BTC’s Impressive Yearly Surge
Let’s take a look at how the largest and most popular cryptocurrencies performed in 2023. Bitcoin, being the first and biggest cryptocurrency, had a remarkable year in terms of price gains. It started the year below $17,000 but quickly surged above $20,000 by mid-January and never dropped below that mark. It took some time for Bitcoin to surpass $30,000, but once it did, it continued to climb and reached nearly $45,000 in December. Overall, Bitcoin ended 2023 with a surge of 156%, outperforming traditional finance assets like the S&P 500, NASDAQ, and gold.
Which Altcoin Topped the Charts?
While Bitcoin had a strong year, many altcoins also saw significant gains in 2023. Solana’s native token stood out with a remarkable yearly surge of over 900%. Other impressive gainers include Avalanche (257%), Chainlink (170%), Bitcoin Cash (171%), ICP (240%), OP (291%), and Cardano (142%). Mid-cap altcoin STX also had an impressive surge of 600%. However, larger-cap altcoins like ETH, XRP, DOGE, MATIC, and DOT couldn’t outperform Bitcoin and had yearly gains of less than 100%. Despite regulatory challenges, BNB still managed a 27% increase. The total crypto market cap more than doubled in 2023 from under $800 billion to over $1.6 trillion.
Hot Take: What Does This Mean for Crypto in 2024?
With impressive performances from both Bitcoin and various altcoins in 2023, there is much anticipation for what lies ahead in 2024. The potential approval of a spot Bitcoin ETF in the US, the upcoming BTC halving, and numerous altcoin developments make this year an exciting one for the crypto market. Bitcoin’s price at the start of 2024 is around $42,500, with a market cap over $830 billion and dominance over other cryptocurrencies standing above 50% on CMC. The stage is set for another potentially bullish year in the crypto space.
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