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10 best cryptocurrencies by performance: what to expect from GMX, TWT and LEO in 2023?

By Nicole Willing

Edited by Georgy Istigechev

18:24, 30 December 2022

Stacks and heaps of bitcoin and other various cryptocurrencies isolated on a black background with a copy space above. 3D rendering
Which cryptocurrencies performed best in 2022 and what are the expectations for 2023? – Photo: Wit Olszewski / Shutterstock.com

The cryptocurrency markets have seen a tumultuous year like no other in 2022, from the collapse of the Terra Luna ecosystem in May, to the long-awaited upgrade of the Ethereum blockchain in September, to the culmination of the bankruptcy of several exchanges such as Celsius and Voyager with the demise of FTX in November.

Cryptocurrency coin and token prices have struggled all year, with bitcoin (BTC) continuing to decline from its November 2021 all-time high above $68,000. The BTC price started 2022 around $46,300 and initially recovered from a January selloff in late March, but subsequently plunged and has been trading around $16,000 since November for a 65% decline for the year.

Despite the overall volatility of the environment, there are cryptos that have resisted heavy losses for the year, benefitting from continued development of their blockchain projects. And even with price sentiment turning negative, Institutional investors surveyed by US investment bank Fidelity increased their cryptocurrency adoption, and 74% of investors said they planned to buy or invest in digital assets in the future, up from 71% in 2021.

What are the top 10 crypto coins for 2022? Will they continue to rise in value in 2023?

We look at the 10 best cryptocurrencies by performance for 2022 and the potential outlook for next year.

10 best cryptocurrencies by performance in 2022

  • GMX (GMX)

GMX (GMX)

Past performance is not a reliable indicator of future results. – Source: CoinMarketCap

With a year-to-date gain of 92.62% at the time of writing, GMX  is one of only two cryptocurrencies with a positive return for 2022. GMX is a decentralised exchange on Arbitrum, which is a layer 2 network that runs on the Ethereum blockchain. The automated market maker (AMM) provides liquidity through its multi-asset GLP (GMX Liquidity Provider), which receives prices through an oracle. The price for GLP tokens is calculated by dividing the total supply by the total value of the assets in the liquidity pool. Liquidity providers mint GLP tokens when they add assets to the pool, and burn tokens when they remove liquidity.

The GMX price spiked above $60 in January, after it started the year at $21.20, dropped until June when it reached $12.63, and then rallied in the second half of the year to reach $58.88 in mid-December before falling back towards $41. The GMX forecast from algorithm-based service WalletInvestor showed that the token price could rise to $57.195 by the end of next year, potentially making it a top 10 cryptocurrency in 2023.

  • Trust Wallet Token (TWT)

Trust Wallet Token was the only other one of the top ten coins to make a gain for the year at the time of writing, when it was trading up by 80.34%. TWT is a Binance-based BEP-20 utility token that was created to provide incentives to users of the Trust Wallet mobile cryptocurrency wallet, such as discounts on in-app purchases and the use of decentralized exchanges. Token holders can also participate Trust Wallet governance to be involved in the app’s development.

TWT initially launched as a BEP-2 asset on the Binance blockchain in 2017, but relaunched as a BEP-20 token on the Binance Smart Chain in October 2020 – making it one of the first tokens on the chain.

Trust Wallet Token (TWT) Live Price Chart

The TWT price started 2022 at $0.72, and rose to $1.33 in March and April before falling to $0.52 in May. The token then trended up to $1.22 on 5 November, then soared to 2.37 on 15 November. The price moved up further to $2.64 on 12 December. It has since halved in value to $1.32, but remains in positive territory for the year. The TWT forecast from WalletInvestor showed that the price could move back up to $1.77 by the end of 2023.

  • UNUS SED LEO (LEO)

LEO is a utility token that was launched in 2019 and is used in the iFinex ecosystem, allowing users of the Bitfinex cryptocurrency exchange to save money on trading fees. Its name is derived from a Latin citation in one of Aesop’s fables. The token was created as a way for iFinex to return funds to investors after a hack in 2016 and a seizure of funds held by payment processor Crypto Capital by the government in 2018. iFinex designed LEO to run a buyback and burn programme, until it gradually buys back tokens from the market until there are none left in circulation.

UNUS SED LEO (LEO) Live Price Chart

The LEO token started 2022 trading at $3.76, and was trading at a year-to-date loss of 7.8% at the time of writing, which still made it one of the top 10 cryptocurrencies to buy with most other coins and tokens seeing large losses for the year. WalletInvestor projected that the token price could fall further in 2023, ending the year at $2.51.

  • OKB (OKB)

OKB is the utility token for the Malta-based cryptocurrency exchange OKEx, launched with the OK Blockchain Foundation. OKEx has become one of the world’s largest crypto exchanges since it launched in 2017 as an offshoot from the OKCoin platform, which has been operating in China since 2013. OKCoin focuses on exchanging fiat currencies for cryptocurrencies, while OKEx focuses on trading.

OKB allows users to pay trading fees, participate in voting and governance, and receive rewards users for holding the token, features that helped it rank as one of the top 10 best cryptocurrencies in the past year.

OKB (OKB) Live Price Chart

The token had fallen in value from $28.82 at the start of the year to around $24 at the time of writing, for a 17.36% year-to-date loss. WalletInvestor predicted that OKB could trade down further to $20.51 by the end of 2023.

  • TRON (TRX)

The TRON project was launched by the Tron Foundation in 2017. TRX tokens were originally deployed on the Ethereum blockchain, but moved to the TRON blockchain a year earlier.

The project was initially focused enabling digital content producers to retain full ownership rights to their content via the blockchain’s distributed ledger. TRON supports smart contracts, different types of blockchain systems, and decentralised applications (dApps).

Live TRON (TRX) Live Price Chart

BTC/USD

66,886.75 Price
-0.890% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 106.00

DOGE/USD

0.13 Price
-2.370% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 0.0012872

ETH/USD

3,492.83 Price
-0.990% 1D Chg, %
Long position overnight fee -0.0616%
Short position overnight fee 0.0137%
Overnight fee time 21:00 (UTC)
Spread 6.00

SOL/USD

172.75 Price
-1.250% 1D Chg, %
Long position overnight fee -0.0753%
Short position overnight fee 0.0069%
Overnight fee time 21:00 (UTC)
Spread 2.2652

The TRX price started 2022 at $0.075 and moved up to $0.09 in June. The token dropped to $0.049 in November before moving up to $0.054 toward the end of December, for a year-to-date loss of 29.5%. TRX could continue trading lower in 2023, reaching $0.0392 by the end of the year, according to WalletInvestor.

  • Quant (QNT)

Launched in 2018, the Quant project aims to connect blockchains without reducing network efficiency and interoperability. Overledger, the Quant operating system, was designed to enable any blockchain to access all other blockchains and connect an application to other applications in the same ecosystem.

Quant (QNT) Live Price Chart

QNT is an Ethereum-based token that powers the ecosystem and is used to pay for Quant network usage. The price had fallen by 38.12% at the time of writing, from $178.85 at the start of the year. With the token trading around $110.40, WalletInvestor estimated that the price could drop by more than half to $44.544.

  • Monero (XMR)

One of the early cryptocurrency coins that launched in 2014, XMR is a privacy coin that uses advanced cryptography to obscure the identity of senders and recipients and the amount of money transferred. Each transaction creates a stealth address that is only used once. Monero aims to enable users to make payments quickly and avoid censorship, a functionality that has attracted users and made it one of the top 10 best cryptocurrencies in 2022.

Monero (XMR) Live Price Chart

The XMR price fell from $228.85 at the start of 2022 to $135.50 in February, then spiked to $279.25 on 22 April before declining for the rest of the year. The coin was trading down by 41.71% for the year at time of writing around $145.

  • Huobi Token (HT)

HT is the utility token for the Huobi Global cryptocurrency exchange, and was launched in January 2018, soon after the Binance crypto exchange launched its token. HT runs on the Ethereum blockchain and is ERC-20 compliant. Users can hold HT to reduce their trading commissions on the exchange, receive discounts on transaction fees, vote on exchange decisions, receive crypto rewards for seasonal buybacks, and gain early access to special events.

Huobi Token (HT) Live Price Chart

The HT price was down by 44% at the time of writing, having fallen from $9.32 at the start of 2022 to $4.02 in October, before a spike to $9.36 later in the month and a retreat to the $5 level in late December. WalletInvestor projected that the token’s value could plunge to $0.64 in 2023.

  • Toncoin (TON)

Toncoin is a Layer 1 blockchain project that was launched in 2018 by the development team behind the Telegram messaging platform. The project was abandoned but then taken over by the TON Foundation in 2020, which renamed the project from the Telegram Open Network to The Open Network and renamed the native crypto token from Gram to Toncoin.

The ecosystem is intended to provide decentralised storage, services, a domain name system, instant payments, and fast transaction processing.

Past performance is not a reliable indicator of future results. – Source: CoinMarketCap

TON had fallen by 44.33% at the time of writing, having dropped from $3.69 at the start of January to $0.79 in June. The token rebounded to $2.70 in mid-December but had retreated toward $2 by the end of the month. WalletInvestor indicated that the TON price could rise to $2.697 by the end of next year.

  • GateToken (GT)

GT is the utility token of the Gate.io cryptocurrency exchange and the native token of the Gatechain blockchain. GateToken launched in March 2020 and was initially distributed to buyers of Gate.io points as a free gift. The token operates a buyback and burning system that makes it deflationary in value. Gate.io traders can use GT on the exchange to pay trading fees and other activities.

GateToken (GT) Live Price Chart

The GT price declined from $6.54 at the start of 2022 to $3.52 by the middle of the year, and then briefly moved above $5 in August before retreating to $3.94 in September. After a brief rebound to $4.89 in November, the price dropped back towards $3.13 at the time of writing, for year-to-date loss of $53.24. WalletInvestor projected that the token price could drop to $0.3018 by the end of 2023.

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The bottom line

Cryptocurrency markets have seen a volatile year, with only two tokens on the top cryptocurrency list recording a gain since the start of 2022. Tokens used on cryptocurrency exchanges have attracted interest from investors, dominating the list of the top 10 altcoins by performance, as they have practical utility for users, which potentially supports their value more than other cryptos such as memecoins.

Cryptocurrency adoption by retail and institutional investors in 2023 could continue to expand, even as sentiment on the markets will likely remain mixed in the near term.

If you are interested in finding a top 10 cryptocurrency to invest in, we recommend that you always do your own research. 

When looking for the top 10 best cryptocurrencies, consider the latest market trends, news, technical and fundamental analysis, and expert opinion before making any investment decision. Keep in mind that past performance is no guarantee of future returns. And never invest money you cannot afford to lose.

FAQs

Which crypto has the highest potential?

The crypto with the most potential in the future will be one that attracts interest from investors despite continued price volatility. Remember that cryptocurrency markets are highly volatile. Always do your own research before trading or investing. And never trade or invest more than you can afford to lose.

What crypto to buy in 2023?

Whether cryptocurrencies are right for your portfolio will depend on your personal circumstances, risk tolerance and investing strategy. You should do your own research to take an informed view of the market.

Which crypto will grow fastest in 2023?

Cryptocurrency markets are highly volatile, and the fastest growing coin or token in 2023 will depend on market sentiment as well as the development of the many blockchain projects on the market.

Markets in this article

TWT/USD
TWT/USD
1.09609 USD
-0.02051 -1.890%
TRX/USD
TRON / USD
0.13648 USD
-0.00061 -0.450%
LEO/USD
UNUS SED LEO to US Dollar
5.7991 USD
0.0365 +0.640%

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