As 2023 is drawing to a close, the cryptocurrency market is once again in the green zone.
The year 2023 presented a mixed outlook for the cryptocurrency market. Initially dealing with the fallout from the rapid collapse of the FTX crypto exchange, by the end of the year investors found themselves in a favorable position. Several altcoins experienced levels of growth not seen in the crypto community for years.
Below are the top six winning cryptocurrencies in 2023.
Bitcoin: Highest Yield Cryptocurrency
Bitcoin (BTC) is the most popular and expensive cryptocurrency, cementing its position as one of the biggest winning cryptocurrencies this year. Bitcoin’s market capitalization is currently the highest and comprises more than half of the market capitalization of the entire cryptocurrency sector. This means that most cryptocurrency users invest in Bitcoin or hold their assets in this cryptocurrency.
Since the beginning of the year, the value of the main cryptocurrency has increased by more than 163%, tripling its price at the beginning of January. Furthermore, Bitcoin rose to its highest level in December since April 2022.
Best Performing Altcoins
Cardano. Interest in ADA did not begin to increase until early 2023. On January 4, 2023, the coin was valued at just $0.29. Since then, the price of the coin has surpassed $0.59 per token and continues to rise. Since the beginning of the year, the value of the ADA token has increased by more than 147%.
Ripple. For one of the most prominent altcoins in the cryptocurrency market, XRP, 2023 was like riding a roller coaster. This was facilitated by several positive and negative events, which mainly revolved around the protracted legal battle between Ripple and the Securities and Exchange Commission (SEC). After Ripple’s partial victory, the token showed explosive growth to $0.82. In one year, it increased by 80%.
Tron. This network gained recognition after Samsung officially integrated its blockchain into Samsung’s keystore in early 2020.
In the past month, Tron has been gaining ground, especially in USDT transactions, despite not being the largest or most recognized blockchain in the world. Google Trends shows that global interest in USDT on Tron is as high as USDT on Ethereum over the previous year.
Ethereum. It is a promising altcoin acclaimed for its innovative approach. Ethereum (ETH) is not just a cryptocurrency but a complete platform for developers.
The popularity of ETH in the current year is evident in its rising price. Since the beginning of the year, the currency has grown more than 96%.
Solana. (SOL) hit a new yearly high of $95.4 in late December. Since the beginning of the year, the price of the token has increased by more than 711%, making SOL one of the top-performing cryptocurrencies.
Despite pessimistic forecasts, Solana survived and began to recover. Experts attributed the project’s “survivability” to the team’s use of stress testing to resolve bugs.
What Awaits the Crypto Community in 2024
In the second half of 2024, the price of the first cryptocurrency is expected to grow and strengthen. If Bitcoin hits $100,000 in December, Satoshi Nakamoto is more likely to be named Time Magazine’s “Person of the Year,” according to VanEck. However, Ethereum will not be the leader in the cryptocurrency race, but it will “outperform all technology stocks.”
In a recent report, Matrixport analysts predicted that the price of Bitcoin will rise to $63,140 in April 2024 and $125,000 by the end of the following year.
By Audy Castaneda
