The duo of Solana and Avalanche have been seen to be the top-performing crypto with 620% and 290% YTD price growth in 2023, as data presented by AltIndex.com has shown.
This is despite challenging economic and regulatory conditions, where many investors claimed the crypto market was dead. Cryptocurrencies made a serious comeback this year, with the world’s largest and most expensive digital coins, Bitcoin and Ethereum, seeing their prices rise high above last year’s level, growing by 152% and 85%, respectively.
But why has Bitcoin and Ethereum surprised many investors, that is nothing compared to the price growth of Solana and Avalanche, the top-performing cryptos among the top ten. While, Solana is the biggest crypto gainer in the top 10 clubs, with its price surging by a whopping 620% year-to-date, Avalanche follows with just as impressive 290% growth.
According to CoinMarketCap data, Solana was undoubtedly the best performer among the ten largest cryptocurrencies this year. In January, the price of a single SOL token stood at $12.12; at the time of writing, it was $87.3, showing a massive 620% increase year-to-date. Moreover, this shows that Solana saw four times bigger price growth than the world’s largest crypto, Bitcoin.
This impressive price surge has helped the world’s fifth-largest cryptocurrency to add more than $32bn to its market cap, rising from $4.3bn in January to almost $37bn last week. But despite reaching a 2023 high, Solana’s price is still nearly three times below its all-time peak of $259.96, seen at the end of 2021.
Avalanche ranked as the second-largest crypto gainer in 2023. Over the past twelve months, the price of a single AVAX token has soared by 290%, rising from $11.7 to $45.7. The market cap of the world’s ninth-largest crypto has increased by almost $13bn since the beginning of the year and now stands at $16.5bn. The IntoTheBlock data also gave an interesting insight into a share of Avalanche investors with gains, with 78% making money at the current price.
Bitcoin saw the third-largest price growth among the top ten cryptos this year. After being at the center of the crypto price crash, losing millions of active addresses and billions in market cap, BTC drew a lot of attention from mainstream investors this year, helping it double in value. In January, the price of one BTC was around $17.400, and now it’s $44,000. Cardano and Ethereum round the list of the top five crypto performers, with 140% and 85% price increase year-to-date, respectively.
Although there are more than 8,900 digital coins in the crypto space, these five top-performing cryptocurrencies make up most of the market value.
According to CoinMarketCap data, Bitcoin, Ethereum, Solana, Avalanche, and Cardano now makeup 72% of the total crypto market cap, with a combined value of $1.19trn as of last week. Bitcoin alone accounts for 51% of the global crypto market cap, as the total value of all BTC coins hit $851bn last week.