Labs rebranded the token to Terra LUNA Classic (LUNC) and launched a new blockchain called LUNA 2.0. Original investors in LUNA 1.0 received an airdrop of the new LUNA 2.0 as compensation.
Reacting to Bilello’s tweet was a Twitter user with the handle Anda Alux:
During this market conditions accumulating nothing is just the best action. It’s worth [looking] closer, every millionaire [is] usually built surviving these tough times.
Interestingly, user Anda Alux’s comment confirms the available data on the global market sentiment. According to the Alternative, the Crypto Fear & Greed Index shows that investors have Extreme Fear about the current market condition.
They also noted that a time of extreme fear could also indicate a good entry point for brave investors.
In other news, Bitcoin (BTC), the largest cryptocurrency by market capitalization, dropped below the $30k level in the last 24 hours. According to CoinMarketCap, the price of Bitcoin now sits around $29,490.63, which represents a 6.24% drop in the last 24 hours. This has also pushed the price of Bitcoin down by 7% over the last seven days, with a market cap of $561.71 billion.