As a seasoned researcher with a knack for navigating the cryptocurrency market and its intricacies, I must admit that 2024 has been nothing short of exhilarating. The unexpected surge of Mantra (OM), AIOZ Network (AIOZ), and Sui (SUI) has truly rekindled my fascination with the ever-evolving world of Layer 1 blockchains.
2024 saw a powerful surge in the cryptocurrency market, fueled by the news of Donald Trump’s win in the Presidential Election.
It appears that data indicates a significant surge in interest towards Layer 1 blockchain solutions. These foundational platforms are essential for developing decentralized applications (dApps) and smart contracts, thereby fueling competition among these L1 platforms to establish supremacy.
Unlikely Cryptos Take Center Stage
As per the most recent data from CoinGecko, Mantra (OM) has experienced an impressive 7035.2% growth. A significant factor contributing to this rise is its collaboration with Zand, a digital bank located in the UAE, which allows for the tokenization of real-world assets within Dubai’s VARA regulatory framework.
Furthermore, AIOZ Network (AIOZ) has seen a remarkable 427.6% year-to-date increase, driven by expanding usage of its decentralized content distribution network and continuous progress within its ecosystem. Similarly, Sui (SUI) has made its mark among the top performers, surging 388.2% year-to-date, thanks to the deployment of dApps that bolster scalability and user-friendly development resources.
2024 has been an exhilarating year for Layer 1 (L1) blockchains, as their tokens have experienced unprecedented growth, surging by more than 7,000% since January. In the rapidly evolving world of cryptocurrency, some unanticipated tokens are claiming the top spots among the best performers this year.
Bitcoin, Ethereum: The OGs Remain Strong
Over the past period, tokens classified as mid- and small-cap Layer 1 have shown remarkable growth spurts. However, established players such as Bitcoin, Ethereum, and Solana have demonstrated stability and proved to be reliable investments. For instance, Bitcoin has exhibited a robust 112.9% Year-to-Date (YTD) rise, while Ethereum has seen a gain of 34.9%, albeit slightly trailing its smaller peers.
Over time, the influence of Ethereum has gradually lessened due to the emergence of Layer 2 solutions and rival blockchains. However, the launch of the Ethereum Spot ETF in the U.S. did not stop ETH from outshining its performance. Interestingly, ETH exceeded the growth of the S&P 500, which experienced a significant rise of 24.8% during the year 2024.
Over the course of this year, Solana has made a significant comeback following FTX’s collapse in 2022, with its value increasing by 134.3%. Much of this growth occurred in 2023, fueled by excitement surrounding memecoins and a surge in its price from $15 to $120. Similar trends were observed in networks like Tron (TRX), which experienced a 85.5% increase in value YTD. Toncoin (TON) also saw impressive growth of 136.2%, largely due to its integration with Telegram for hosting dApps and the rise in popularity of tap-to-earn games within the app.
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2024-11-30 12:02