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Top 10 Cryptos That Crashed More Than 70% In 2022

Top 10 cryptos that crashed more than 70% in 2022

After the mesmerizing bull run in 2021 which propelled the crypto space to new highs, a minor correction phase was anticipated by the industry veterans. The bull run had not only attracted new & strong hands from different sectors but also gave an opportunity for some out-of-the-box activities which adversely impacted the crypto space as it is happening at the moment. 

 The year 2022 turned out to be extremely bearish for the entire crypto market as many events contributed to mounting FUD within the market participants. The bulls, however, tried very hard to keep up the bullish momentum but the trade setup was in favor of the bears which constantly dragged the price to mark new lows for the year 2022.

Below are some of the crypto assets that plunged heavily since the beginning of 2022.

Cryptos % Yearly Change
Terra Classic(LUNC) -100%
Helium (HNT) -95.3%
Solana(SOL) -93.67%
Convex Finance (CVX) -92.82%
Axie Infinity (AXS) -92.74%
The Sandbox (SAND) -92.59%
Fantom (FTM) -92.07%
Flow (FLOW) -91.74%
Filecoin(FIL) -91.66%
Curve DAO Token(CRV) -91.40%

Terra Classic (LUNC)

Terra Classic Price in 2022:- $85.48

Why Did Terra Classic (LUNC) Price Crash More than 70% in 2022?

Source: Tradingview

Terra Classic (Terra, then) has been a nightmare for the entire crypto space. In fact, the year 2022 will be named after the Terra ecosystem, as it shook the deep roots of the crypto giants. It began when USTC (UST then) lost its peg from $1, due to which, LUNC (LUNA, then) value trembled heavi ly. The platform further liquidated the BTC reserves that slashed the crypto market. The bear market which began with the downfall of the Terra ecosystem continued until now where-in the giants like Celcius Network, BlockFi, and Genesis stood exposed. 

Events that Impacted Terra Classic(LUNC) Price

  • All it began when the single largest USTC withdrawal was initiated to check the stability of the ecosystem

  • This incorporated major turbulence within the ecosystem that compelled them to liquidate the BTC reserves they had

Terra Luna Classic Price Prediction for 2023

Terra Classic price has been in deep stress ever since the market collapsed for the second time due to the collapse of FTX exchange. The price has been trading in a decremental way due to which a bearish close may be imminent. However, the coming year is believed to be slightly relieving and hence the price is believed to rise slightly. The token is expected to mark lows in the first few weeks of 2023 and later rebound well to reach the September 2022 highs of around $0.00055. By the end of the year, the LUNC price may try hard to eliminate a zero from its value.

Read More: Terra Luna Price Prediction

Helium (HNT)

Helium Price in 2021:- $37.53

Helium Price in 2022:- $1.87

Why Did Helium Price Crash More than 70% in 2022?

Source: Tradingview

Terra’s demise resulted in a massacre within the crypto space. The star crypto Bitcoin’s price was chopped in half, indicating the resurgence of the bear market. The Helium price that dropped then, continues to maintain a deep bearish trend until now and is unable to rise above the bearish captivity. Further, the price is believed to pull a final leg down to mark the bottoms of the current cycle and rise high to reclaim the initial targets beyond $5 in H1 and $10 in H2 2023. 

Events that Impacted Helium (HNT) Price

  • Helium Network will be migrating to Solana blockchain in Q1 2023 and work to enhance Web3 space

  • Billionaire, investor & CEO of Pershing Square Capital Management, Bill Ackman acknowledges Helium and says that HNT has an intrinsic value than Bitcoin or Ethereum

Helium (HNT) Price Prediction for 2023

Helium price appears to have approached the lowest levels and is preparing to complete the 2022 bear market. While the market continues to remain under bearish captivity, the price may close the year with a plunge and also find a new bottom in the first few days of 2023. However, after rebounding firmly from the lows, the price may begin with a recovery and maintain a decent upswing but it may not necessarily ignite a bull run. The HNT price may initially regain $5 resistance and by the end of the year may hover around a 2-digit figure.

Read More: Helium Price Prediction

Solana(SOL)

Solana (SOL) Price in 2021:-  $170.76

Solana (SOL) Price in 2022:- $11.15*

Why Did Solana  Price Crash More than 70% in 2022?

Source: Tradingview

The SOL price has dropped heavily ever since the token marked its highs during Q4 2021. Despite multiple attempts, the token failed to gain bullish momentum and formed constant lower highs and presently has reached the lower support. The downturn began with the Terra collapse but was intensified with the FTX debacle. It was heavily exposed to the FTX fiasco as the exchange had invested hefty amounts in Solana. However, the token is believed to have backed off and may trade in single-digit levels soon. 

Events that Impacted Solana(SOL) Price

  • As the scrutiny over FTX intensifies, SOL price begins with a fresh drop and hence it is believed to plunge below $5 very soon.

  • The Solana ecosystem had been heavily exposed to the FTX collapse and the platform accepted with a post.

Solana (SOL) Price Prediction for 2023

Solana price witnessed a bloodshed in its streets as the price plunged from a 3-digit figure to a single digit in recent times. The price has dropped drastically as it was exposed heavily to the FTX debacle. Moreover the numerous network outrages failed to rebuild the trust within the market participants. This may impact the price as well which may certainly not recover finely in the coming days. The price is speculated to find lows below $9 in 2023 and remain consolidated for a long time.

Read More: Solana Price Prediction

Convex Finance(CVX)

Convex Finance (CVX) Price in 2021:- $42.75

Convex Finance (CVX) Price in 2022:- $3.59

Why Did Convex Finance Price Crash More than 70% in 2022?

Source: Tradingview

The Convex Finance price, much similar to the other altcoins in the space, has been deeply impacted by the events in the crypto space. After marking the highs just before the beginning of 2022, CVX’s price faced a gigantic rejection, reducing the price by more than half. The price which had recovered finely in the first few days of Q2 failed to rise beyond $40. The downturn that began then was fueled by multiple events like the Terra crash which created a ripple of fallouts later. the latest to be the collapse of the FTX exchange. 

Events that Impacted Convex Finance (CVX) Price

  • Convex Finance shifted their voting and incentive distribution on the Votium platform where vlCVX and veCRV receive compensation from buyers. 

  • The DNS for Convex Finance was hijacked but the funds were not been affected. The platform also listed 5 addresses speculated to have approved malicious contracts

Convex Finance (CVX) Price Prediction for 2023

Convex Finance price is heavily consolidating below the average levels but displaying huge bullish momentum. The rally appears to be accumulating gains,and hence a notable rebound may be expected in the coming days. Meanwhile, the bear market may certainly not prevail in 2023 but yes, the bottoms may be reached. After bears are completely exhausted, the bulls could stabilize the rally and maintain a decent parallel swing in 2023.

Axie Infinity(AXS)

Axie Infinity Price in 2021:- $95.09

Axie Infinity Price in 2022:- $6.63

Why Did Axie Infinity Price Crash More than 70% in 2022?

Source: Tradingview

The Axie Infinity price dropped hard much before the Terra collapse and maintained a steep descending trend. While the bearish interference intensified with every negative news within the space. The price has now reached the pinnacle of the bearish consolidation, and may soon pull a final leg down to mark the bottom of the current bear cycle. Post to which a notable upswing appears to be imminent. 

Events that Impacted Axie Infinity (AXS) Price

  • Axie Infinity announced its Axie Contributor Initiative which includes an Urban planning team, community councils, decentralizing community treasury governance & more. 

Axie Infinity (AXS) Price Prediction for 2023

Much similar to the other tokens, AXS price has reached closer to the point where a notable upswing could be triggered any moment from now. But before that, the price is expected to continue plunging and meet new lows. However, the bulls and bears both could get exhausted after a serious brawl. However, the market participants may turn bullish and assist the price to rise high in the coming days.

Read More: Play And Earn with  Axie Infinity

The Sandbox(SAND)

The Sandbox price in 2021: $5.91

The Sandbox price in 2022: $0.418

Why Did The Sandbox Price Crash More than 70% in 2022?

Source: Tradingview

The Sandbox price has been trading within a deep bearish trend since the start of 2022. Meanwhile, the series of events had a huge impact on the SAND price which depleted heavily and reached a 2-year low. Currently, the price is continuing with the deep bearish trend and expected to reach the lower support of the descending parallel channel in the coming days. The volume also is pretty low and hence no specific price action may be expected towards the north until the end of year 2022. 

Events that Impacted The SandBox (SAND) Price

  • Forbes partnered with the Sandbox to enter the metaverse space with an interactive multiplayer experience. The platform in an official announcement said that Forbes is set to roll out a metaverse hub which could include tailored metaverse offerings for the festive season.

The SandBox (SAND) Price Prediction for 2023

The Sandbox price underwent a massive upswing during the NFT boom in Q4 2021, since then the token plunged hard, losing almost all of its gained value. However, after reaching the lowest levels, it could be the time to accumulate gains and rise high at the right time. Therefore, the SAND price is expected to soar high in 2023 as the DeFi’s and the NFTs are expected to regain bullish momentum. 

Fantom(FTM)

Fantom (FTM) Price in 2021:- $2.01

Fantom (FTM) Price in 2022:- $0.202

Why Did Fantom (FTM) Price Crash More than 70% in 2022?

Source: Tradingview

The Fantom price has been severely impacted with the market collapse as the value slashed heavily post the May crash. Presently, the price is trading along the lowest levels that it had not visited in the past 12 months. The price began the December trade with a notable jump but the market conditions shifted quickly that compelled the price to plunge heavily. The price is now trading within a parallel channel without displaying the possibility of any price variation. Therefore the price may remain highly consolidated until the yearly close and find new lows in early 2023.

Events that Impacted Fantom (FTM) Price

  • In a latest medium post, Andre Cronje, the founder of Yearn Finance, refurbishes the goals of Fantom ecosystem. He is the board of member for Fantom foundation Ltd and Fantom operations Ltd.

Fantom (FTM) Price Prediction for 2023

After manifesting an extreme start, the FTM price has now plateaued along the lower support from a long time. The price has marked the highs close to $3 but currently has plunged below $1. The price has been trading within the bearish captivity throughout 2022 and hence is believed to rise high in the coming days. Hence after a couple of minor pullbacks, the FTM price may ignite a decent recovery and regain lost levels in 2023.

FLOW (FLOW)

Flow (FLOW) Price in 2021:- $8.75

Flow (FLOW) Price in 2022:- $0.7035

Why Did Flow (FLOW) Price Crash More than 70% in 2022?

Source: Tradingview

The Flow price, like the other cryptos in the market underwent a massive bearish trend which was led by the collapse of the Terra ecosystem. Markets remained consolidated but towards the south. The FLOW price has slided heavily and has reached the lowest point in the past 12 months. Presently, the price has slumped hard since the collapse of FTX exchange and discovering new lows every new day. The price may rebound from the lower FIB levels andrise high in coming days. 

Flow (FLOW) Price Prediction for 2023

Flow price has been under extreme bearish pressure as the price continued trading within a descending trend throughout 2022. Hence, after accomplishing the bear market, the price is believed to regain bullish momentum very soon. The token has marked the highs close to $40, but the correction dragged them below $1. Therefore, with the revival of the bullish phase, the prices are set to inflate and regain the lost levels in 2023. 

Read More: FLOW Price Prediction

Filecoin(FIL)

Filecoin (FIL) Price in 2021:-$34.98

Filecoin (FIL) Price in 2022:- $3.00

Why Did Filecoin (FIL) Price Crash More than 70% in 2022?

Source: Tradingview

The Filecoin price has been training within a bearish trend for a pretty long time and presently appears to pull a fresh leg down very soon. The price is hoering close to the lower support and believed to test new bottoms shortly. The price may soon drop below the falling wedge and reach the tip of the pattern. Here it may reach the decisive phase and an extended bearish pressure could drag the price slightly lower. However, after a minor pullback, the price may rebound and reclaim the lost levels. 

Events that Impacted Filecoin (FIL) Price

  • Filecoin recently announced Filecoin Chair which is an initiative intending to offer supplemental support and funding. 

Filecoin (FIL) Price Prediction for 2023

Filecoin price, much similar to the other tokens, dropped heavily from the highs above $180 to as low as $3 in the recent time. The acute plunge might have squeezed out weak hands and hence the bulls or whales may uplift very soon. As per some analyst, the markets are set to find new lows in Q1 2023 and after accomplishing this task, FIL price is set to explode with huge numbers which may continue in the rest of 2023 and in 2024 too.

Read More: What Is FileCoin(FIL)

CurveDAO(CRV)

Curve DAO Token(CRV) Price in 2021:- $5.11

Curve DAO Token (CRV) Price in 2022:- $0.5038

Why Did Curve DAO Token (CRV) Price Crash More than 70% in 2022?

Source: Tradingview

The Curve DAO token price similar to the other tokens appears to have withstood bearish storm and managed itself from plunging below the crucial support. The price is largely consolidating within a narrow range along pivotal levels presently. While the final capitulation phase may compel the price to drop. After undergoing a brief bearish phase, the price may eventually rise to reclaim the lost positions. 

Curve DAO Token (CRV) Price Prediction for 2023

Curve DAO token appears to be preparing for a strong comeback and hence rebounding firmly despite the bearish pressure is intensifying. The token after undergoing massive drop since the beginning of 2022 may also end up on a bearish note, but the upcoming days could be promising, incurring significant gains. The price has marked lows below $0.5 a couple of times before and hence may pull a final leg down to accomplish the bearish market. The following trend could set up a fine recovery phase that may keep the trend consolidated for a while but may end up with a notable spike. 

Additional Read: SIPs In Bear Market

Wrapping-It Up

The year 2022 was largely bearish, more than anyone’s expectation. When it was believed that Bitcoin price may never breach below $25,000, the star crypto found its yearly lows around $15,500. The correction after the 2021 bull run was massive and intensified which was fueled by multiple events. However, the trend is waning slowly which may pave way for the bulls to enter and revive a decent uptrend ahead. 

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