The 2024 cryptocurrency market witnessed an explosive rally, spurred by Donald Trump’s victory within the Presidential Election.
Knowledge recommend that curiosity in Layer 1 blockchain options has soared, as these platforms present the inspiration for dApps and Sensible Contracts, intensifying the race for L1 dominance.
Unlikely Cryptos Take Heart Stage
In line with the most recent report by CoinGecko, Mantra (OM) has achieved a staggering 7,035.2% improve. This surge is partly pushed by its partnership with Zand, a UAE-based digital financial institution enabling compliant tokenization of real-world belongings (RWAs) beneath Dubai’s VARA framework.
Moreover, AIOZ Community (AIOZ) posted a formidable 427.6% YTD achieve, fueled by the rising adoption of its decentralized content material supply community and ongoing ecosystem developments. Sui (SUI) too secured its place among the many high gainers with a 388.2% YTD rise, owing to the dApp launches that maximize its scalability, and developer-friendly instruments.
“Popping out of the trenches, 2024 has been an exciting 12 months for Layer 1 (L1) blockchains, with tokens skyrocketing by over 7,000% since January. Within the fast-moving crypto area, a couple of sudden tokens are redeeming the highest performer spot this 12 months.”
Bitcoin, Ethereum: The OGs Stay Robust
Whereas mid- and small-cap Layer 1 tokens have skilled explosive development, main gamers like Bitcoin, Ethereum, and Solana have confirmed to be resilient investments. Bitcoin demonstrated a stable 112.9% Yr-to-Date (YTD) improve, whereas Ethereum gained 34.9%, although it lagged behind its smaller counterparts.
Through the years, Ethereum’s dominance has slowly diminished with the rise of Layer 2 options and different competing blockchains, regardless of the introduction of the Ethereum Spot ETF within the US. Even so, ETH nonetheless managed to outperform the S&P 500, which noticed a 24.8% improve in 2024.
In the meantime, Solana rebounded strongly from the influence of FTX’s 2022 collapse, rising 134.3% YTD. Most of its development got here in 2023, pushed by memecoin pleasure, as its worth surged from $15 to $120. This pattern was additionally mirrored in networks like Tron (TRX), which rose 85.5% YTD. Toncoin (TON), capitalizing on its integration with Telegram to host dApps, noticed a formidable 136.2% YTD improve, notably as tap-to-earn video games gained immense reputation inside the app.
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