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Cryptocurrency News: The Best & Worst Performing Cryptocurrencies in 2023. Do You Own Any?
2023 has been one of the best years in the history of cryptocurrencies as blue chip crypto tokens Bitcoin and Ethereum have given their investors returns of over 155% and 90% respectively. Meanwhile, the prices of some cryptocurrencies (the top 100 by market cap) have increased by up to 9600% in 2023. Apart from the top two cryptocurrencies in the world, other popular crypto tokens such as Solana have remained on top with returns of 965%. Avalanche (266%), Cardano (147%), Polka dot (96%), Tron (95%), Exchange rate risk (82%), BNB (31%), Dogecoin (30%) and Shiba Inu (30%) were the other most popular tokens.
Meanwhile, among the top 100 cryptocurrencies, BONK remained the top gainer in 2023 with a gain of over 9600%. Injective (2,923%), Tellor Tributes (2200%), Kaspa (2,198%), Render (1,051%), and Marinade staking SOL (1,038%) were among the other top 100 cryptocurrencies, according to data available on CoinGecko.
On the other hand, EOS, TrueUSD, Dai, and Tether remained the biggest losers in 2023.
The collective market capitalization of cryptocurrencies at the end of 2023 was $1.66 trillion. The surge in cryptocurrency prices began when BlackRock, the world’s largest asset manager with over $9 trillion in assets under management, filed for a Bitcoin spot ETF.
Shivam Thakral, CEO of BuyUcoin, said: “We have seen very encouraging numbers in terms of growth. The total market cap is up about 60% year-to-date. This growth has been driven by factors such as institutional adoption, the rise of DeFi, and the popularity of NFTs. Bitcoin, the world’s largest digital asset by market cap, is up 155% at the time of writing, making Bitcoin one of the best-performing asset classes of 2023.”
Stating the performance of cryptocurrencies in 2023, Rajagopal Menon, Vice President of WazirX, said, “2023 was a year of recovery and expansion in the cryptocurrency market. The market had bottomed out and its subsequent growth indicates a rebound. It is also worth noting the growth in sectors such as crypto gaming and the growing interest of developers in platforms such as Solana.”
As 2023 comes to a close, here’s what experts think cryptocurrency will look like in 2024
Edul Patel, CEO and co-founder of Mudrex
The year 2024 looks promising for cryptocurrencies for two important reasons. First, there is the possibility that spot Bitcoin ETFs could be approved, attracting large investors. Second, there is the Bitcoin Halving, which happens every few years and is scheduled for April 2024. This event could change the amount of Bitcoin in circulation, affecting its price. With these two events, 2024 could be an exciting year for the cryptocurrency market.
Manhar Garegrat, Country Head, India & Global Partnerships at Liminal
The convergence of regulatory frameworks, technological advances, and global economic changes will undoubtedly shape the trajectory of the cryptocurrency market in 2024. Bitcoin has always been considered a hedge against inflation, so any movement on that front will typically have a high impact on the cryptocurrency market. As central banks around the world deal with inflation and deflation, Bitcoin will continue to grow as an alternative investment option.
Sumit Gupta, Co-Founder of CoinDCX
As we look ahead to 2024, optimism is fueled by several emerging trends, including the potential approval of a U.S. spot Bitcoin ETF and the upcoming Bitcoin halving, both of which have significant implications for market dynamics. Additionally, growing real-world applications of Web3 and the anticipation of global regulatory clarity are expected to bolster confidence and drive substantial user growth, attracting additional capital inflows and shaping future price behavior.
Parth Chaturvedi, Chief Investment Officer, CoinSwitch Ventures
Looking ahead to 2024, we expect faster and more scalable Layer-1 chains, the tokenization of real-world assets, and the convergence of traditional (TradFi) and decentralized finance (DeFi) to further drive the ecosystem.
We hope to see more efficient Layer-1 solutions and powerful Layer-2 rollups, addressing scalability challenges and ushering in a new era of blockchain applications. Additionally, advances in tokenization protocols will unlock investment opportunities for both individual and institutional investors.
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(Disclaimer: Recommendations, suggestions, opinions and views provided by experts are personal. They do not represent the views of Economic Times)