The broader cryptocurrency market exhibited some signs of optimism in January 2023.
This month, crypto assets like Gala, Solana, Apecoin, Aptos, and Fantom made significant profits.
Recently, Goldman Sachs also ranked Bitcoin (BTC) the best-performing asset in the world.
battered asset class. Over the course of the year, the overall market capitalization fell by more than 63%. However, in January 2023, the broader cryptocurrency market showed some positive optimism.
As per CoinGabbar analysis, the top five best-performing assets in January 2023 were Gala, Solana, Apecoin, Aptos, and Fantom. So, let's dive in and take a look at what's driving these assets toward new heights.
Gala (GALA): Gala is a blockchain-based decentralized gaming ecosystem. The Gala token, the Gala network's native virtual currency, is utilized to fuel all transactions inside the ecosystem.
The GALA token is currently trading at a price of $0.485, which increased by more than 195% in the last 30 days. The token market cap currently stands at $367 million. The recent price increase in the GALA token is owing to the announcement of a new pivot by the ecosystem's developers.
As per reports, the developers are currently working on two projects with actors The Rock and Mark Wahlberg, two of Hollywood's biggest names. Experts believe that the token has enormous potential to continue its bull run in the near future.
Solana (SOL): Solana is a community-based blockchain technology that is aiming for long-term viability. In the past few months, the token suffered significant losses owing to the fallout of the crypto exchange FTX. But in January 2023, the token reversed its bearish trend and started a fresh bull run.
The SOL token is currently trading at a price of $23.9, which increased by more than 194% in the last 30 days. The token market cap currently stands at $8.9 billion. This price increase came after Ethereum founder Vitalik Buterin expressed his support for the Solana ecosystem.
Another reason driving the SOL price was the anticipation of a new memecoin, BONK, development on the Solana network.
Apecoin (APE): ApeCoin is an ERC-20 token that is used within the APE Ecosystem to facilitate and promote community-wide distribution across the web3. This month, the APE token gained tremendous traction from the NFT community.
The APE token is currently trading at a price of $6.3, which increased by more than 74% in the last 30 days. The token market cap currently stands at $2.33 billion. The price increase transpired because of a rise in trading volume and the floor prices of several NFT collections.
Reports reveal that if we compare the fundamental indicators of the industry with the movement of APE on the market, Apecoin benefited from the rise of the NFT market.
Aptos (APT): Aptos is a layer-1 blockchain that is highly scalable and adaptable. The APT token has grown in popularity over the past few months. The APT token is currently trading at a price of $17.92, which increased by more than 476% in the last 30 days. The token market cap currently stands at $2.88 billion.
The APT price has surged significantly after NFTs became more popular on the blockchain, with more collections launching on Aptos.
Furthermore, Binance contributed significantly to the recent price movement. The crypto exchange earlier announced the addition of two new cryptocurrency liquidity pools (APT/BTC & APT/USDT).
Fantom (FTM): FTM is the native token of the Fantom network, a smart contract platform designed to compete with Ethereum. The FTM token is currently trading at a price of $0.46, which increased by more than 137% in the last 30 days. The token market cap currently stands at $1.18 billion.
There are various reasons for the ftm price increase, but the most significant overnight news for the project is an "interchain" communication announcement that advances the Fantom cross-blockchain interoperability.
This year, Goldman Sachs has ranked Bitcoin the best-performing asset in the world. As per Goldman Sachs' year-to-date asset return report, BTC has outperformed the S&P 500, gold, real estate, and Nasdaq 100 this year.
Reports reveal that the flagship DeFi asset ranks first on this list, with total returns of more than 27% and a risk-adjusted ratio of 3.1. This report from Goldman Sachs indicates that the bank's favorable attitude toward crypto assets is expanding.
What are your thoughts on the recent price increase in the above-mentioned tokens? Which one token would you pick from the top 5 best performers and why? Please share your thoughts in the comment section below.
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