The year 2022 has been a difficult year for the crypto market, including the prices of Ripple, Litecoin, and Quant Network.
However, the price trend of different cryptocurrencies has not always been the same.
While the general trend over the medium to long term is similar, it is not identical. Moreover, in the short term, there have also been some important differences
The prices of Ripple, Litecoin, and Quant Network
The price trend of Ripple (XRP).
One of those cryptocurrencies that has a price trend that is often influenced by reasons that can only be directly linked to it is XRP, Ripple‘s cryptocurrency.
The fact is that it has been almost three years now that the price of XRP has also and mainly been moved by the SEC’s lawsuit against Ripple, although that lawsuit has not yet reached a final outcome.
Suffice it to say that during the last major bull run in the crypto markets XRP, unlike almost all other top cryptocurrencies, failed to make a new all-time high.
XRP’s high remains that $3.4 recorded on January 7, 2018.
Despite this, XRP also made a resounding 2021 bull run, however, held back greatly by the SEC lawsuit.
This can be clearly seen by analyzing the price trend in the very days when news of the lawsuit broke, in late 2020, just as Bitcoin’s bull run was starting. The price of XRP dropped from $0.7 to $0.2, at the same time that Bitcoin was going from $18,000 to $25,000.
It is also no coincidence that while many cryptocurrencies hit their 2021 annual high in November, XRP did so in April at $1.9, ending the year at about $0.8.
What is more interesting, however, is what happened after the May 2022 crash.
In fact, the price dropped all the way below $0.4 and then fell again in June to $0.3. Since then not only has it not fallen below that threshold again, but in fact, by early November it had risen again to $0.5.
Unfortunately, in recent days it has fallen below $0.4 again, but it is still at a higher level than the annual low in June. In the same period, Bitcoin fell from $17,500 to $15,500, then rose again to $16,500.
So since the May crash, XRP’s price has been holding up better than Bitcoin. Previously, however, it had lost more, so that as of today it is -89% from all-time highs.
While XRP still ranks seventh overall among cryptocurrencies with the largest market capitalization, Litecoin over the years has fallen to 18th place, after also being second behind only Bitcoin during the early years of the market’s existence.
The year 2021 has been a very good year for LTC’s price, so much so that it recorded its all-time high on May 10, 2021 at $410.
However, if Bitcoin in the fall of last year made a new bull run, Litecoin was decidedly weaker. Suffice it to say that the peak high in November 2010 was even lower than $280.
This means that Litecoin has been in a downtrend for more months than Bitcoin, in much the same way as XRP.
2021 closed below $150, and after the May 2022 collapse, the price of LTC had fallen as low as $66.
In June it also fell to $43, but it has not fallen that low since.
On the contrary, the current price of $63 is back in line with the May lows, so much so that it has recovered almost all the losses accumulated at the turn of May and June.
The curious thing is that the price of LTC usually mostly follows that of Bitcoin, partly because there is rarely any big news regarding the Litecoin project that would affect its value. Nevertheless, in recent months LTC has performed better than BTC.
Perhaps the reason is that during the first six months of 2022 it had really lost a lot, so much so that even now it is -85% from its all-time highs. There is, however, to add that next year there will be the halving of LTC, and perhaps it is with this in mind that the selling pressure in recent times has come down.
Strong doubts remain, however, about the future of Litecoin, since it is a project that does not seem to be evolving anymore, and on a technological level it seems dated. Moreover, it started out as a transactional alternative to BTC, that is, for quick and cheap payments, but with Lightning Network this use of it has become outdated.
It must be said that its market capitalization of about $4.5 billion makes it quite obvious that it is no longer a top cryptocurrency.
Quant Network (QNT)
A completely different argument applies to QNT, or the Quant Network token.
Not only is it not a cryptocurrency but a token on Ethereum, but it has only existed since 2018. Ripple and Litecoin date back to the early years of cryptocurrency existence, namely 2011/2012.
Quant Network is a project that aims to create a blockchain that allows interoperability across different networks. In fact, it enables the creation of so-called mDapps, which are decentralized applications that can operate simultaneously on multiple blockchains.
The boom QNT’s price had in 2021 was resounding.
In late 2020, before the bull run started, its price was about $12, but by February 2021 it had already risen to $40.
The real big boom, however, came between July and September 2021, when it shot up to $428.
This was a real surge, very large and definitely rapid, but it was followed by a real thud. In fact, as early as December it had fallen to $160, and in January 2022 it even fell back below $100.
However, since the spike in July, August, and September was really abnormal, it is worth taking the price level of late 2020 and that of February 2021 as a reference for comparisons.
In fact, while the current price is 71 percent lower than the all-time high, it is still far higher than those before the spike.
Indeed, it is higher even than that of January 2022, as the current price is around $120.
It is therefore one of those tokens whose price trend follows that of the crypto markets but behaves autonomously at times.
Suffice it to say that the 2022 annual low touched in June was $46, which is far below the current values. On the contrary, this year’s low is also higher than the February 2021 price, the one touched after the first phase of last year’s bull run, and was also far higher than the $12 low of late 2020.
In addition, since June the price of QNT is reported to have risen 160 percent, at the height of the bear market.
The fact is that this is still a very young and very volatile token, with large and violent excursions that can also run counter to the rest of the crypto market.