Cryptocurrency Portfolios Surge in Value in 2024

CoinLedger Study Reveals Cryptocurrency Portfolios Surged in Value in 2024

A recent study by CoinLedger found that cryptocurrency portfolios experienced an average increase of $2,804 this year, signaling a resurgence in the industry as it approached its previous peak in 2021. The study, which analyzed data from over 500,000 investors, highlighted the most popular tokens and solutions being utilized during a bull run fueled by growing institutional interest and retail demand.

According to CoinLedger, users have seen the most significant unrealized gains in Bitcoin (BTC) and Ethereum (ETH), with both digital assets growing by over 57% and 45% year-to-date (YTD) according to TradingView data. Additionally, tokens such as Solana (SOL), Cardano (ADA), Polygon (MATIC), and BNB also ranked among the top six tokens for unrealized gains in 2024, with SOL experiencing a recent surge in value due to increased liquidity in meme coins on the Solana ecosystem.

On the other hand, the native token of the bankrupt Voyager exchange, VGX, recorded the largest losses in the cryptocurrency market, dropping by over 19% YTD. Other digital currencies like Chainlink (LINK), Luna (LUNC), Hedera (HBAR), and Tezos (XTZ) also experienced considerable losses in 2024.

When it comes to cryptocurrency exchanges and wallets, CoinLedger’s reports highlighted Binance as the most popular trading venue, while users mostly preferred MetaMask for storing their digital assets. Other popular options for safeguarding digital assets included Ledger wallet, Coinbase wallet, Trust wallet, and Phantom, with exchanges like Coinbase, KuCoin, Crypto.com, and Kraken following Binance in terms of user preference.

CoinLedger CEO David Kemmerer noted that 2024 has seen a resurgence of interest in Bitcoin and cryptocurrencies, despite setbacks like the bankruptcies of exchanges such as FTX and Voyager. Investors have witnessed significant gains this year, thanks to the renewed popularity of cryptocurrencies like Bitcoin and Ethereum, indicating a thriving market once again.