Here Are the Top 10 Crypto Performers of 2022 So Far

2020 and 2021 were boom years for cryptocurrencies. The stay-at-home nature of the pandemic prompted a surge in interest and demand for a broad range of cryptocurrencies, leading to meme coins like Dogecoin and Shiba Inu soaring and big gains for top cryptos like Bitcoin and Ethereum. Non-fungible tokens (NFTs) also went mainstream, with some selling in the tens of millions of dollars.

However, that surge has mostly cooled off this year. As of March 31, Bitcoin is flat year to date, while Ethereum is down 9%.

Despite that slowdown, there are still some crypto winners this year. Out of the 100 biggest cryptos, here's a countdown of the 10 biggest gainers through the first quarter.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Terra (CRYPTO: LUNA) is the largest cryptocurrency on this list and the only one in the top 10 that has made gains this year.

The coin has attracted investors in 2022 by demonstrating increasing utility. Terra is a blockchain network that specializes in creating stablecoins, and it has a number of stablecoins that track different fiat currencies. The native token in Terra is Luna, and it gains value as interest in Terra's stablecoins grow. Holders of Luna help regulate the price of the stablecoins as they exchange Luna tokens for TerraUSD, for example, when the price is above $1.

Because of its stability, Terra is a more viable payment solution than other cryptocurrencies, and it's also used in staking, allowing holders to collect fees. Through March 31, it's up 19.4% this year.

ALSO READ: 3 Reasons Terra Is Going to Have a Big 2022

Zcash (CRYPTO: ZEC) is a decentralized cryptocurrency focused on privacy and anonymity. As an anonymous cryptocurrency, Zcash offers an extra level of privacy and security beyond most cryptocurrencies, which are pseudonymous. With cryptos like Bitcoin, users don't have to reveal their identity but still must use a public address. Zcash transactions, on the other hand, don't reveal the sending and receiving addresses.

It makes sense that Zcash soared when Russia invaded in Ukraine, doubling since then, as an anonymous cryptocurrency like Zcash would be sought after by Russians looking to hide their money and avoid sanctions.

So far this year, Zcash is up 21.6%.

FTX Token (CRYPTO: FTT) is the native token for FTX, a crypto derivatives trading platform. It's not uncommon for cryptocurrency exchanges to offer their own tokens like Crypto.com coin or Binance coin. For these exchanges, the token itself tends to represent the strength of the exchange, as using it on the exchange often confers benefits.

FTX token claims to offer unique features like clawback prevention and trading in leveraged tokens such as 3x Bitcoin. The exchange was built by some of the biggest crypto traders to avoid problems on other exchanges.

Through March 31, it's gained 26.8%, showing that the FTX exchange is gaining interest.

ALSO READ: The Future of Cryptocurrency

Iost (CRYPTO: IOST) just made the top 100 largest cryptos with a surge over the past few days. Iost aims to differentiate itself by being an ultrafast decentralized blockchain network with its own nodes, wallets, and a consensus protocol it calls proof of believability. The platform is so fast it claims it can process 100,000 transactions per second, compared with Ethereum, which can only handle 20.

Iost currently has over 18 billion coins with a maximum supply of 90 billion coins.

As of March 31, the crypto was up 34.4% for the year.

Ethereum Classic (CRYPTO: ETC) was created by a hard fork from Ethereum in 2016 after 3.6 million ETH was stolen in a hack. Ethereum Classic did not revert the blockchain to cancel out the effects of the hack, and it has continued to become more differentiated from Ethereum over time.

Its goal is to maintain the Ethereum blockchain as it originally was. Notably, Ethereum Classic has outperformed Ethereum this year, showing some interest coming back to the traditional blockchain.

Through the first quarter of 2022, the cryptocurrency has gained 37.8%.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

Unus Sed Leo (CRYPTO: LEO), whose name is a Latin translation of one of Aesop's fables, is a utility token for the Bitfinex cryptocurrency exchange. Users use it to save money on trading fees, and those savings increase based on how much Leo they have in their accounts.

The token surged in February in the aftermath of the seizure of 100,000 Bitcoin from two Bitfinex hackers who attacked the exchange in 2016.

The news seemed to draw attention to Bitfinex, which was beneficial to the Leo token.

So far this year, it's up 53.9%.

ALSO READ: How to Invest in Cryptocurrency

THORChain (CRYPTO: RUNE) has attracted attention this year as one of the top performers in crypto. The protocol allows users to swap cryptocurrency assets in a permission-less setting, and Rune is the native utility token.

The cryptocurrency surged earlier in March when it activated synthetic assets on its network. Synthetic assets are derivative tokens of other digital assets, and the move helped lower transaction fees and add utility to Rune.

The blockchain has more launches planned for later this year, and investor interest is clearly building with the coin up 70% through the first quarter.

Zilliqa (CRYPTO: ZIL) is another cryptocurrency that has made headway this year and is an ultrafast blockchain protocol. It's a permission-less, public blockchain that can process thousands of transactions. It hosts a number of decentralized applications and is also used for staking and yield farming.

Zil is the native token of Zilliqa, and it soared at the end of March after scoring a partnership for its new metaverse-as-a-service platform. Zilliqa will power the upcoming metaverse project Metapolis.

The metaverse is the next frontier in cryptocurrency, and exposure could be a huge driver for a token like Zil.

ALSO READ: Why Zilliqa Has Gained 270% This Week

Waves (CRYPTO: WAVES) is an uncapped supply token for the blockchain platform of the same name.

The currency has soared in recent weeks thanks to an update and a short squeeze.

The platform launched Waves 2.0 and a $150 million fund. Additionally, an app built on top of the Waves platform, Neutrino, has also played a role in the coin's surge. Neutrino allows the creation of decentralized stablecoins that collateralize Waves tokens, and a jump in Neutrino tokens helped lift the value of Waves.

It's unclear if the rally will be sustained, but there are a number of catalysts in Waves' favor.

The most successful cryptocurrency of the year is the little-known Stepn (CRYPTO: GMT), which is up a whopping 1,526% through the first three months of the year.

Stepn is a green metaverse token that users buy in the Stepn app in order to access certain features in that virtual world. Users can also earn rewards by using NFT sneakers in the app as the game is associated with taking steps.

Stepn only launched a few weeks ago, and its positioning as a green asset in a sector often blamed for excessive power consumption seems to have helped drive the boom.

5 Stocks Under $49
Presented by Motley Fool Stock Advisor
We hear it over and over from investors, “I wish I had bought Amazon or Netflix when they were first recommended by The Motley Fool. I’d be sitting on a gold mine!" It's true, but we think these 5 other stocks are screaming buys. And you can buy them now for less than $49 a share! Click here to learn how you can grab a copy of “5 Growth Stocks Under $49” for FREE for a limited time only.

This list is a reminder that the cryptocurrency world is changing quickly, and you're likely to see a new set of winners each year, or even each quarter.

The cryptocurrencies mentioned point to a number of trends in the metaverse, ultrafast transaction processing, and new ways to use cryptocurrencies. While none of these coins are going to surpass Bitcoin or Ethereum anytime soon, you could find the next big winner in this top 10 list.

Jeremy Bowman owns Ethereum. The Motley Fool owns and recommends Bitcoin, Ethereum, and Terra. The Motley Fool has a disclosure policy.