Crypto investors haven't had the best of years so far.
Bitcoin (CRYPTO: BTC), the world's top crypto by market cap, is down 35% since 1 January.
The number two token, Ethereum (CRYPTO: ETH), has slipped even further, down 38% year-to-date.
Most of the top-100 cryptos are down as much or far more for the calendar year. (Save the stablecoins, which are either up or down a fraction of a percent.)
In fact, it's been such a tough slog for crypto investors that only one of the top-100 tokens has returned more than 1% this year.
And that token is…
UNUS SED LEO (CRYPTO: LEO)
Image source: Getty Images
LEO defies selloff
While the rest of the cryptos went the other direction, LEO has gained an impressive 44% in 2022.
Up 4% over the past 24 hours, LEO is currently trading for US$5.41.
At that price the token has a total market valuation of US$5.2 billion, making it the number 23 crypto in virtual circulation.
Launched in May 2019, LEO hit all time highs earlier this year, trading for $8.04 on 8 February. It's lost 33% since those highs.
According to CoinMarketCap:
LEO is a utility token that's used across the iFinex ecosystem… The cryptocurrency allows Bitfinex users to save money on trading fees. The extent of the discount depends on how much LEO the customer has in their account.
One of the unique aspects about this crypto is that it was designed to eventually cease to exist. "A token burn mechanism means iFinex is committed to buying back UNUS SED LEO from the market on a monthly basis."
iFinex states that the burn mechanism will continue until all of the tokens have been redeemed.
Diversify your crypto holdings
With an eye on the wildly different returns offered by the huge variety of cryptos on offer, we leave you with this advice from Richard Galvin, CEO of Digital Asset Capital Management (courtesy of the Australian Financial Review):
Our view is that only holding bitcoin as your crypto exposure would be like buying BHP Group Ltd (ASX: BHP) as your Australian equity exposure.
We wouldn't say it is a good or a bad idea in of itself, but the opportunity set is far, far wider in our view. Our Global Digital Asset Fund usually holds eight to 12 key active positions in different coins or tokens, and we feel confident that this will outperform bitcoin and ethereum as single holdings over time.
Happy investing!
