Crypto Market Review : Top Gainers and Losers of 2023

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The crypto industry has been highly volatile this year as the industry has recorded massive price fluctuations. The year started positively as major cryptocurrencies displayed a strong uptrend in their respective price action.

Following a trend reversal, the market struggled to regain momentum, resulting in it trading under a bearish influence for months. 

As the hype for the spot ETF grew, the industry successfully regained momentum and displayed a notable run. Many tokens across various categories have added over 100% to their portfolio this year, making it a successful one for the crypto space.

Crypto Market Performance In 2023:

The crypto industry had experienced a massive plunge in its valuation following the Terra crash. This resulted in the market trading under a bear market for the next few months. As the market had just started to recover from its losses, the FTX crash seized all market movements and the industry concluded the year on a bearish note.

2023 was a rollercoaster ride for the crypto industry as it started positively by gaining significant value during the start of the year, following which it experienced a massive correction erasing major gains from the pump. The bank collapses, the verdict of SEC vs Ripple, and Bitcoin spot ETF approval speculations played an important role in the massive price volatility.

Overall, the industry regained momentum and has added over $700 Billion to its market cap this year, making it a successful year.

Top 5 Gainers:

Major cryptocurrencies have recorded massive gains in their valuation this year by adding over 100% to their portfolio. Some tokens have performed exceptionally well by multiplying their value by over five times, making them the leaders for this year. Here is a list of the top 5 gainers of the crypto industry for the year 2023.

Bonk (BONK):

Bonk is a decentralized cryptocurrency built on the Solana blockchain. It was the blockchain’s first dog-faced memecoin. It can be used on various dApps built on the Solana blockchain and is preliminary used to introduce new people to this blockchain and incentivize.

The memecoin steadily picked up pace this year, as the token was seen on a constant rise. The Bonk price picked up major traction following its listing on the Binance platform, resulting in the token instantly displaying returns of over 18x.

The Bonk memecoin was launched in December 2022. Further, the token started the year with a price tag of $0.000000133 and has added a massive 6,100% to its portfolio Year-to-Date (YTD), making it the top gainer of the crypto industry for the year 2023.

The price displayed a massive pump in price during the first month, following which the price experienced a trend reversal and leveled all its gains. After trading in a closed space for over nine months, the price regained momentum and skyrocketed to new highs.

Pepe (PEPE):

This coin was primarily designed using the deflationary mechanism which burns a small amount of tokens on each recorded transaction and redistributes the rewards to its holders to create scarcity which would result in a price surge in the future.

The sensational memecoin of the year, the Pepe coin gained massive attention at launch, resulting in it recording a return of 43x. The prime reason for the pump is considered to be its strong community and the hype created through it.

Launched in mid-April 2023, this token had attracted every investor’s attention toward it. This memecoin had recorded a jump of over 4,000% within the first month of release.

The price currently trades at a profit of 2,445% since its launch and is on the verge of concluding its first year on a strong positive note.

Kaspa (KAS):

Kaspa is a unique blockchain that combines the security of the Proof-of-Work (PoW) mechanism with high block rates in minimal time. The KAS token holds the potential to become one of the major players in the dApps category. The token currently works on the GhostDAG consensus mechanism.

Following the news of Kaspa being able to process 10 transactions per second, the coin gained significant momentum and recorded a jump of over 200% within a week. Since then, the price has been on a steady rise.

Launched in the year 2021, Kaspa Price with the help of the Bitcore network, has gained massive attention this year as the token has successfully secured a place in the top gainers list for the year 2023.

Kaspa (KAS) price has added over 2,220%  to its portfolio this year alone. The price gained minor price action for months, following the Bitcoin ETF hype, the coin gained massive traction, resulting in a price surge.

Injective (INJ):

The Injective ecosystem works on a Governance mechanism. The INJ token allows its users to participate through a Decentralized Autonomous Organization (DAO) structure. With the help of this token, its users can vote for new proposals concerning new market listings and software upgrades.

The INJ token crossed 300 Million transactions this year, indicating user’s rising interest in it. Despite some setbacks, the coin has displayed a strong uptrend as this blockchain constantly crypto exchanges and dApps.

Injective token started its journey of trading in October 2020 with a price tag of just $0.4. The price had recorded an ATH of $25, during the previous bull run, following which the market crashed.

2023 was good for Injective as it has gained over 1,650% in value, from $1.23 to $21.723 currently. Further, the tokens trade at just a 10% discount from its previous ATH, highlighting a high possibility of a new one soon.

Render Token (RNDR):

This token was primarily used to pay for the jobs completed on the Render’s network through the BME mechanism. It is also used to participate in the governance protocol through voting in a DAO system.

Render token recorded its first appearance in the market in the year 2017. It has an ATH of $8.76 which was recorded during the year 2020, following which the price lost momentum.

The RNDR token has successfully regained momentum as the token has added over 800% to its market cap, resulting in it securing a spot on the top gainers list for the year.

Top 5 Losers:

Despite the crypto industry gaining major traction and on the verge of concluding the year positively, some tokens have recorded significant losses in their respective portfolios. Here is a list of the top 5 losers of the crypto industry for the year 2023.

Arbitrum (ARB):

Built on the Ethereum blockchain and currently one of the top Layer-2 scaling solutions market, Arbitrum can delegate the Layer 1 system by performing complex tasks and data storage, speed, and security.

The token was first launched on 23rd March 2023, with a drop price of $8.69. Following the launch, the token experienced a massive sell-off, resulting in a price plunge of over 98% within the first three days.

Since then, the price has displayed massive price volatility in its chart. Arbitrum, currently trades at a discount of approximately 90% from its high, making it the top loser of the industry for the year 2023. 

PancakeSwap (CAKE):

Built on the Binance (BNB) blockchain, the PancakeSwap token is primarily used for staking in Syrup pools and can earn reward more tokens as a reward. It is equipped with an auto-stake feature which allows its users to re-stake their CAKE tokens once an hour.

The token made its first appearance on the market in September 2020 with a tag of $1.29.The token had recorded an ATH of $44.18 during the previous bull run. Following the market crash, the price lost over 98% from its portfolio.

PancakeSwap started the year 2023 with a price tag of $3.162 and currently trades with a tag of $2.41, resulting in the price losing over 25% in value and further making it one of the top losers in the crypto space. 

Chiliz (CHZ):

The Chiliz token operates on two different mechanisms simultaneously, which are ERC20 of Ethereum and BEP2 of Binance Smart Chain. Its primary use is to allow its users to purchase fan tokens.

Launched in the year 2018, the CHZ price displayed significant price action by recording an ATH of $0.8915 during the previous bull run. Following this, the price lost over 95% in value.

Despite 2023 being bullish, CHZ price has recorded a loss of over 18% Year-to-Date (YTD), making it one of the top losers of this year.

Apecoin (APE):

The Apecoin runs on the ERC-20 governance which empowers the decentralized community building a Metaverse called “The Otherside”. Yuga Labs created it as an extended program to its successful NFT collection, the “Bored Ape Yacht Club” (BAYC).

It launched in the year 2022 with a vision to build tokenomics from its upcoming products. The APE token has experienced a very volatile journey from the beginning, as the price has recorded constant fluctuations in its chart.

The APE price has recorded a loss of over 54% in value since the year started, making it one of the top losers in the industry for the year. 

LUNA 2.0 (LUNA)

Terra LUNA token is primarily used for staking and to earn rewards from it. One can stake their terrs Luna tokens on its consensus mechanism and earn from the transaction fees. It is built on a typical Proof-of-Stake (PoS) mechanism.

The Terra LUNA token was launched on 28th May 2022, after which the price immediately recorded a plunge of over 74%. The Terra crash was a nightmare as the industry was trapped under a strong bearish influence.

Despite the LUNA 2.0 price recording a massive gain in its value, the price still trades at a discount of over 20% since the year started. This resulted in the token making it to the list of top losers of 2023.

A few other top losers of the year 2023 are mid-cap tokens such as the SUI token with a loss of 61% (YTD) and the Blur token with a plunge of over 90% in value Year-to-Date.

Price Prediction of Top Gainers for 2024:

2023 has been a highly volatile year for the crypto industry as major cryptocurrencies have experienced massive price volatility. Further, the industry is on the verge of concluding the accumulation phase as the upcoming Bitcoin Halving is just months away, highlighting a massive price action underway soon.

Each cycle has created a new All-time-high for the industry and same is expected from this one aswell. Moreover, altcoins have started to record significant price movements, indicating a rising inflow of funds in the crypto space.

Conclusion:

The crypto industry has recorded significant price movements this year as major tokens have added significant value to their respective portfolios. Further, the market is predicted to be on the verge of a prolonged bull run to ignite.

This Highlights a massive possibility of the industry experiencing significant price jumps in the coming time. The upcoming year is filled with major events that are expected to shape the future of the finance industry forever.