SOL, ADA, AVAX, XRP or BTC – Who Performed Best in 2023 (New Year Market Watch)
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.
BTC’s 156% Annual Increase
CryptoPotatoGeneral Market Watches focus on short-term price movements, but in this special article for January 1, we decided 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.
In 2023, it started below $17,000 but quickly began to rise in price, retracing $20,000 by mid-January. Apart from a few pullbacks towards this coveted line, BTC has never fallen below this level 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.
Similarly, if not more so, there are plenty of indicators that suggest 2024 will be bullish. For now, let’s focus on the present and report that BTC’s price at the beginning of 2024 is around $42,500, with its market cap just north of $830. billion and its dominance over altcoins stands at just over 50% on CMC.
In which sub-lists did it rank 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 more impressive than 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 woes and CZ’s resignation.
Total crypto market cap more than doubles in 2023, from less than $800 billion to more than $1.6 trillion.
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