Cryptocurrency

Top Proof-of-Work Tokens by Market Cap [September 2022]

Top Proof-of-Work Tokens by Market Cap [September 2022]

INTRODUCTION

The final execution of the highly anticipated Ethereum Merge and its subsequent crash of over 20% as of writing this article has bright proof-of-work tokens back into the limelight. This is because a large number of miners who were verifying transactions on the PoW-based older Ethereum chain are now looking for other places to go to and be able to use their expensive mining rigs. This exodus of late has resulted in mining profitability running into the ground for some of these smaller coins due to this sudden inflow of large miners onto their networks, driving hash rates through the roof. So here are some of the top proof-of-work coins of 2022 by market capitalization that you can consider.

SUMMARY 

Crypto Market Cap Weekly Volume
Bitcoin (BTC) $353 billion $296 billion
Dogecoin (DOGE) $7.4 billion $2.5 billion
Ethereum Classic (ETC) $3.8 billion $19.1 billion
Litecoin (LTC) $3.6 billion $4.3 billion
Monero (XMR) $2.4 billion $796 million

Additional Read: Top Proof of Stake Tokens

BITCOIN (BTC)

Bitcoin is probably one of the last surviving major proof-of-work cryptos left. In fact, it is only one of two out of all the top 10 cryptos by market cap, only followed by Dogecoin (DOGE) in the 10th position on the list. It is also popularly known as the ‘first generation of cryptos’ and it was instrumental in bringing about this crypto revolution right after its launch back in 2008. Bitcoin price had begun taking the lead

  • Bitcoin price has broken down to its lowest point of 2022. 
  • It has broken down below the psychological level of $20,000 and is currently trading well below $18,500.
  • Bitcoin price has found support at the trendline support (marked in black) four times in the past and it is yet to be seen how this time would turn out.
  • The Relative Strength Index is close to 35 as of writing, which would bring about strong selling pressures.
  • But overall, Bitcoin is one of the last remaining major proof-of-work cryptos and thus could see upside if overall sentiment in the market improves.

Additional Read: Bitcoin Price Prediction

DOGECOIN (DOGE)

The most valuable meme coin by market capitalization has had better days. It did see a bout of recovery in the middle of August, when DOGE price managed to rally all the way up to $0.087 but it has fallen back to $0.055, losing all the gains it had made in the first half of the month and then some. However, Dogecoin is making some waves with the launch of its DogeChain.

  • Dogecoin has fallen through the accumulation zone, and has even broken down below the lower trendline support, suggesting weakness.
  • DOGE had managed break out of the accumulation zone with a 40% rally from the beginning of August but it has lost all of the ground it had gained.
  • From a mid to long-term view on this particular crypto token suggests that DOGE has pretty much ignored the recent recovery that we had seen in most of the biggest cryptos but is falling with the market every time.

Additional Read: Dogecoin Price Prediction

ETHEREUM CLASSIC (ETC)

Ethereum Classic has been one of the star performers in the past couple of months. It had more than tripled in value from its July 2022 lows, going all the way from $13 in the middle of July to above $44 at its peak in the middle of August 2022. Since then it has fallen significantly down to $28 as of writing, down 35% from its highs. Up until the Ethereum Merge, Ethereum Classic was the best alternative for PoW based Ethereum miners to migrate to, because of which it had been rising.

  • Ethereum Classic (ETC) price had nearly tripled in value between July and August, and hence there is a chance that the crypto token might repeat such a rally.
  • The recent crash has brought ETC price down below both the 50 and 200-day moving averages (marked in cyan and purple).
  • However, it also must be noted that this particular proof-of-work crypto still has a golden crossover of the 50 & 200 DMA on the charts, so from a technical point of view, its bullishness isn’t totally gone yet.

Read more: Etheruem Classic Price Prediction 2022

LITECOIN (LTC)

Litecoin is essentially a derivative of Bitcoin, sharing much of its codebase with the king coin but with a few key differences that enables this peer-to-peer crypto to be instant and enable near-zero cost payments to anyone across the world. This proof-of-work crypto had become quite popular as it was launched just three years after the launch of Bitcoin thanks to its extremely low costs that came without sacrificing its decentralization. 

  • Litecoin price action has been sort of lackluster of late as it has been stuck somewhat in a range all this while.
  • It has broken down below the 50-day moving average in the past couple of days and the RSI is below 40 which could bring about some selling pressures.
  • This is also another very popular proof-of-work token and has the potential to become a currency and not just an asset thanks to its super low costs.

MONERO (XMR)

Monero is yet another proof-of-work token that often misses the eye. It is the largest privacy focused crypto by market capitalisation. It works pretty much like most other proof-of-work cryptos however with the only differentiation being that all transactions on this platform are completely hidden and cannot be traced or tracked. However, it must be known that coins such as this may attract the attention of law and order authorities across the world, due to the kind of anonymity it provides. 

  • Monero’s native crypto token XMR had seen an incredible rally back in the bull run of 2021 but since then has lost all of what it had gained.
  • In the recent mini-rally that happened in the overall crypto market in the overall crypto market, this proof-of-work crypto, XMR Price had participated in the rally but since then hasn’t fallen too much either.
  • In fact, it has managed to trade within a range (region marked in black) and hence, could see a possible recovery if an overall positive sentiment in the market makes a comeback.

Additional Read: Monero Price Prediction

Prices as on 19 September, 2022.

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