"It seems that all these cryptos can be recovered, right?"
After the cryptocurrency market fell for quite a long period, many cryptocurrencies listed as high potential prospects also lost ground.
For example, eight of the top 10 digital assets on May 5, 2013 have now been destroyed including freicoin (FRC), terracoin (TRC) and devcoin (DVC).
The following are among the five cryptos that plunged drastically and had bad luck in 2022 following the 'market crash' situation.
Celsius (CEL)
On January 1, 2022, CEL was trading at $4.26, at which time it was the 93rd largest crypto by market capitalization but CEL, a crypto lender, went bankrupt when it advertised ERC20 tokens to support its network.
Even so, CEL on June 13, 2022 stopped all its operations and 30 days later filed for bankruptcy protection.
Since then, ERC20 is trading at $0.48, which is 88.73% lower than its value in 2022. While the latest news revealed that Novawolf Digital Management acted as the sponsor of the CEL all-company arrangement plan.
Terra (LUNA)
LUNA on January 1, 2022 was the ninth largest crypto with a market cap of $31.86 billion which was traded at $88.08 but now its price has fallen to $0.00016135 and is ranked 55th.
Following that, LUNA launched a new crypto called LUNA Classic (LUNC) but there are still individuals who support the old version of the digital asset even though the founder of LUNA named Do Kwon was charged by the Securities and Exchange Commission (SEC) of the United States (US) for defrauding investors and until now still being hunted.
HUSD
HUSD is a stablecoin that has been based on the US dollar since September 19, 2019, but was no longer backed on the US dollar in October 2022 and is now at the price level of $0.135. Although HUSD is no longer a stablecoin and is only listed on a few exchanges, it is found to have five transactions per day.
Voyager (VGX)
Having lost significant value since ceasing operations and filing for bankruptcy protection, VGX is now trading at $0.45 from $2.56 in January 2022.
Just like CEL, investors are holding on to VGX because they are confident that it will restructure its company to boost the price of the digital asset.
FTX (FTT)
Crypto exchange company FTX which went bankrupt in November 2022 has resulted in the underlying crypto FTT falling to $1.49 from $38.70 on January 1, 2022.
The price of FTT soared when the new Chief Executive Officer (CEO) of FTX named John J. Ray lll intends to update the company's operations.
