The crypto market started a new year of operations in a positive mood.
The CoinDesk Market Index (CMI) is up 1.3% so far in 2023, with all six sector indices in the green. That's a reversal of the fourth quarter of last year, when the benchmark index slipped 12% from September to December 15.
โOverall, the entire market is stabilizing, accompanied by listless market share,โ Arcane Research, which provides trend analysis of digital assets, wrote in a newsletter on Tuesday.
Lido DAO (LDO), the governance token of Lido's decentralized autonomous organization, took the trophy as the best performer so far in 2023 at CMI.
The LDO token price has risen from 95 cents at the end of 2022 to $1.20 on the third day of the new year, up 26% year to date in 2023, according to data from CoinGecko. The meeting follows the announcement by Ethereum developers on December 8 that the next hard fork of the network will take place in March.
LDO is one of 142 assets out of 163 assets in the CoinDesk Market Index that are trading higher so far in 2023, with 25 assets trading more than 5% above their closing levels on the last day of 2022.
Runner-up JasmyCoin (jasmine), the token of a platform that develops the Internet of Things (IoT) turned the tide downward momentum from Q4 2022 and made 20% in the new year so far. Maple Finance's native MPL token also saw an increase of approximately 15%.
from Solana SUN has risen about 12% in 2023 so far and about 20% in the last 24 hours as a decision by newly launched shiba inu-themed token Bonk to do a big airdrop generated interest in the Solana community.
bitcoin (BTC) and ether (ETH) have also remained strong year to date despite falling 0.4% and 0.8% in the last 24 hours.
Bitcoin has hovered between $16,000 and $17,000 for 19 straight days, after a horrendous 2022 during which the largest cryptocurrency lost 64%.
In terms of sector performance, CoinDesk Market Index sector indices are in the green across the board for the first few days of the year, led by the culture and entertainment sector, up 5% through Tuesday. The DeFi sector is up almost 4%.
Big losers in the new year include Aragon (ANT) and Civic (cvc), both with a decrease of 6% in 2023.
Adam Farthing, Japan risk director at crypto marketplace creator B2C2, predicted that more crypto investors will look to โreal-time, real-world applicability, rather than bet on hoping for a few potential use cases down the road.โ
โOne would expect the winners of 2023 to be those tokens that can demonstrate immediate cash-generating use cases in the real world, not contingent on future crypto market growth and uptrends,โ Farthing wrote in a note Tuesday.
