Popcat surged 7,550% YTD after Binance added trading support in August 2024.
Mantra's OM token anticipates a 1,550% rise before its mainnet launch in October 2024.
Mog Coin recorded a 2,200% increase in value, outperforming Bitcoin's 43% growth in 2024.
Data from Lookonchain indicate that there have been a marked transformation in the cryptocurrency market in 2024, showing that 42 different digital currencies have outperformed Bitcoin in terms of investment gains. While Bitcoin has been the dominant digital currency that has garnered a lot of attention from big players, these altcoins including Popcat, Mantra, and Mog Coin have been recording impressive year to date returns.
https://twitter.com/lookonchain/status/1837128808266138110 A Surge in Altcoin Gains
The analysis by Lookonchain highlights that altcoins such as Popcat, Mantra, and Mog Coin have seen substantial increases in their value, contrasting sharply with Bitcoin's more modest growth. Popcat notably skyrocketed by 7,550% year-to-date, propelled by Binance's decision to support trading of the token in August. Similarly, Mantra is anticipated to further its gains with the launch of its mainnet scheduled for October, having already surged by 1,550% this year. Mog Coin, not to be left out, has also seen an impressive rise of 2,200%.
This surge is not confined to coins listed on major exchanges like Binance. Other cryptocurrencies, such as MAGA, have also performed exceptionally well, with gains reaching 1,129%, showcasing the potential of lesser-known tokens to achieve significant valuations despite lesser trading volumes.
Binance's Listings Drive Altcoin Growth
Binance, which operates as one of the premier exchanges by trading volume, has helped introduce and bring these altcoins into the limelight.The data reveals that of the top-performing cryptocurrencies, many were listed on Binance, with listings substantially boosting their market performance. For instance, coins like ARKM, PENDLE, FLOKI, and PEPE, listed by Binance in 2023, have continued to see upward momentum in 2024.
The strategy employed by Binance involves selecting high-potential projects for listing, which not only enriches the trading options available to its users but also contributes to the overall growth in value of these tokens. For new listings in 2024, such as WIF and TURBO, both projects have shown remarkable growth post-listing, with increases of 234% and 38.6%, respectively.
Diversifying Cryptocurrency Investments Beyond Bitcoin
As the market of cryptocurrencies grows, the fluctuation of coins and tokens remains under research and discussion. The effectiveness of the Binance listing strategy, especially with meme coins and small cap, shows that there is a generalized market trend where the investors are expanding their investment portfolios, apart from the conventional instruments such as Bitcoin. This diversification is part of a larger shift towards a more varied and possibly resilient digital currency ecosystem.
Furthermore, the performance of these altcoins illustrates the new trend of investment within the sphere of cryptocurrencies, where it is possible to reach considerable profit with rather unknown and less popular projects in contrast to Bitcoin and altcoins. Specifically, as the interest and participation in cryptocurrencies continues to grow worldwide, investors’ knowledge and exploration of bitcoin and other cryptos increase, and thus the need for different forms of investment in the emerging digital asset space may cause a shift in how the market will look in the next few years.
The post 42 Altcoins Outperform Bitcoin in 2024, Lookonchain Reports appeared first on Crypto News Land.
