Solana has certainly turned heads in the last few months of 2023, but there are also some notable yearly gainers. With 2024 already here, all eyes are now focused on the next 12 months; Potential approval of a spot Bitcoin ETF in the US, the fourth BTC halving taking place in less than six months, and a slew of developments and activities regarding the altcoin. Still, it’s worth investigating the overall market performance of the largest and most popular cryptocurrencies in 2023; Because some of them, like Solana’s native token, have really made a name for themselves.
Bitcoin took the lead
With the data, it is necessary to review how the whole of 2023 went and, perhaps most importantly, how it ended. Bitcoin, the largest and first cryptocurrency, has led the way in price gains for most of the year. It started 2023 below $17,000 but quickly began to rise in price, reclaiming $20,000 by mid-January. Aside from a few pullbacks towards this coveted line, BTC has not fallen below this level even once since then.
Trying to break $30,000 was more difficult and actually took months for Bitcoin to achieve this. But when he put it in the rearview mirror, the uphill battle continued with great success and BTC even rose above $42,000 by the end of the year. The peak came in early December, when the asset hit a 19-month high of almost $45,000. BTC finished 2023 up 156% despite pulling back since the local high. This meant that Bitcoin outperformed almost all traditional financial assets such as the S&P 500, NASDAQ, and gold by a significant margin.
Solana was at the top
Although the year was dominated by Bitcoin bulls at one point, many altcoins finished 2023 strong with significant gains. But none were as impressive as Solana’s native token. Despite fears that FTX and Alameda might divest billions of dollars worth of SOL, the layer 1 blockchain became the center of the recent meme coin rally, with the token finishing the year above $100. This represented an annual increase of over 900%.
Other impressive annual gains include Avalanche (257%), Chainlink (170%), Bitcoin Cash (171%), ICP (240%), OP (291%) and Cardano (142%). STX, one of the mid-cap altcoins, remains afloat with a 600% annual increase due to the impact of the Ordinals craze. Other major altcoins such as ETH, XRP, DOGE, MATIC, and DOT have failed to outperform BTC and their annual gains are below 100%. Still impressive. BNB up 27% in 2023; This is still notable considering Binance’s regulatory issues and CZ’s resignation. Total crypto market cap more than doubles in 2023, from less than $800 billion to more than $1.6 trillion.
To be informed about the latest developments, follow us Twitter’in, Facebookin and InstagramFollow on . Telegram And YouTube Join our channel.