The only crypto returning big gains in 2022 revealed

Most every crypto, save one, has sold off since 1 January.
The post The only crypto returning big gains in 2022 revealed appeared first on The Motley Fool Australia. –

Crypto investors haven’t had the best of years so far.

Bitcoin (CRYPTO: BTC), the world’s top crypto by market cap, is down 35% since 1 January.

The number two token, Ethereum (CRYPTO: ETH), has slipped even further, down 38% year-to-date.

Most of the top-100 cryptos are down as much or far more for the calendar year. (Save the stablecoins, which are either up or down a fraction of a percent.)

In fact, it’s been such a tough slog for crypto investors that only one of the top-100 tokens has returned more than 1% this year.

And that token is…


LEO defies selloff

While the rest of the cryptos went the other direction, LEO has gained an impressive 44% in 2022.

Up 4% over the past 24 hours, LEO is currently trading for US$5.41.

At that price the token has a total market valuation of US$5.2 billion, making it the number 23 crypto in virtual circulation.

Launched in May 2019, LEO hit all time highs earlier this year, trading for $8.04 on 8 February. It’s lost 33% since those highs.

According to CoinMarketCap:

LEO is a utility token that’s used across the iFinex ecosystem… The cryptocurrency allows Bitfinex users to save money on trading fees. The extent of the discount depends on how much LEO the customer has in their account.

One of the unique aspects about this crypto is that it was designed to eventually cease to exist. “A token burn mechanism means iFinex is committed to buying back UNUS SED LEO from the market on a monthly basis.”

iFinex states that the burn mechanism will continue until all of the tokens have been redeemed.

Diversify your crypto holdings

With an eye on the wildly different returns offered by the huge variety of cryptos on offer, we leave you with this advice from Richard Galvin, CEO of Digital Asset Capital Management (courtesy of the Australian Financial Review):

Our view is that only holding bitcoin as your crypto exposure would be like buying BHP Group Ltd (ASX: BHP) as your Australian equity exposure.

We wouldn’t say it is a good or a bad idea in of itself, but the opportunity set is far, far wider in our view. Our Global Digital Asset Fund usually holds eight to 12 key active positions in different coins or tokens, and we feel confident that this will outperform bitcoin and ethereum as single holdings over time.

Happy investing!

The post The only crypto returning big gains in 2022 revealed appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

More reading

Is the Telstra share price a safe haven buy right now?
How is the AFIC share price performing with the ASX 200 volatility?
Why is the ResMed share price climbing today?
GrainCorp share price falls despite record-breaking half-year profits
What’s going on with the AVZ Minerals share price?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin and Ethereum. The Motley Fool Australia has positions in and has recommended Bitcoin and Ethereum. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

  • This field is for validation purposes and should be left unchanged.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US & HK* Trades. Click Here!