In a report released by QR Asset, the top 40 coins by market capitalization were analyzed, according to Messari.io.
The manager brings a report based on news and development of cryptocurrencies selected in the report, such as UNI, FTT, and THETA.
Although it has been a difficult month, and year, for the cryptocurrency market, the manager says she analyzes the best of the worst performers. Check out the full report:
Analysis method
Any asset that started or ended the month in the top 40 was considered by the manager. The assets that started the month in the top 40 and ended outside the top 100 were not considered.
Next, the QR team eliminated assets that had a market value of less than one billion dollars at the beginning of the month from the classification.
June was the worst month in the history of Bitcoin (BTC)also crowning the asset’s worst quarter and worst half since its inception.
In reais, the negative variation was still attenuated by the strong rise of the dollar in the month. Thus, Bitcoin ended June with a drop of 30.47% against the Real. Ether had an even sharper negative variation, ending the month with a 38.90% drop.
Among all the cryptoassets mapped by this ranking, none had a positive change in June.
What are the best cryptocurrencies?
The best crypto asset according to this month’s survey was Theta Token (THETA)which ended June with a drop of 1.12%.
Throughout June, Theta Network announced some improvements to its network of validators, but we believe the main reason the asset stands out is the fact that it was among the worst performers at the beginning of the month.
Among the assets with more than USD 1 billion market capitalization, THETA it was one of the worst performers since its all-time high, dropping nearly 95% in one year.
In fact, among all the assets that make up the Top 5 in June, at least two were among the biggest drops since their respective highs, and this seems to be the main reason for the better relative performance – cases of THETA and SHIBA.
Uniswap (UNI) announced the purchase of the aggregator of non-fungible tokens (NFT)‘s Genie and that NFT’s trading will soon be introduced on your trading platform.
Chainlink (LINK) announced that the staking of the asset is close, which supported the token’s quotes for the month. It is worth remembering that whenever an asset announces that it will pay remuneration for staking, it is normal to have a higher purchase flow than usual, given that many investors buy the asset to receive the returns offered by staking.
Completing the list of the best assets of the month, we have FTT, the utility token of the FTX exchange. The tokens of brokerage firms centralized cryptocurrencies such as FTX and Binance have had, over time, one of the best performances within the crypto universe, on a recurring basis.
In a quarter in which many market participants became insolvent, FTX shows solid results and is highly capitalized.
In addition, many rumors emerged at the end of the month that Sam Bankman-Fried, CEO of FTX, was looking for ways to buy American retail brokerage Robinhood.
On the downside, few surprises given that June was the worst month in the history of many cryptocurrencies, including Bitcoin. The sharp drop in Ether (ETH) stands out, which devalued 38.90% in the month.
With the bankruptcy of renowned players in the ecosystem, such as Singapore’s Three Arrows Capital (3AC) fund, Ether has come under pressure to be the collateral for many loans and leveraged positions. With the forced liquidation of several operations belonging to the fund, there was an above-normal sales volume in ETH, contributing to the negative performance in the month.
Flow and NEAR are blockchains of specific alternative applications to Ethereum, and as we saw last month this sector was very fragile after the bankruptcy of the entire TERRA ecosystem.
AAVE, as one of the largest decentralized lending platforms, also suffered from the forced liquidations that took place in June.
Bitcoin Cash (BCH) was June’s worst asset, down 44.06% on the month. In terms of fundamentals, this is not surprising given that Bitcoin Cash is a completely useless and insecure blockchain given the low hashrate of the network.
However, rumors circulated in June that one of the “illustrious” insolvents in the ecosystem would be Roger Ver, one of Bitcoin’s great evangelists before 2017.
After the episode that became known as the “Blocksize War”, which culminated in the hard fork of the bitcoin network that gave rise to Bitcoin Cash, Roger Ver took advantage of Bitcoin Cash, which became his main position in crypto.
If he was really forced to liquidate positions to pay debts, it would explain the strong negative variation in the month, given the low liquidity of the asset.
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Source: Moneytimes
I am an author at Global happenings and I mostly cover automobile news. In my time working in the automotive industry, I have developed a keen interest in the latest developments and trends. My writing skills have also allowed me to share my knowledge with others through articles and blog posts.
