As 2023 enters sunset and 2024 quickly approaches, it’s time to look back at how the cryptocurrency market has performed as a whole, its biggest winners and its biggest losers. The top performers have recorded large price gains of approximately 1,000% to 3,000% in 2023. Its weakest participants have lost only double-digit percentages since the beginning of the year. This shows that things are generally positive for this sector. Let’s take a look at the top 3 altcoin projects from both groups.
The most profitable altcoin: Injective (INJ): 3.272%
Injective (INJ), in particular, attracted attention by increasing its value by 3,272% this year alone. The token is currently changing hands at $42. Meanwhile, INJ has gained 74.83% over the past week. It also showed an increase of 147.09% during the month. Thus, the altcoin convincingly ranks first in earnings.
Layer 1 Blockchain’s native crypto, which combines artificial intelligence (AI) and decentralized finance (DeFi), gained attention this summer when it became the only big winner amid the decline of most other top 100 assets and dominated the market, largely due to the AI hype that still persists.
Kaspa (KAS) ranks second among the gainers: 1.939%
Meanwhile, Injective is followed by Kaspa (KAS). KAS also achieved outstanding results, gaining 1,939% in the same period. However, the altcoin lost 10.48% in the last seven days. In addition, it decreased by 23.16% on its monthly chart. At the time of writing, the token was trading at $0.11.
Indeed, Kaspa has achieved this significant breakthrough year-to-date (YTD) despite harsh criticism from CyberCapital founder Justin Bons, who argued in November that the network lacked key features such as Turing-complete smart contracts or a proof-of-stake (PoS) consensus mechanism.
Another high-earning altcoin was Render (RNDR): 972%
Following Kaspa, Render (RNDR) gained an impressive 972% to its current price of $4.34. At the same time, KAS achieved a gain of 10.44% on the weekly chart. It also saw a slightly more significant increase of 19.63% over the previous 30 days, according to the latest data.
Meanwhile, cryptokoin.comRender Network, a provider of decentralized GPU-based rendering solutions, has partnered with cloud service io.net to expand its Decentralized Physical Infrastructure Network (DePIN) with more AI-focused GPU vendors. RNDR hit a new annual high a few weeks after that.
ApeCoin (APE) ranks first among the losers: 55%
On the losing side, ApeCoin (APE) has lost 55% of its value since the beginning of the year. The altcoin was changing hands at $1.63 at the time of writing. On the other hand, it saw an increase of 2.59% over the previous seven days. Additionally, APE recorded a gain of 13.92% on its monthly chart.
One of the reasons behind the underperformance this year of the Ethereum-based crypto token associated with the Bored Ape Yacht Club non-fungible token (NFT) collection may be the waning interest surrounding NFTs and meme coins in general, despite the promise of advancing the future of digital payments.
The second losing altcoin was PancakeSwap (CAKE): 31%
While not as bad as ApeCoin, PancakeSwap (CAKE) is down 31% through 2023. At the same time, the token has seen a 7.71% decline in the last seven days. Moreover, it recorded a loss of 15.02% in the last month. According to the latest data, CAKE’s current price is at $2.20.
However, the token losses of the well-known decentralized crypto exchange PancakeSwap occurred despite the network’s efforts to deliberately reduce the circulating supply and increase long-term value appreciation through an elaborate CAKE burning program.
Chiliz (CHZ), the last member of the losers’ club: 18%
Finally, there is Chiliz (CHZ), the native token of the fintech platform for the sports industry. The altcoin has lost 18% of its price since the beginning of the year. CHZ was trading at $0.08 at the time of writing. This represents an increase of 2.16% for the week. It also marks an improvement of 6.21% over the past month.
Indeed, despite starting the year on a positive note, Chiliz took a turn for the worse in May as investors began to lose confidence, the ecosystem increasingly struggled to attract new users, and long-term owners increased their sales activity.
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