I hope you are all having a good new years day, welcome to CryptoGod-1's blog on all things crypto related. In this post I will be looking back over some of the top performing altcoins during 2023.
What is an Altcoin?
An Altcoin is any alternative cryptocurrency to Bitcoin. They are often similar in they share code and functionality, and this includes coins such as Ether, Litecoin, and Dogecoin. There are often multiple new altcoins being placed on the market on a daily basis, and they are considered extremely volatile.
Top 10 of 2023
Below I will look at the top ten performing altcoins throughout 2023, with a brief rundown on each and what made them so special during the last year. There were highs and lows for all during the year as the crypto winter from last year continued into 2023. However, amid plenty of regulatory crackdown, there have been some standouts which are ending the year looking to go from strength to strength in 2024.
10. Cardano (ADA)
Created by former Ethereum founder Charles Hoskinson, ADA has enjoyed a strong resurgence with the crypto market in 2023. It managed to post a gain of about +149.2% year-to-date (YTD), and has pushed back from it lows of $0.23. Markets have been quick to pour money into the low-cost, high-speed layer-1 blockchain. Much of this came about thanks to the Cardano Summit in Dubai back at the beginning on November 2023, where more than 30,000+ crypto enthusiasts attended. Its price currently sits around $0.59 although ADA remains around -80% of its all-time high of $3.09 posted on the 2nd of September 2021.
9. BINANCE Coin (BNB)
The native token of the Binance exchange, Binance Coin has endured a tumultuous 2023. This has in part been thanks to Binance being plagued by lawsuits and global actions from national financial regulators. The multi-million dollar fine for Binance.US to the resignation of former CEO Changpeng CZ Chang, the crypto regulatory regimes have dominated the world's largest cryptocurrency exchange during 2023. Its tokens price has been impacted in this regard, but despite the tough fundamental headwinds, BNB price has continued to push-up. The layer-1 sits at around 30% year to date gains, and at a price of around $318.37. This is still about 53% short of its all time high of $686.31 recorded on the 10th of May 2021.
8. Solana (SOL)
The ever popular and favourite Layer-1 Solana (SOL) is the next altcoin to feature, with explosive growth having taken place throughout 2023. This has resulted in a year to date growth of 971.5% for SOL, most of which has come about of the previous two months. Its current price of $102.94 is close to that seen in April 2022, and it has partly been thanks to the drop in widespread support of Ethereum which has seen these gains. With easily and cheaply traded memecoins sparking up on Solana, the token has strong support heading into 2024. It still remains short of its all time high of $259.90 from the 6th of November 2021, around -60.40%. Solana has also recently overtaken Ethereum in number of Google searches.
7. Fantom (FTM)
Even though Fantom experienced a multi-chain bridge heist that resulted in $126million of crypto assets being lost, the Fantom network has continued to grow during 2023. Its price rose 139.4% in its year to date growth, showing a strong recovery from its 80% crash during 2022. The current price is $0.466449 and sits a good 86% below its all time high of $3.46 from the 28th of October 2021.
Fantom intends to launch the FTM Sonic Labs Grants program and could lead to a major source of growth for the ecosystem. This is due in Q1 of 2024, and this will open avenues for developers to create new applications while making use of Fantom's technology. This will cover various blockchain sectors including GameFi, DeFi, NFTs, as well as NFRWAs.
6. Ripple (XRP)
During 2023 Ripple saw the culmination of a years long fight against regulatory action by the Securities and Exchanges Commission (SEC). When the news broke on the 13th of July that they had been partially victorious in the SEC's allegations of operating an unregistered securities product the price of XRP rose by 99%.
There has been serious retracement movement since then with the current price of XRP at $0.621640 and remaining 81.7% from its all time high of $3.40, reached on the 7th of July 2018, the token has began to make a more structured technically rally move alongside the rest of the crypto market. It has also been relisted on major cryptocurrency exchanges such as COINBASE and Binance.
5. PepeCoin (PEPE)
The hype around memecoins during 2023 came on the back of the breakout success of now-iconic memecoin Pepecoin (PEPE). This token popped up in April and sparked a move that reinvigorated price action. Being listed on Binance soon after, Pepecoin surge to a whopping $1.8bn market cap and being ranked in the top 50 crypto tokens in less than a week.
It was fuelled by community love for the classic Pepe meme and currently sits at $0.00000134, a staggering level of growth since its launch. It has fallen from its all time high of $0.00000431 on the 5th of May, sitting about 68.9% below this price these days. A slight upheaval in the recent market upturn has seen some traction for the memecoin which inspired a new wave of memecoin entrants into the marketplace and could lead to a strong 2024.
4. Telcoin (TEL)
It has been a difficult couple of weeks recently for Telcoin following a major security incident on the Telcoin dApp which saw wallets drained upwards of $1.3m. Even with that black mark on their copybook, the Telcoin ecosystem has seen significant growth and progress during 2023. There has also been the recent unanimous approval of the first ever TGIP (Telcoin Governance Improvement Proposal). This is the first time the community have steered the direction of the ecosystem.
Telcoin currently sits at $0.00137640, a 97.9% drop-off from its all time high price of $0.064483 achieved back on the 11th of May 2021. It saw spikes in November as the crypto market began to rally, but has since fallen once again and will need a lot of progress and growth in 2024 to push towards its all times high once again.
3. Bitcoin Minetrix (BTCMTX)
One of the fastest growing new-comers in the space, the Bitcoin Minetrix exploded during during presale and in the months since. It has managed to raise almost $7m with traders flocking to the promise of increasing Bitcoin Mining decentralization. So far BTCMTX has made it big by delivering a new form of Bitcoin Cloud Mining. The promise behind this is that it could allow retail investors to participate in greater network security. At the same time it would allow for the earning of Bitcoin passively into their portfolios.
Until now the industry had been dominated by the major mining pools, especially the two largest mining pools Antpool and Foundry USA. These represent more than 50% of the current SHA256 hash but BTCMTX is hoping to change that throughout 2024 and become one of the biggest Bitcoin Beta options before the next halving event.
Currently BTCMTX is trading at as little as $0.0126 at the time of writing, and are still taking place.
2. Meme Kombat (MK)
Starting into 2024 there has been another explosive crypto presale with the Meme Kombat launch. Having already raised an impressive $5.2 million, this presale has gained viral traction by targeting the heart of crypto Twitter. Immediately that will raise alarm bells of potential rugs, etc, but the moonboys and loyal hodlers have given this project support. It is poised to gain ground through creative high-octane community battles.
The MK token will help to form the backbone of the battles between these rivalries, galvanising tokenomics with a potent demand-side pressure, as communities fight to decide age old questions like Bitcoin vs Eth. Rewards are generated through activities such as active betting or passive staking.
MK is currently trading for $0.268 as part of its with prices set to increase at specific intervals.
1. Bitcoin ETF (BTCETF)
The final altcoin on the list is for the highly anticipated approval of Bitcoin spot ETFs on the 10th of January. The Bitcoin ETF presale has exploded and saw a whopping $5m raised from early investors, with coins redeemable on the Bitcoin ETF website.
Traders are expecting Bitcoin to explode alongside the launch of Bitcoin spot ETFs, and the favourable tokenomic burns which will kick in at varying ETF milestones means price actions seems set to soar.
The milestones for the burn mechanism are as follows:
- Milestone 1 – $BTCETF Trading Volume hits $100m – burn tax on transactions reduced from 5% to 4%, and 5% of total supply is burned.
- Milestone 2 – First Bitcoin ETF is approved by SEC – burn tax on transactions is reduced from 4% to 3%, and a further 5% of total supply is burned.
- Milestone 3- First Bitcoin ETF launch date – burn tax on transactions is reduced from 3% to 2%, and a further 5% of total supply is burned.
- Milestone 4 – Bitcoin ETF assets under management (AUM) hits $1bn – burn tax on transactions is reduced from 2% to 1%, and a further 5% of total supply is burned.
- Milestone 5 – Bitcoin price hits $100k – burn tax on transactions is reduced from 1% to 0%, and a further 5% of total supply is burned.
There you have it, what's considered the top ten altcoins from 2023 and what to look out for going into 2024. Hope you had a wonderful New Year's, all the best for 2024.
Have a great day,
CryptoGod-1.
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