Fallen angels are referred to as stocks that were once red hot but have seen lost their luster. In stocks, this could include companies like Blue Apron, Alibaba, and Baker Hughes. The same analogy can be made in cryptocurrencies. In this article, we will look at some of the fallen angels in the sector that could rebound in 2022.
Zilliqa was once a top 30 cryptocurrency. The Zilliqa price has crashed by about 70% from its highest level in 2021 and its market capitalization has fallen to just $1 billion. Its ranking has fallen from top 30 to the current 112. Along the way, it has been overtaken by new coins like Shiba Inu and even Dogelon Mars.
Still, the place of Zilliqa in the blockchain industry is a good one. For beginners, it was among the first blockchain projects to introduce the concept of sharding. Today, projects like Elrond and the Near Protocol have embraced the technology and climbed up the ladder.
There is a possibility that the Zilliqa price will bounce back in 2022 as investors embrace the sharding technology. Also, investors will likely push its price higher as they attempt to find bargains.
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VeChain is another fallen angel in cryptocurrencies. Early in 2021, it was one of the most popular coins among investors and traders. It was also popular among social media users. As a result, it managed to climb the ranking ladder.
At its peak, VeChain was one of the top 20 cryptocurrencies. Today, its price has crashed by more than 70% from its peak and is the 32nd biggest coins in the world. It has a total market cap of more than $5.3 billion.
It is unclear why the VeChain price crashed. But analysts cite the lack of visibility on the projects built in the network. Others cite the ban of crypto trading in China since VeChain is primarily a Chinese cryptocurrency.
Monero is a popular cryptocurrency that is beloved for its privacy credentials. Unlike Bitcoin and Ethereum, Monero uses advanced encryption tools to ensure that its transactions are not trackable. Indeed, at some point, the Internal Revenue Service announced that it would pat $600k to developers who managed to crack the network.
Monero price has crashed by more than 60% from its highest level in 2021. Its ranking has also fallen from top 15 to the current 50. This decline is mostly because Monero, unlike other popular cryptocurrencies, does not make headlines. Because of its popularity, there is a likelihood that the XMR price will rebound in 2022.