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| BTC | Bitcoin | $19,400 |
| ETH | Ethereum | $1,273 |
| LTC | Litecoin | $51.30 |
This yearâs downturn has been especially hard on Bitcoin. Since January, the price of BTC has fallen 60% to right around $19,400. Bitcoin is now more than 70% below its all-time high of $68,000 reached in November of last year. As confidence in the entire cryptocurrency sphere has been shaken, a crisis of confidence has arisen in Bitcoin, which serves as a bellwether for the entire digital currency sector. Yet there are people who remain bullish on BTC and are still adamant that it is only a matter of time before its price recovers to again test new, all-time highs.
It wasnât that long ago that many Bitcoin bulls were predicting the price would climb above $100,000. While reaching that level might take a long time, there are many crypto experts who continue to see a bright future for BTC, especially as it gains mainstream acceptance.
In recent months, companies ranging from Microsoft (NASDAQ:MSFT) to Burger King and AMC (NYSE:AMC) movie theaters have announced that they will accept payment in Bitcoin. Investors, too, seem to continue to be warming to digital coins and tokens. A recently released survey showed that 13% of Canadians hold Bitcoin, more than double last yearâs rate of 5%.
Many crypto advocates were expecting a monster rally by Ethereum (ETH-USD) once the infamous âMergeâ was completed in September of this year. Successfully concluded on September 15, the Merge transitioned Ethereum to a more energy-efficient, proof-of-stake protocol  from its previous energy-intensive proof-of-work operating model.
Industry experts called the upgrade to ETH a revolution for the entire cryptocurrency sector, one that is expected to cut the energy used to secure new Ethereum tokens by more than 99%. Ethereum remains the second largest and most valuable cryptocurrency.
The price of ETH nearly doubled in the summer months leading up to the switch to a proof-of-stake protocol. However, since mid-September, Ethereumâs price has pulled back hard and is down 19% in the past month. For 2022, the price of Ethereum is down 66% and hovering near $1,275. While the decline is disappointing, there are people in the crypto game who see Ethereum as the industry leader.
Not only is Ethereum now the most energy efficient cryptocurrency, but it also continues to have the most utility, given the role it plays in decentralized finance (DeFi) and smart contracts.
Around since 2011, Litecoin (LTC-USD) remains a top performing "altcoin." The latter means a cryptocurrency created from a fork in Bitcoin. Essentially, Litecoin has similarities with Bitcoin, but it has distinct differences that are designed to improve on the original design of BTC.
Today Litecoin is able to facilitate faster transactions than Bitcoin and is viewed by some people as a superior cryptocurrency. As with Ethereum, Litecoin offers a robust, peer-to-peer payment system that many cryptocurrency experts view as an important part of DeFi. Litecoin enables people to carry out financial transactions without the need for a bank, credit union, or other financial institution.
Like all cryptocurrencies, LTC has taken a shellacking this year. So far in 2022, Litecoinâs price has come down 66% to now trade at $51.30. In the last 12 months, the price has decreased 71%
In May 2021, the price of LTC peaked at nearly $347. While the decline is no doubt scary, investors should keep in mind that Litecoin is viewed as one of the more stable and industry-leading altcoins. As a result, it is more likely than most to survive the current crypto winter and come out stronger on the other side.
At $51.30 each, LTC is much more affordable right now than either Bitcoin or Ethereum.
On the date of publication, Joel Baglole held a long position in MSFT. The opinions expressed in this article are those of the writer, subject to the InvestorPlace.com  Publishing Guidelines.  Â
Joel Baglole has been a business journalist for 20 years. He spent five years as a staff reporter at The Wall Street Journal, and has also written for The Washington Post and Toronto Star newspapers, as well as financial websites such as The Motley Fool and Investopedia.
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