Bitcoin saw a significant surge in 2023, fueled by various factors such as the approval of spot ETFs in the U.S. and the election of Donald Trump. Decrypt conducted an analysis using data from CoinGecko and Nasdaq to identify the top-performing coins with a starting market cap of at least $500 million from January 1 to December 17. Here are some of the top-performing digital assets of the year.
Pepe emerged as one of the winning meme coins of the year, based on the internet cartoon character Pepe the Frog, despite being labeled a hate symbol by the Anti-Defamation League. The Ethereum-based token saw a 1,492% surge in market cap, rising from $590.8 million to $9.4 billion by December 17. Despite its meme status, Pepe managed to maintain its upward trajectory, becoming the 28th biggest coin by market cap.
Sui, a relatively unknown altcoin, gained significant momentum in 2023 after its launch in May. Developed by ex-Meta (formerly Facebook) engineers, the blockchain garnered attention for its buzzing DeFi community and fast network. Its native SUI token soared by 1,193% throughout the year, propelling it to the 18th spot in terms of cryptocurrency market cap.
MicroStrategy, a software company led by Michael Saylor, made headlines for its bold move of heavily investing in Bitcoin. The company’s stock price surged by 464%, from trading at less than $70 per share at the start of the year to reaching $386 by December. Embracing the label of a “Bitcoin treasury company,” MicroStrategy capitalized on the increasing demand for Bitcoin exposure among investors, particularly hedge funds seeking volatile returns.
Dogecoin, initially created as a joke mocking the proliferation of altcoins, witnessed a remarkable 342% increase in market cap this year. Currently the seventh largest cryptocurrency by market cap at $45.9 billion, Dogecoin’s rise can be attributed in part to endorsements from Tesla CEO Elon Musk, who frequently mentioned the asset on social media. The surge in Bitcoin’s value also contributed to Dogecoin’s growth.
XRP, the native token of the Ripple network facilitating cross-border payments for institutions, experienced a resurgence this year. XRP’s market cap jumped by 286%, propelling it to the fourth-largest cryptocurrency spot with a market cap of $131.2 billion. Despite facing legal challenges from the SEC over allegations of selling unregistered securities, Ripple managed to secure a partial win in court, boosting confidence in the XRP token among investors.
BlackRock’s iShares Bitcoin Trust (IBIT) made a significant impact in the cryptocurrency market this year by offering investors a traditional investment vehicle to gain exposure to Bitcoin. The ETF, traded on the Nasdaq, quickly amassed over $50 billion in assets under management within 228 days of its launch, setting a record for the fastest achievement of this milestone for any ETF in history. BlackRock’s IBIT stood out among other Bitcoin ETFs, garnering significant investor interest and inflows throughout the year.
