The crypto market has been in decline over the past six months with its valuation dropping from over $3 trillion in November 2021 to $1.23 trillion in May 2022.
Fears over persistently higher inflation, the Federal Reserve’s hawkish response to it, and the ongoing conflict between Ukraine and Russia prompted investors to limit their exposure to riskier assets. Also, their increasing appetite for the safe-havens, such as the U.S. dollar, weighed down demand for some of the top cryptocurrencies and U.S. equities.
As a result, some digital assets, such as Dogecoin (DOGE) and Cardano (ADA), fell by more than 80% from their record highs established last year. At the same time, a few tokens witnessed similar albeit dwarfed declines compared to other assets in the top-30.
These are three among those cryptocurrencies listed in random order.
Privacy-focused cryptocurrency Monero (XMR) has suffered fewer losses than its top rivals in the space since November 2021.
XMR’s price dropped nearly 40% to $186 from its November 2021 peak of around $300. The plunge surfaced as a part of a broader correction move that started after Monero reached its record high in May 2021, near $520, bringing its net downside retracement to around 65%.
XMR’s limited downside prospects since November 2021 came forth amid reports that it’s been used to bypass sanctions. Meanwhile, fears of strict regulations lurking over the crypto market also appeared to have boosted the speculative demand for Monero.
From a technical perspective, XMR has been…