Key Takeaways
Despite prolonged periods of stagnation, 2023 was a good year for cryptocurrency markets, which ended the year on a strong bull run. While Bitcoin outperformed the overall market, a handful of altcoins bucked the trend, racking up impressive price gains throughout the year.
Among the top 50 cryptocurrencies by market capitalization, the five best-performing altcoins in 2023 more than tripled in value throughout the year. In fact, the top gainers climbing 2000% or more. As 2024 approaches, CCN looks back at their journey over the past 12 months.
Like most cryptocurrencies, Injective (INJ) started out the year hungover from the events of late 2022. Even as Bitcoin started to climb in mid-January, INJ remained depressed, extending its prolonged spell trading below $2 until the very end of the month.
Despite being late to the party, the Cosmos-based DeFi token was eventually swept up in a Spring rally that saw it peak at over $9 in April.
From there, a bearish trend that swept across the market brought the price of INJ below $6 at the beginning of June, but it had recovered its losses by mid-July.
The rest of the summer was fairly uneventful for Injective. Mirroring the wider market’s retreat from a highpoint in July, it traded between $7 and $8 throughout most of August and September.
As it did for many cryptocurrencies, mid-October marked a turning point for INJ, triggering a month-long rally that saw the cryptocurrency climb to over $18.
After flatlining in late fall, from December 10, INJ embarked on another bull run, aided by growth across the Injective ecosystem. Having smashed through $20, within days, the price of INJ doubled again to above $40 on December 20.
After Injective, Kaspa (KAS) has been the most noteworthy crypto breakout of 2023. The coin emerged from obscurity to amass a market cap of around $4.5 billion by the end of the year.
Having never previously traded above $0.01, once it breached the critical threshold in February, Kaspa’s ascent was kicked into overdrive, with the price of KAS nearly tripling in the space of a few weeks to hit a peak of $0.039 in April.
The four-cent mark eluded KAS until July. Two months later it climbed above $0.05, entering the elite club of coins with a billion-dollar market cap in September
Mirroring its performance earlier in the year, the first 20 days of November saw the price of KAS double again, jumping to $0.145.
Of course, such a heated market had to cool off eventually. Since hitting a record high of $0.1452 on December 5, Kaspa has fallen back to around $0.11. In the grand scheme of things, though, this minor retreat has barely dented the token’s 2023 gains.
Solana’s price trajectory in 2023 has been marked by a remarkable rebound. From its abysmal performance in the previous year, SOL started the year trading at around $10, dipping to a low point of low of $8.25 in February.
Things started to look better for the cryptocurrency in March, however. Fueled by optimistic investor sentiment, SOL continued to rise throughout the spring. Recording an average price of $18.91 in April, SOL even held its ground when the wider crypto market fell in May.
Following further gains in July and August, the late October crypto rally catapulted SOL above $30 for the first time all year, sending it to a 19-month high of $78.8 on December 15. A week later, the token jumped by around 20% between December 19 and 21. This saw it smash through resistance at $80 and it overtook XRP as the 4th highest market cap crypto.
After a late 2021 bull run thrust gaming tokens like Immutable X (IMX) into the limelight, they were among the worst hit when the market crashed a few months later.
The low point for IMX occurred on December 31, 2022, when the token briefly traded below $0.382. This set the stage for a remarkable comeback in 2023.
Strong growth in February and March propelled the token to a peak of over $1.5 on March 18. By mid-June, though, it had fallen back below $0.60.
From there IMX traded between $0.4 and $0.6 for the next 4 months before breaking out in late October.
From $0.52 on October 20, the price of IMX increased by around $160% in the space of a month. This movement was boosted by news that Immutable had forged partnerships with Amazon and Ubisoft.
After a two-week lull, another pump saw IMX break above $2 for the first time since April 2022. It is closing in on $2.40 in the final days of 2023.
After a strong January that saw the price of AVAX double to around $20, the following three months were defined by extremely choppy waters. The coin revisited $20 on several occasions, only to crash back down to the mid-teens a few days later.
Like many cryptocurrencies, the value of AVAX declined in May. However, in contrast with many of its peers, the token failed to make a comeback in the following months. An early summer rally never materialized.
From mid-July onward, the AVAX market managed to shake its previous volatility. Unfortunately, as it settled into a period of stability, the token’s price would move in the wrong direction, falling to below $9 by the end of September.
The next 30 days saw AVAX regain lost ground, climbing back above $10 in October ahead of a stratospheric pump the next month. From less than $12 on November 1, in just 20 days, AVAX surged to a yearly high of over $20.
A mild correction followed, only for the feat to be repeated in the first half of December when the token climbed to highs of over $42.