Best performing cryptocurrencies in May 2022

Publish Date 01 Dec 2021
Blockchain / 5 Min Read
Alex Lielacher / Last Update 31 May 2022

The crypto bear market continued in May, fueled by the shocking crash of UST and LUNA.

Amidst the plummeting market, some cryptocurrencies managed to break out, generating impressive returns for investors despite the negative market sentiment.

Keep reading to discover the best-performing crypto assets in May.

Best performing cryptocurrencies in May 2022

Below, you will find a list of the best performing cryptocurrencies in May.

1. Wirex Token (WXT)

2. Tron (TRX)

3. NEST Protocol (NEST)

4. Sapphire (SAPP)

5. Ellipsis (EPS)

6. BinaryX (BNX)

7. Chain (XCN)

8. Wemix (WEMIX)


Performance (MTD)

Performance (YTD)

Market Capitalisation

Wirex Token (WXT)




Tron (TRX)




NEST Protocol (NEST)




Sapphire (SAPP) 13.832%



Ellipsis (EPS) 8.659%



BinaryX (BNX) 4.98%



Chain (XCN) 3.317%



Wemix (WEMIX) 91.84%



Source: Coinmarketcap


Best performing crypto this month

1. Wirex Token (WXT)

Market capitalisation: $118,962,795

MoM %: 44.14%

YoY %: 29.22%

Wirex Token is a multi-blockchain token that runs on both the Stellar Network and blockchain. The token was launched by crypto company Wirex to reward its customers and integrate its platform into the DeFi ecosystem. WXT holders can get up to 12% APR via the Savings Bonus feature on Wirex. While customers can get up to 4% of their transactions back in WXT whenever they use their Wirex debit card online. 

Wirex Token entered the month with a bullish momentum, continuing its steady growth from April until its price experienced a slight decline in the week of the UST-LUNA crash before recovering again.

WXT is the 195th largest cryptocurrency by market capitalisation.


2. Tron (TRX)

Tron (TX) logo

Market capitalisation: $8,027,337,150

MoM %: 23.39%

YoY %: -8.128%

TRX is the native token of the proof of stake blockchain, Tron. The surge in the price of TRX can be attributed to the launch of an algorithmic stablecoin, Decentralised USD (USDD), by Tron founder, Justin Sun, and the Tron DAO. Following news of its launch, investors accumulated TRX tokens to enable them to test out the stablecoin and its eye-catching 30% interest rate. 

TRX jumped to its highest level on May 5, since December 2021, before moving further to about 0.09087 on May 9, which was its highest price in the month.

TRX is currently the 14th largest cryptocurrency by market capitalisation.


3. NEST Protocol (NEST)

Market capitalisation: $99,473,070

MoM %: 16.720%

YoY %: 116.182%

NEST Protocol is a decentralised price oracle for DeFi platforms on Ethereum, Polygon, and Binance Chain. The price of NEST ended in the green zone with a bull run in the last half of the month to cover up earlier losses. 

NEST's price increase comes following several strategic referral programs and giveaways on its Twitter platform. Additionally, NEST Protocol was nominated in the Kucoin Top 5 Unicorn Projects.

NEST currently ranks 277th among top cryptocurrencies by market capitalisation.


4. Sapphire (SAPP)

Market capitalisation: $413,171,668

MoM %: 13.832%

YoY %: 226.665%

Sapphire Coin, "a coin from doers for doers" as it's called by the Sapphire team, aims to only reward trustworthy partners who contribute to the project with the token. Sapphire aims to establish the use of Sapphire Coins in the real economy by maintaining stability, money supply control, and real value creation.

The price of Sapphire was moving upward steadily from May 11th, clearing off losses caused by the effect of the UST-LUNA crash on the entire crypto market. On May 16th, it reached an all-time high of 0.8072.

Sapphire Coin currently occupies the 220th spot among top cryptocurrencies by market capitalisation.


5. Ellipsis (EPS)

Market capitalisation: $146,500,083

MoM %: 8.659%

YoY %: -84.169%

Ellipsis finance is an authorised fork of the popular Curve Finance, providing features of Curve's StableSwap to users on the Binance Chain. Ellipsis was on a bearish trend in the first half of the month alongside the general crypto market. Its price started showing bullish signs on May 16th, as it went on to achieve a 60% increase in the last lap of the month.  

The price surge may be attributed to increasing awareness of Ellipsis 2.0, which will bring other dimensions of Curve - reward gauge voting, reward weight voting, reward boost - to Ellipsis. Users should take note of Ellipsis' migration to a new token, EPX. According to information on their Medium account, each user will receive 88 EPX tokens for each EPS token they migrate.

Ellipsis finance (EPS) currently ranks 167th among the top cryptocurrencies by market capitalisation.


6. BinaryX (BNX)

Market capitalisation: $238,127,162

MoM %: 4.98%

YoY %: 2,219.80%

Binary X, initially a decentralised derivative trading protocol, is the project behind the CyberDragon play-to-earn (P2E) game on BNB Smart Chain. Binary X brings its experience in DeFi to the Metaverse by combining DeFi elements into a classic MMORPG on CyberDragon. All characters and items in the game exist as an NFT, meaning players can earn real money for playing the game. 

BNX made a sharp upshoot on May 14th, which saw its price trading around $143 before moving back down. Reasons for the price increase may be BNX being listed on Bitpanda, live stream sessions with the BNB Chain, and the launch of its backed Cyber Arena game.

As of the time of writing, BNX sits at number 230 among top cryptocurrencies by market capitalisation.


7. Chain (XCN)

Market capitalisation: $1,773,804,707

MoM %: 3.317%

YoY %: 52.710%

Chain is a private blockchain-based cloud infrastructure for building financial services. The company currently runs two services - Chain Core, an open-source permissioned blockchain and Sequence, its ledger-as-a-service platform that allows organisations to tokenise their financial assets. The XCN token serves utility and governance purposes by helping clients receive discounts, pay for commercial fees, access premium features, and participate in community protocol governance.

The crypto market dump affected the price of XCN all through the month, but it managed to pull in a little price increase. The increase can be attributed to Chain sponsoring CoinDesk's Consensus 2022 and XCN going live on BNB Smart Chain.

XCN ranks 206th among top cryptocurrencies by market capitalisation.


8. Wemix (WEMIX)

Market capitalisation: $550,565,933

MoM %: 91.84%

YoY %: 466.136%

Wemix is a blockchain platform that employs a mixture of both private and public blockchains to scale blockchain-based games and DApps. The platform lowers the barrier of entry for traditional gamers by providing a middleware that handles blockchain functions of games. Wemix also provides crowdfunding solutions to reduce costs for new users. After crashing from April into the first half of May, WEMIX sprung up recording over a 120% increase within the last two weeks of the month. 

The price surge in WEMIX can be attributed to the announcement of its platform being approved by the Vietnamese Ministry of Home Affairs, Wemix CEO, Henry Chang buying back WEMIX tokens with his salary, and the announcement of the launch of WEMIX Stablecoin, WemixDollar, on June 15, 2022.

WEMIX ranks at 216th by market capitalisation.

*Market capitalisation and price percentage as of May. 31th, 2022.

Recommended reading: What is tokenomics?


Which cryptocurrency is best to invest in 2022?

The best cryptocurrency to invest in is ultimately up to the trader and their risk appetite. There are many different options to choose from in the current market. Some investors prefer to focus on well-established currencies like Bitcoin and Ethereum, while others may be more interested in newer currencies with a lot of potential for growth in the years to come.

Why are there so many cryptocurrencies?

One of the reasons there are so many cryptocurrencies is because the crypto market has become a lot more mainstream in the past 5 years and acceptance of cryptocurrency is at an all time high.

It seems like every few months, another new cryptocurrency hits the market. With so many different options to choose from, it can be hard to understand what makes one digital currency unique from another. Some of these new coins are promising and innovative, while others seem to be little more than a thinly-veiled attempt at scamming unsuspecting investors. Conducting your own due diligence on cryptocurrency is crucial for all investors.

What cryptocurrencies can be traded with Axi?

With Axi, you can trade 11 cryptos as cryptocurrency CFDs, allowing you to speculate on whether to price will rise or fall. Some of the most popular include Bitcoin, Ethereum, Cardano and Dogecoin.

Further reading

Crypto CFDs CTA box

Keep up to date on the monthly trends of cryptocurrencies with Axi and start trading crypto CFDs today!

Alex Lielacher

Cryptocurrency Content Contributor

Alex Lielacher is a ‘banker-turned-bitcoiner’ who exchanged the bond trading desk for a laptop in a co-working space to provide engaging and educational content for leading companies in the blockchain technology space.



The information is not to be construed as a recommendation; or an offer to buy or sell; or the solicitation of an offer to buy or sell any security, financial product, or instrument; or to participate in any trading strategy. Readers should seek their own advice. Reproduction or redistribution of this information is not permitted.

Cryptocurrencies (such as Bitcoin) are extremely volatile and can move or jump in price with no apparent reason due to lack of liquidity and ad hoc news. There is little or no fundamental reasoning behind its pricing and as such trading CFDs in cryptocurrencies poses a significant risk to clients. For any Cryptocurrency CFDs that we limit to Monday – Friday trading, it is important to note that the underlying market will continue to trade over the weekend, meaning there could be a significant price change between Close of Business on Friday and open for business on Monday. Therefore, these symbols should be traded by clients with sufficient experience to  understand that, subject to negative balance protection (where available), they risk losing all their investment, or more, in a  short period of  time, and only a very  small part of their portfolio should be allocated.

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