Data Analysis: Performance Overview of the Top 50 Tokens by Market Capitalization Year-to-Date

Author: Revc, Golden Finance

Introduction

Recently, the cryptocurrency market has experienced a roller coaster of sharp declines and surges. The market is tumultuous.

To clarify the current position of this bull market and to grasp the overall cryptocurrency market this year, Golden Finance has analyzed the performance of the top 50 cryptocurrencies by market capitalization from the beginning of the year to now.

Data analysis shows that, based on the price at the beginning of the year, 60% have erased their gains for this year; the tokens with the highest gains are the two major MEME tokens, WIF and PEEP, and 2024 may be the year of MEME coin explosion; TON has performed the best among all public chain tokens, with a gain of 150.17% compared to the beginning of the year; additionally, BNB, SOL, LEO, and KAS have gains of nearly 50%.

1. It seems we have experienced a false bull market

There are 29 tokens whose prices are below the beginning of the year, with the top five declines being ARB, OP, MATIC, INJ, and ATOM.

The main factors affecting the decline of the above tokens are token unlocks, token inflation, and poor token utility.

2. The following tokens have gains close to the inflation level

ETH has recently performed poorly due to sell-offs by institutions, market makers, and large whales.

3. The best-performing tokens this year

The year 2024 may be the year of MEME token explosion, with the top three gains being MEME tokens, while the Trump concept token on Solana has even higher gains.

4. The most thrilling roller coaster tokens

Conclusion

By consolidating the performance of the top 50 tokens this year, it is evident that, in addition to the significant overall market correction, the poorly performing tokens all have their non-negligible factors, such as large unlocks, inflation, poor ecological performance, and weak token utility. Meanwhile, MEME tokens exhibit high gains and high volatility, and investors should not overlook the associated risks while seeking returns.