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Cryptoassets of the Month: October 2022

Digital Investing and CryptoCryptoassets of the Month: October 2022

Every month, the 21Shares research team will present the cryptoassets of the month that increased or dropped in value by more than 15%. With a data-driven approach, we highlight the most important developments and events causing price movements.

Figure 1 – 30-Day Performance: Cryptoassets of the Month vs. Traditional Asset Classes

Data Source: Messari and Yahoo Finance, from 16-Sep-2022 to 16-Oct-2022 (Close Price)

XRP Ledger (XRP) 34.37% Up

XRP rose 34.37% over the past month as investors speculate that its legal battle against the SEC seems to be nearing its end. In December 2020, the SEC filed a lawsuit against Ripple, arguing that XRP satisfies the Howey test’s requirements and is thus a security under U.S. laws. On September 17, both parties agreed to forgo a trial, opting for a summary judgment that could happen before year-end. In addition to court-related developments, on October 17, RippleX announced that XRP Ledger is testing its first EVM-compatible sidechain to bring Ethereum smart contracts to the XRP ecosystem.
Image 21-09-22 at 12.45 (1)

Fantom (FTM) 16.60% Down

Fantom’s native token FTM traded down 16.60% over the past month. Despite the negative market sentiment, there have been some exciting developments. On October 3, the Fantom Foundation partnered with Moralis and Google Cloud to offer developers $25,000 in prizes for building DeFi applications on Fantom. In addition, the governance proposal to reduce annual staking yield from about 13% to 6% was successfully passed on October 5.
ADA logo

Cardano (ADA) 22.11% Down

Cardano’s native token ADA traded down 22.11% over the past month, underperforming the broader market. On September 22, Cardano’s long-anticipated Vasil upgrade triggered, enabling increased network capacity, higher throughput, and lower transaction costs on the smart contract platform. Furthermore, EMURGO – a business incubator and founding member of Cardano – announced a $200 million investment in the Cardano ecosystem over the next three years.
Image 21-09-22 at 12.26

Cosmos (ATOM) 29.52% Down 

The Cosmos Hub’s native token ATOM traded down 29.52% over the past month despite the anticipated release of the network’s new roadmap, intended to make ATOM the preferred reserve asset in the Cosmos ecosystem. In another exciting development, Circle announced that it plans to make USDC accessible on Cosmos via a neutral asset issuance chain that leverages the Inter-Blockchain Communication (IBC) protocol and the Hub’s Interchain Security.