The cryptocurrency market has seen a resurgence recently, with several digital assets rallying to gain by as much as triple figures. This has come despite a bear market that lasted much of the past year, and investors are finding renewed optimism in the crypto space, looking for opportunities to capitalize on the current rally.
Therefore, Finbold looks at the top five cryptocurrencies that have posted the biggest gains on a year-to-date (YTD) basis by triple digits. The digital currencies have been selected based on factors such as the narrative they drive and the strength of the underlying technology.
Aptos (APT)
Aptos (APT) has maintained a winning streak in 2023, emerging as the biggest gaining cryptocurrency of the year so far. The layer 1 Proof-of-Stake (PoS) blockchain has been buzzing recently thanks to strong community development and support from venture capitalists. There is also overall anticipation regarding Aptos’ future, considering that the network emerged from the now-defunct Meta Diem blockchain initiative.
At the same time, the APT token has benefited from continued community support and listings on different exchanges. Recently, the token was integrated with Atomic Wallet, another possible bullish trigger.
By press time, APT was valued at $17.88, with YTD gains of about 406% while controlling a market capitalization of $2.85 billion.
Solana (SOL)
Solana’s (SOL) current performance has come as a surprise, considering the token was facing possible extended losses due to its association with the now-collapsed FTX crypto exchange. The uncertainty saw Solana face a reported exodus of developers, with issues mounting on top of existing network challenges such as high-profile outages.
However, the token has received backing from established entities alongside the release of the Bonk meme coin on the network. SOL’s rally has also been backed by a possible fear of missing out (FOMO) within the crypto community.
Therefore, the rally seems to help Solana sustain its course as an ‘Ethereum (ETH) killer.’ SOL is trading at $23.87 with gains of 139% in 2023, with a market capitalization of $8.8 billion.
Fantom (FTM)
Fantom (FTM), the smart contract platform that intends to solve scalability issues, has extended the gains of 2022 into the new year. Notably, despite the prevailing bearish conditions, Fantom stood out and recorded episodes of price breakouts.
The rally was triggered after the platform published favorable financial data that appeared to inspire confidence in the crypto community. The network is also hoping to advance development to rival platforms such as Ethereum, aiming to make it easier to create an environment for efficient decentralized app development.
With a market capitalization of $1.27 billion, FTM has gained almost 130% in 2023, trading at $0.46.
Decentraland (MANA)
2023 is witnessing an increased interest in cryptocurrencies linked to the metaverse games and non-fungible tokens (NFTs), and Decentraland (MANA) is emerging as one of the biggest beneficiaries.The mouth-watering gains followed recent news regarding the possibility of Apple’s plan to venture into the space with the release of virtual reality (VR) and augmented reality (AR) headsets.
Indeed, MANA remains among the coins used to measure the overall outlook of the metaverse world. By press time, MANA was trading at $0.66, having rallied 120% YTD.
Lido Dao (LDO)
Lido DAO (LDO) is among the top Ethereum liquid staking solutions, and the recent gains appear to have been inspired by developments on the second-ranked crypto by market cap. LDO’s rally follows the upcoming Ethereum Shanghai upgrade allowing investors to access their staked ETH. Therefore, LDO is positioned to benefit since it accounts for a significant share of staked ETH.
The token currently has a valuation of $2.27 after gaining 109% YTD.
Overall, the highlighted cryptocurrencies have managed to outperform some of the established assets. Therefore, interest will be on their ability to sustain the gains.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.
