A recent Coingecko study reveals impressive growth for the top Layer 1 blockchains in 2024, with several outperforming traditional markets like the S&P 500, which gained 24.8% year-to-date (YTD).
Among the highlights, Bitcoin, Ethereum, and Solana posted notable market cap increases of 112.9%, 34.9%, and 134.3%, respectively.
Bitcoin Leads the Pack
Bitcoin’s market cap growth of 112.9% underscores its continued dominance as a cornerstone of the crypto market. Its performance far outpaces traditional equities, solidifying its position as a premier digital asset.
Ethereum Faces Challenges
While Ethereum’s 34.9% YTD growth is significant, it lags behind its peers. This underperformance is largely attributed to declining market dominance amid rising competition from new Layer 2 solutions and alternative blockchains. Even the launch of the US-based Ethereum Spot ETF failed to fully offset this trend.
Solana’s Resurgence
Solana made an extraordinary recovery following the fallout from FTX’s 2022 collapse. Its market cap surged 134.3%, driven primarily by the 2023 price rally from $15 to $150 during the “meme coin mania.”
Emerging Winners
– TRON: Benefited from meme coin trends, achieving an 85.5% increase in market cap.
– TON: Saw a 136.2% rise, fueled by the popularity of Telegram’s tap-to-earn games utilizing its blockchain.
– Sui Network: Topped the list with a staggering 338.2% YTD market cap growth. This was driven by rising investor interest, robust on-chain activity, and enhanced dApp utility, bolstered by Circle’s USDC integration.
How did the top 10 L1 coins perform in 2024? 🔎
Our study shows that #Bitcoin's market cap grew by 112.9%, #Ethereum by 34.9%, and #Solana by 134.3%—all outperforming the S&P 500's 24.8% YTD gain.
Read the full study: https://t.co/Gtgmk2ebWn pic.twitter.com/3QpFlSo6sP
— CoinGecko (@coingecko) December 2, 2024
The success of these Layer 1 blockchains highlights growing diversification within the crypto ecosystem as investors explore new opportunities beyond traditional leaders like Bitcoin and Ethereum.
Disclosure: This is not trading or investment advice. Always do your research before buying any cryptocurrency or investing in any services.
Follow us on Twitter @nulltxnews to stay updated with the latest Crypto, NFT, AI, Cybersecurity, Distributed Computing, and Metaverse news!
Image Source: crazyass/123RF // Image Effects by Colorcinch