Underdog cryptos shock the market with massive gains in the explosive rally of 2024

The cryptocurrency market in 2024 witnessed an explosive rise, spurred by Donald Trump’s victory in the presidential election.

Data suggests that interest in Layer 1 blockchain solutions has skyrocketed as these platforms provide the foundation for dApps and smart contracts, intensifying the race for the L1 domain.

Unlikely cryptos take center stage

According to the latest CoinGecko report, Mantra (OM) has achieved an impressive increase of 7,035.2%. This increase is due in part to its partnership with Zand, a digital bank based in the United Arab Emirates that enables the tokenization of real-world assets (RWA) under Dubai’s VARA framework.

Additionally, AIOZ Network (AIOZ) posted an impressive 427.6% YTD increase, driven by growing adoption of its decentralized content delivery network and continued ecosystem advancements. Sui (SUI) also secured its place among the top gainers with a 388.2% increase over the past year, due to dApp releases that maximize its scalability and easy-to-develop tools.

“Out of the trenches, 2024 has been an exciting year for Layer 1 (L1) blockchains, with tokens soaring more than 7,000% since January. In the crypto space moving fast, a few unexpected listings are snapping up the top-performing spot this year.”

Bitcoin, Ethereum: The OGs are still going strong

While mid- and small-cap Tier 1 tokens have seen explosive growth, major players like Bitcoin, Ethereum, and Solana have proven to be resilient investments. Bitcoin demonstrated a solid year-to-date (YTD) increase of 112.9%, while Ethereum gained 34.9%, although it lagged behind its smaller peers.

Over the years, Ethereum’s dominance has slowly declined with the rise of Layer 2 solutions and other competing blockchains, despite the introduction of the Ethereum Spot ETF in the US. Even so, ETH still managed to outperform the S&P 500, which saw a 24.8% gain in 2024.

Meanwhile, Solana rebounded strongly from the impact of the FTX collapse in 2022, rising 134.3% YTD. Most of its growth occurred in 2023, fueled by memecoin excitement, as its price rose from $15 to $120. This trend was also reflected in networks like Tron (TRX), which surged 85.5% YTD. Toncoin (TON), leveraging its integration with Telegram to host dApps, saw an impressive 136.2% surge over the previous year, especially as tap-to-win games gained immense popularity on the app .

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