In addition to the world's top two cryptocurrencies, other popular crypto tokens like Solana remained on top with a return of 965%. avalanche (266%), Cardano (147%), Moles (96%), tron (95%), XRP (82%), BNB (31%), Dogecoin (30%) and Shiba Inu (30%) were other important tokens.
Meanwhile, when it comes to the top 100 cryptocurrencies, BONK remained the top winning cryptocurrency in 2023 with an increase of over 9600%. Injective (2,923%), Tellor Tributes (2,200%), Kaspa (2,198%), Render (1,051%), and Marinade with SOL (1,038%) were among the other top 100 cryptocurrencies, according to data available on CoinGecko.
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 cryptocurrency prices began when BlackRock, the world's leading asset manager with more than $9 trillion in assets under management, filed for a 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% so far this year. This growth was driven by factors such as institutional adoption, the rise of DeFi, and the popularity of NFTs. Bitcoin, the world's largest digital asset by market capitalization, is up 155% at the time of writing, making Bitcoin one of the classes of best performing assets of 2023".
Rajagopal Menon, Vice President of WazirX, describing the performance of cryptocurrencies in 2023, said: "2023 was a year of recovery and expansion in the cryptocurrency market. The market had bottomed out and its subsequent rise indicates a rebound. The growth in areas such as crypto gaming and the growing interest of developers in platforms such as Solana are also worth mentioning."Now that 2023 is almost over, here's what experts think cryptocurrencies will look like in 2024
Edul Patel, CEO and co-founder of Mudrex
The year 2024 looks promising for cryptocurrencies because of two important things. Firstly, there is a possibility that Bitcoin spot ETFs will be approved, which will attract large investors. Second, there is the Bitcoin Halving, which occurs every few years and is scheduled for April 2024. This event could change the amount of Bitcoin in existence, affecting its price. With these two events, 2024 could be an exciting year for the cryptocurrency market.
Manhar Garegrat, Country Director, India & Global Partnerships at Liminal
The convergence of regulatory frameworks, technological advancements, and global economic shifts will undoubtedly shape the trajectory of the cryptocurrency market in 2024. Bitcoin has always been considered a hedge against inflation, so any move on that front is likely have a high impact on the crypto market. As central banks around the world confront inflation and deflation, Bitcoin will continue to rebound as an alternative investment option.
Sumit Gupta, co-founder of CoinDCX
As we look ahead to 2024, optimism is fueled by several emerging trends, including the possible approval of a spot Bitcoin ETF in the US and the upcoming Bitcoin halving, both with major implications for market dynamics . Furthermore, Web3's growing real-world applications and the anticipation of global regulatory clarity are expected to bolster confidence and drive substantial user growth, attracting further capital inflows and shaping future price behavior.
Parth Chaturvedi, Investment Leader, CoinSwitch Ventures
Looking ahead to 2024, we anticipate faster and more scalable Layer 1 chains, tokenization of real-world assets, and the convergence of traditional (TradFi) and decentralized (DeFi) finance will further drive the ecosystem.
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. Additionally, advances in tokenization protocols will unlock investment opportunities for both individual and institutional investors.
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(Disclaimer: Recommendations, suggestions, views and opinions provided by experts are their own. They do not represent the views of Economic Times)
