The year 2023 was one of the best years in the history of cryptocurrencies, as blue chip crypto tokens Bitcoin and Ethereum delivered their investors returns of over 155% and 90%, respectively. Meanwhile, the prices of some crypto coins (top 100 by market cap) increased by up to 9600% in 2023.
Apart from the world's top two cryptocurrencies, other popular crypto tokens like Solana remained on top with 965% returns. Avalanche (266%), Cardano (147%), Polkadot (96%), Tron (95%), XRP (82%), BNB (31%), Dogecoin (30%), and Shiba Inu (30%) were other top tokens.
Meanwhile, as far as the top 100 cryptocurrencies are concerned, BONK remained the top crypto gainer in 2023 with an increase of over 9600%. Injective (2,923%), Tellor Tributes (2200%), Kaspa (2,198%), Render (1,051%), and Marinade staked SOL (1,038%) were among the other top 100 cryptocurrencies, according to data available on CoinGecko.
Crypto Tracker
5.08%
On the other hand, EOS, TrueUSD, Dai, and Tether remained the top losers in 2023.
The collective market capitalization of cryptocurrencies at the end of 2023 was $1.66 trillion. The rise in crypto prices began when BlackRock, the world's leading asset manager with more than $9 trillion in assets under management, filed for Bitcoin spot ETF.
Shivam Thakral, CEO of BuyUcoin, said, "We have witnessed very encouraging numbers in terms of growth. The total market capitalization has increased by around 60% year-to-date. This growth was driven by factors like institutional adoption, DeFi's rise, and NFT popularity. Bitcoin, the world’s largest digital asset by market cap is up by 155% at the time of writing, which makes Bitcoin one of the best-performing asset class of 2023."
Stating the performance of crypto in 2023, Rajagopal Menon, Vice President of WazirX, said, "2023 was a year of recovery and expansion in the crypto market. The market had bottomed out, and its subsequent rise indicates a rebound. The growth in areas like crypto gaming and the increased developer interest in platforms like Solana are also worth noting."
As the year 2023 is about to end, here's what experts think crypto look like in 2024
Edul Patel, CEO and Co-founder of Mudrex
The year 2024 looks promising for cryptocurrencies because of two important things. First, there's a chance that Bitcoin spot ETFs might get approved, attracting big investors. Second, there's the Bitcoin Halving, which happens every few years and is scheduled for April 2024. This event could change how much Bitcoin is around, affecting its price. With these two events, 2024 could be an exciting year for the crypto market.
Manhar Garegrat, Country Head India & Global Partnerships at Liminal
The convergence of regulatory frameworks, technological advancements, and global economic shifts will undoubtedly shape the trajectory of the crypto market in 2024. Bitcoin has always been looked at as a hedge against inflation, so any movements on that front typically have a high impact on the crypto market. As central banks across the world deal with inflation and deflation, Bitcoin will continue to rally as an alternative investment option.
Sumit Gupta, Co-Founder CoinDCX
As we look towards 2024, optimism is fueled by several emerging trends, including the potential approval of a US spot Bitcoin ETF and the upcoming Bitcoin halving, both holding significant implications for market dynamics. Furthermore, the growing real-world applications of Web3 and the anticipation of global regulatory clarity are expected to bolster confidence and drive substantial user growth, attracting further capital inflow and shaping future price behavior.
Parth Chaturvedi, Investments Lead, CoinSwitch Ventures
Looking ahead to 2024, we anticipate that faster and more scalable Layer-1 chains, real-world asset tokenization, and the convergence of traditional (TradFi) and decentralized finance (DeFi) will propel the ecosystem further.
We are hopeful to see more efficient Layer-1 solutions, and powerful Layer-2 rollups, addressing scalability challenges and ushering in a new era of blockchain applications. Furthermore, advancements in tokenization protocols will unlock investment opportunities for both individual and institutional investors.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
