Get your daily, bite-sized digest of crypto and blockchain-related news – investigating the stories flying under the radar of today’s news. In this edition, we explore the impressive growth of Solana (SOL) and Avalanche (AVAX) as the top crypto gainers among the top 10 coins by market capitalization in 2023.
Solana (SOL) Leads the Way with a 620% Surge
AltIndex looked into the best performers among the top 10 coins by market capitalization in 2023, year-to-date (to be precise, between January 1 and December 21). It found that Solana (SOL) is the biggest crypto winner among the top 10. Its price surged by 620% in this time frame. According to AltIndex, this 620% increase “shows that Solana saw four times bigger price growth than the world’s largest crypto, Bitcoin.”
“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,” AltIndex argued.
By the time of writing this article, the SOL price rose to $113, and it’s currently up 910% over the past 12 months. Thanks to this increase, Solana added more than $32 billion to its market cap, rising from $4.3 billion in January to almost $37 billion on December 21. At the time of writing the article, it’s up to $48.46 billion.
Avalanche (AVAX) Takes Second Place with 290% Growth
Avalanche (AVAX) ranked as the second-largest crypto gainer in 2023. The price of an AVAX token soared by 290%, rising from $11.7 to $45.7 on December 21. Since then, the price dropped slightly to $44. However, AVAX recorded an increase over the past 12 months of 276%. Its market capitalization has increased by an impressive $13 billion since the beginning of the year and now stands at $16 billion.
Bitcoin (BTC) also experienced significant growth, going up from around $17,400 in January to $42,730 today. Its current market capitalization is $836.28 billion.
Cardano (ADA) and Ethereum (ETH) round out the list of the top five crypto performers, with 140% and 85% price increases until December 21, respectively. In terms of the last 12 months, on December 27, ADA is up 129% to the current price of $0.6, and ETH is up 85% to $2,247.
These five top-performing cryptocurrencies make up most of the market value: 72% to be precise, with BTC taking the largest chunk of this pie.
