Crypto whales are loading — are you there?
New research shows that the biggest crypto buyers are coming back. And this time? It may be possible for Bitcoin to exceed $100,000 in 2024. You don't want to miss out on the next big crypto bull run like we saw in 2020 and 2021. To find out exactly what's going on and what to buy…visit Benzinga. Best cryptocurrency research and investment for just $1.
2023 was a year of great change for the broader cryptocurrency community. Bitcoin (CRYPTO: BTC) has ridden the wave with significant gains.
This year has successfully thrust digital assets into the spotlight as stronger regulatory frameworks were introduced around the world, thereby increasing the adoption of cryptocurrencies across sectors and investors. The approval of a Spot Bitcoin ETF remains a major concern for the crypto investor community.
Enter to win $500 in stocks or crypto
Enter your email address to get Benzinga's Ultimate Morning Update, a free $30 gift card, and more.
Among the top 20 cryptocurrencies based on CoinMarketCap data, Benzinga selected three tokens that have seen significant growth in trading over the past year. If you take a closer look at the table below, you can see that the token appreciation mainly occurred in the last three months of trading.
Solana (CRYPTO: SOL) led the list with an increase of 419%, followed by avalanche (CRYPTO: AVAX) soars 201%; cardano (Crypto: ADA) increased by 105%. Solana and Avalanche were introduced to the crypto market in 2020, while Cardano dates back to its launch in 2017.
Price action: Solana, Avalanche, and Cardano were up 11.8%, 52%, and 42% on the board last week, as crypto giants Bitcoin and Ethereum traded under pressure.Bitcoin and Ethereum (CRYPTO: ETH) both faced losses of 3% and 0.02%, respectively, over the same period.
Let's take a look back at the year's key developments for these three tokens.
avalanche: This year started with Avalanche users now having the option to connect their network to MetaMask and take advantage of the benefits of Web3 and DeFi applications.
Unlike Polygon and Solana, Avalanche has witnessed an increase in the number of developers (as of September 2023) reflected in an increase in the number of blockchain development activities and contributors to development activities.
The network also received a Cortina upgrade in April 2023, making it easier for exchanges to support Avalanche's X-Chain, which the protocol uses to send and receive funds.
Based on Messari data, active addresses decreased by 56% sequentially due to LayerZero-related activity. However, it reflects an increase when compared to the previous year.
Ömer Demirel, an experienced Web3 expert and director of the Avalanche Foundation, took to the stage today at X to highlight that Avalanche has reached an all-time high of 1,632 validators. On December 6th, he said“Avalanche is strategically positioned to be the premier blockchain platform for on-chain FX trading in 2024 and beyond.”
Will Bitcoin reach $100,000 in 2024?
Will I miss it? Or will you stand to benefit? Don't get stuck on the sidelines. If you want expert crypto education and guidance before this bull market gets even higher, get Benzinga Crypto for just $1.
Avalanche added 1632 validators (new ATH). pic.twitter.com/gzYwRb7J58
— :Omar (@Demirello) December 13, 2023
Solana: In October 2023, Solana witnessed an upgrade to its validator client known as Solana v1.16, which provides an effective implementation of Zero-Knowledge Succinct Non-Interactive Argument of Knowledge (ZK-SNARKS). ZK functionality is linked with Ethereum scaling solutions.
Solana also became optimistic after Visa announced that it would introduce USDC stablecoin payments on the Solana network, allowing for faster cross-border payments.
Additionally, the Solana network experienced eight outages in 2022, but only one outage in February 2023. This indicates that network uptime has been significantly improved, leading to faster transaction speeds and lower average block times.
The third quarter report from Messari, Solana highlighted that approximately 45 million compressed NFTs were minted in the third quarter (up 316% from the previous quarter). His DeFi TVL on Solana increased by 32% to his $368 million. Solana's market capitalization expanded 17%, but third-quarter revenue rebounded 19%.
Cardano: Cardano's ongoing projects in Africa (mainly Ethiopia) have been a highlight of the year. Founder Charles Hoskinson said emerging markets are a huge opportunity for blockchain technology.
In its latest weekly development report, Essential Cardano highlighted 79.7 million transactions, 152 projects launched, and 1,307 projects built.
Based on Messari data, Cardano stablecoin value has increased 16% quarter-on-quarter and 461% year-to-date. Year-to-date, he's up 198%, although TVL was flat compared to last quarter. Average daily active addresses increased by 28.9% and daily transactions increased by 12%.
Cardano trader Sesebi said on It’s going to happen.” Over the next few weeks, everything in this photo will be tripled. ” pic.twitter.com/cq1YqotU3U
— Susebi🦁 (@Av_Sebastian) December 13, 2023
Photo: Shutterstock
Crypto whales are loading — are you there?
New research shows that the biggest crypto buyers are coming back. And this time? It may be possible for Bitcoin to exceed $100,000 in 2024. You don't want to miss out on the next big crypto bull run like we saw in 2020 and 2021. To find out exactly what's going on and what to buy…visit Benzinga. Best cryptocurrency research and investment for just $1.
© 2024 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
