The first week of January said goodbye to all the events of 2022, a year tagged by many analysts as the worse in the history of trading cryptocurrencies.
While many projects were added to the already existing ones which have taken the total number of cryptos to more than 22,000, the old coins and tokens in the form of Lido DAO (LDO), Solana (SOL), Ethereum Classic (ETC), NEAR Protocol (NEAR), The Graph (GRT), Decentraland (MANA), Optimism (OP), The Sandbox (SAND), Cardano (ADA), Dash (DASH), and Axie Infinity (AXS) were highlighted as the top performing coins.
Below is the price analysis of the five (5) best top performing coins and tokens during the first week of January.
Lido DAO (LDO) increased by more than 50%
LDO opened the week on Sunday, 1st January 2023 with a trading price of $0.9524. Due to renewed interest in liquid staking protocols in the New Year, traders and investors poured more liquidity into Lido DAO. Eventually, Lido briefly surpassed Maker DAO as the decentralized finance (DeFi) protocol with the most value locked. Lido’s Total Value Locked stood at more than $6 billion, as of Sunday, 8th January 2023. The spike in Lido TVL reflected positively in LDO price which reached a weekly high of $1.55 on Friday, 6th January after reaching a weekly low of $0.9477 during its opening day in the year. After seven (7) days of going through ups and downs, LDO’s daily trading volume ranged between $46 million and $108 million.
During the week, LDO rose by 55%.
Solana (SOL) rose by more than 30%
SOL, the native asset of Solana, one of the most patronized smart contracts-backed platforms was one of the best-performing coins in 2021 during the bullish days of cryptocurrencies.
Unfortunately, SOL was one of the worst-performing coins in 2022. Fortunately, SOL tapped into bullishness during the week after Solana-based meme-inspired digital currency called BONK which is rivalling Dogecoin (DOGE) and Shiba Inu (SHIB) was airdropped during the week. Eventually, BONK reached an all-time high (ATH) price of $0.000004922 on Thursday, 5th January 2023.
Since BONK is Solana-based, the price rise was also shown in the value of SOL. This is the reason why SOL opened on 1st January at $9.96, reached a weekly low of $9.72 on the same day, increased to a weekly high of $14.10 on Wednesday, 4th January, and closed the week on Saturday, 7th January with a new price of $13.09.
Within the seven (7)-day period, SOL increased by 31%.
Ethereum Classic (ETC) Ascended by More than 20%
Despite the bear market of 2022, ETC, the native asset of Ethereum Classic, the original blockchain of Ethereum became one of the few tokens to bring gains to investors.
This was due to ETC remaining as one of the Proof-of-Work (PoW) coins after Ethereum moved from POW to become a Proof-of-Stake (PoS) coin in September 2022.
ETC has carried on with the gains as it continues to be involved in more transactions and has brought decent daily mining revenue to miners.
Over the period, ETC saw a minimum daily trading volume of around $56 million and a maximum daily trading volume of approximately $514 million.
The coin opened at $15.69 on 1st January, reached a weekly high of $20.68 on Friday, 6th January, tested a weekly low of $15.54 on Monday, 2nd January, and closed the week on Saturday, 7th January with a price of $20.03.
Despite the ups and downs, investors remained strong which led to a 28% spike in ETC price.
Near Protocol (NEAR) went up by 20%
NEAR was among the worst-performing coins of 2022. Fortunately, positive market sentiment for the coin which saw minimum and maximum daily volumes of $31 million and $335 million respectively led to a 23% spike in the price of the cryptocurrency.
NEAR opened at $1.26 on 1st January, tested a weekly low of $1.24 on the same day, reached a weekly high of $1.62 on Wednesday, 4th January, and closed at $1.56 on Saturday, 7th January.
The Graph (GRT) spiked by more than 10%
GRT went up by 15% during the week when investors poured liquidity into projects they believe will bring them essential gains.
Overall, there was a low daily volume of around $9 million and a high daily volume of approximately $18 million.
GRT opened on 1st January with a price of $0.5538, tested a weekly low of $0.0553 on the same day, reached a weekly high of about $0.06424 on Saturday, 7th January, and closed the week on the same with a new trading price of $0.06418.
GRT/USDMANA, BitDAO (BIT), Synthetix (SNX), ADA, AXS, and ApeCoin (APE) also saw double digit gains.