Tokens of Triumph: Unveiling the Crypto Royalty and Underdogs of 2023

List of Altcoins

Bonk, Token Injective, Render, Solana. These cryptocurrencies dominated the yield rankings within the CoinDesk Market Index (CMI) comparative index. The index includes 184 digital assets. Is there a 32x return? Yes, that was the yield of Injective Protocol’s token (INJ) over the past year. Injective is a blockchain created for finance, utilizing Cosmos blockchain technology, and its developers claim it is the fastest among layer-1 tokens. In August, developers announced an upgrade to its tokenomics “2.0,” aiming to “dramatically increase the amount of INJ burned weekly.”

RenderToken (RNDR) of Render, a GPU rendering network that transitioned from Ethereum to Solana this year, surged by 972%. (RenderToken, whatever the cost, was the top performer in the computing sector.) SOL, Solana’s cryptocurrency token, increased by 1400%. In 2023,

Bonk became the most profitable cryptocurrency with a growth of over 9600%.

In the notoriously volatile markets of digital assets, there is precisely no guarantee that any of these gains are deserved or enduring. What can be said with certainty is that the digital asset markets saw a resurgence of staggering returns and associated high risks in 2023. However, it’s a risk that has historically attracted many traders to cryptocurrencies.

ApeCoin, Luna, DASH, BAL, OMG, ZEC were the biggest losers in 2023

We don’t need to emphasize that in 2023, the biggest rewards were likely claimed by cryptocurrency traders who took long positions. However, it’s possible that some lucky or smart managers managed to short the right horses. Some of these projects were inherited failures, such as Terra’s LUNA project. Others simply lost steam, like EthereumPOW’s ETHW. It essentially fizzled out as Ethereum’s main blockchain successfully completed its transition to a proof-of-stake blockchain. It culminated in the so-called “Shapella” upgrade earlier this year, which allowed for the first staking withdrawals.

Ethereum Name Service (ENS) and Zcash (ZEC), representing projects that many crypto analysts still consider sufficiently interesting, also had a tough year.

Bitcoin expanded its dominance

Sometimes it can be hard for regular people to understand, but Bitcoin (BTC) is actually considered a safe position by many experienced cryptocurrency traders. So, based on the risk-reward ratio, one could hardly complain about a 164% return on this OG cryptocurrency from the beginning of the year to December 21. XRP (XRP), the payment token used on the Ripple Labs network, had a decent year with an 83% rise. A crucial decision in the ongoing Securities and Exchange Commission proceedings worked in its favor. Stellar’s token XLM (XLM), which spent the year preparing for its major smart contract upgrade “Soroban” expected in early 2024, was not far behind with a 73% yield. Other top crypto coins such as Avalanche (266%), Cardano (147%), Polkadot (96%), Tron (95%), XRP (82%), BNB (31%), Dogecoin (30%), and Shiba Inu (30%).

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