The year 2023 has been a game changer for the broader crypto community with Bitcoin (CRYPTO: BTC) riding the wave with significant gains.
Digital assets managed to be in the limelight this year for a stronger regulatory framework across the globe thereby leading to more crypto adoption across sectors and investors. The Spot Bitcoin ETF approval remains a high point of interest for the crypto investor community.
Among the top 20 cryptocurrencies, based on CoinMarketCap data, Benzinga picked three tokens that have witnessed significant growth in the past one-year trade. A closer look at the following table highlighted that the surge for the tokens happened mostly in the last three months of trade.
Solana (CRYPTO: SOL) leads the list with 419% gains followed by Avalanche (CRYPTO: AVAX) with a 201% surge and Cardano (CRYPTO: ADA) with a 105% increase. Solana and Avalanche were launched to the crypto markets in 2020 while Cardano traces back to the 2017 launch.
Price Action: In the last week when crypto majors, Bitcoin and Ethereum traded under pressure, Solana, Avalanche and Cardano managed to put up 11.8%, 52%, and 42%, respectively, gains on the board. Bitcoin and Ethereum (CRYPTO: ETH) both faced losses of 3% and 0.02% respectively for the same timeframe.
Let’s look back at the year for the major developments of these three tokens.
Avalanche: The year began with Avalanche users having the option to connect the network to MetaMask and avail the benefits of Web3 and DeFi applications.
Unlike Polygon and Solana, Avalanche witnessed a rise in its number of developers (as of September 2023) reflected in its blockchain’s development activity and development rising activity contributors’ count.
Also, the network underwent a Cortina upgrade in April 2023 which makes it easier for exchanges to support Avalanche’s X-Chain, which the protocol uses to send and receive funds.
Based on Messari data, active addresses saw a drop sequentially by 56% due to the impact of LayerZero-related activity. However, from the prior year, it reflected an increase.
Seasoned Web3 expert and director at Avalanche Foundation, Ömer Demirel took to X today to highlight Avalanche peaking to its all-time high of 1,632 validators. On Dec.6, he stated, “Avalanche is strategically positioning itself to be the…
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