Kelvin Daminabo
Recent research by Lookonchain has highlighted that 42 cryptocurrencies have surpassed Bitcoin in terms of returns for the year-to-date. This is noteworthy since Bitcoin, being the most prominent digital currency, serves as an indicator for the broader cryptocurrency market.
A few cryptocurrencies that have excelled includes Popcat, Mantra, and Mog Coin. Notably, Popcat has experienced an extraordinary price increase, boasting over 7550% growth this year. This surge is attributed to Binance, a leading cryptocurrency exchange, announcing its trading support for Popcat in August. Mantra, set to launch its mainnet in October, has also made headlines, with its OM token soaring over 1550% for the year.
Other notable mention includes Mog Coin and MAGA, which have enjoyed significant returns of over 2200% and 1129%, respectively. In contrast, Bitcoin’s performance stands at a year-to-date return of over 43% as of this writing.
It is essential to recognize that not every cryptocurrency that has outperformed Bitcoin is available on Binance, indicating that multiple factors contribute to their success beyond just exchange listings.
The emergence of numerous cryptocurrencies outperforming Bitcoin suggests a more diverse and decentralized cryptocurrency market. This trend highlights the potential for various digital assets to rise in popularity and market value, possibly rivaling Bitcoin in the future.
The Lookonchain analysis offers valuable insights into the current cryptocurrency landscape, showcasing the potential for emerging cryptocurrencies to achieve significant growth. As the market evolves, it will be intriguing to monitor which cryptocurrencies maintain their competitive edge over Bitcoin and which newcomers will take the lead.
Meme Coins and Exchange Tokens
In 2024, the cryptocurrency market has experienced a remarkable boom with Bitcoin taking the lead. Nevertheless, some tokens have outpaced even Bitcoin’s considerable gains. Among the best performers are meme coins, exchange tokens, and certain small-cap cryptocurrencies. Impressively, eight of the top ten gainers against Bitcoin this year have been meme coins, with four of them listed on Binance.
A standout among meme coins is Dogwifhat, which debuted on Binance in 2024, achieving a staggering increase of 976% year-to-date, representing a 230% gain since its trading support was added in March. More notable cryptocurrencies include ARKM, PENDLE, FLOKI, and PEPE, also listed on Binance in 2023, which have shown considerable price momentum in 2024.
As per Lookonchain’s report, the exchange listings seem to have significantly bolstered the performance of these tokens. The high visibility and liquidity associated with Binance likely fueled demand, resulting in higher prices after the listings.
The performance of these meme coins and small-cap cryptocurrencies illustrates the vibrant and unpredictable essence of the cryptocurrency space. While major cryptocurrencies like Bitcoin often capture media attention, smaller tokens can present substantial opportunities for traders and investors. However, approaching such investments requires caution due to the inherent volatility and unpredictability of the market.
The cryptocurrency sector continues to evolve dramatically in 2024, with various tokens surpassing Bitcoin’s notable gains. Meme coins, exchange tokens, and small-cap currencies have emerged as significant players, with their exchange listings playing a pivotal role in their success. Moving forward, it will be intriguing to see which tokens maintain their upward trajectory and which new contenders rise to prominence.