Bitcoin world's most hated cryptocurrency - Fox Business

Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. ©2023 FOX News Network, LLC. All rights reserved. FAQ – New Privacy Policy
Northmantrader.com founder Sven Henrich provides insight on investing in cryptocurrency on ‘Making Money.’
Bitcoin’s precipitous plunge in price helped it become the world’s the most hated virtual currency in 2022, according to a survey by crypto education website Coin Kickoff.
The world’s largest cryptocurrency by market value was the most disliked coin in 16 countries, led by Canada, Qatar and Finland.
Ethereum and solana were the world’s most loved, led by Indonesia, Russia and Uzbekistan.
Coin Kickoff came up with its love/hate ranking by analyzing more than 835,000 Twitter posts with the artificial intelligence algorithm HuggingFace.
Bitcoin lost 70% of its value in 2022, causing investors to vent their frustration on social media. Ethereum, crypto’s second-largest currency, fell almost as much, dropping by 67.5%, but was spared the backlash.
Coin Kickoff noted, in contrast to bitcoin, many of ethereum’s projects are based around decentralized finance (DeFi) — which aims to broaden the usage of cryptocurrencies for more complex transactions such as loans.
Solana was also loved, despite losing 94% of its value. Its network suffered over five outages, numerous hacks and fallout from FTX’s bankruptcy with FTX and sister company Alameda Trading holding 10.7% of its tokens, according to Coin Telegraph.
BRUTAL YEAR FOR BITCOIN AND ALMOST $3B IN CRYPTO HACKS MARKED 2022: REPORT
photo credit: iStock
Sentiment for bitcoin may improve with its recent price recovery.
Ian Wright, the crypto expert behind Coin Kickoff, told FOX Business: "While it is still 67% down on its all-time high, investors are confident that the current economic climate in the U.S. and bitcoin’s standing as the pre-eminent crypto coin will yield further gains as the year progresses."
FxPro senior market analyst Alex Kuptsikevich was more cautious. "Despite the positive performance of the U.S. stock indices, bitcoin continued its unsuccessful attempts to consolidate above $23,000 on Wednesday. The crypto market has, at least, paused after rallying since the beginning of the year," he said.
Wright added that investors will look to see whether etherum can hit $5,000 in 2023.
"Like bitcoin, its value is rallying as a result of economic conditions. It is still highly regarded within the U.S. crypto community because of its long-term potential and the blockchain base for many of the industry’s most exciting prospects," he told FOX Business.
Solana is benefiting from bonk, a new coin launched on its blockchain in December. Bonk rocketed 5,000% by early January, but has since fallen back, though it was up 910% year-to-date as of last week.
Surprisingly, bitcoin was not America’s most hated virtual currency.
HOUSE REPUBLICANS LAUNCHING DIGITAL ASSET SUBCOMMITTEE AFTER TROUBLED YEAR FOR CRYPTOCURRENCY INDUSTRY
1. Axie Infinity (32.34%) lost 90% of its value in 2022. Hackers stole $625 million from its Ronin Network and the player base for its games dwindled due to competition for virtual 3D worlds.
2. 1inch Network (31.59%) saw its value peak in 2021 at almost $7.50 against the dollar. Its performance was much more sluggish in 2022 as a result of the wider turmoil in the crypto market.
3. Terra (27.35%) was one of crypto’s high-profile casualties of 2022. Despite a promising introduction where startup Terraform Labs secured $200 million in funding, the blockchain collapsed in May 2022 — wiping out $45 billion of market capitalization in a week. Its founders Do Kwon and Daniel Shin have been sued in Singapore, Korea and the U.S. for alleged financial irregularities, and authorities in Seoul issued an arrest warrant for Shin in November 2022.
4. Uniswap (22.00%) peaked at $42 against the dollar and has yet to see its value move past the $10 mark.
5. Holochain (21.24%) is billed as a more ethical alternative to the centralized crypto offerings. Holo allows customers to make their own choices and create more transparency around its blockchain technology. However, the coin is still valued at just $0.02 against the dollar.
CRYPTO.COM CUTS 20% OF STAFF, CITING ECONOMIC HURDLES AND FTX COLLAPSE
1. Stellar (68.72%) partnered with Ukraine’s government in 2021 to develop its digital infrastructure. The coin’s value increased further when Franklin Templeton became the first investment firm to launch a ‘tokenized’ mutual fund in the U.S. using Stellar’s blockchain.
2. EOS (64.29%) gained popularity for its versatility, open-source capability and intuitive user-friendly platform that helps developers and investors. That transparency and accessibility makes it a favorite for investors.
3. Decentraland (53.89%) has the largest metaverse currently online. Many predict that its coin will reach parity with the dollar in 2023. Mainstream interest in the platform from brands including Adidas, Dolce & Gabbana, Samsung, Sothebys, and Tommy Hilfiger make it feel more relatable as a concept for the wider public.
4. NEAR Protocol (53.03%) reached record highs at the start of 2023. Many investors believe it has some of the most reliable technology on the market, with an active developer community and emphasis on security.
5. Ravencoin (51.76%) as a peer-to-peer platform offers more coin versatility than its rivals.
Reuters contributed to this report.
GET FOX BUSINESS ON THE GO BY CLICKING HERE
Fox News senior congressional correspondent Chad Pergram reports from Capitol Hill, where crypto is largely unregulated.
Quotes displayed in real-time or delayed by at least 15 minutes. Market data provided by Factset. Powered and implemented by FactSet Digital Solutions. Legal Statement. Mutual Fund and ETF data provided by Refinitiv Lipper.
This material may not be published, broadcast, rewritten, or redistributed. ©2023 FOX News Network, LLC. All rights reserved. FAQ – New Privacy Policy

source

How To Make Huge Profits In A Short Time With Crypto
Get detailed training system that shows an absolute beginner (without any skill) how to make huge profits in a short time with crypto.