As we reflect on the performance of various cryptocurrencies in 2023, it’s clear that some stood out from the crowd. While Bitcoin (BTC) led the charge for most of the year with a 156% surge, Solana’s native token (SOL) truly made a name for itself, experiencing a remarkable yearly gain of over 900%.
Other notable performers included Avalanche (AVAX) with a 257% increase, Chainlink (LINK) and Bitcoin Cash (BCH) both with gains of around 170%, and ICP (Internet Computer) and Opium (OP) with gains of 240% and 291% respectively. Cardano (ADA) also had a solid performance with a 142% increase.
However, larger-cap altcoins such as Ethereum (ETH), XRP, Dogecoin (DOGE), Polygon (MATIC), and Polkadot (DOT) couldn’t outperform BTC, with their annual gains remaining below 100%. Binance Coin (BNB) had a modest increase of 27%, which is noteworthy given Binance’s regulatory challenges and the resignation of its CEO.
Overall, the total crypto market cap more than doubled from under $800 billion to over $1.6 trillion by the end of 2023. With the start of 2024, the focus now shifts to the potential approval of a spot Bitcoin ETF, the upcoming BTC halving, and various developments and activities in the altcoin space.