- Solana outperformed main cryptocurrencies in 2023
- Bitcoin gained greater than +64%
- Cryptocurrency market bulls might give attention to different main cryptocurrencies till the hole to Bitcoin narrows
Cryptocurrencies began 2023 with a bidding tone. The bullish momentum continues on the 4e months of the yr, as traders nonetheless consider that there’s room for extra upside.
A fast take a look at the highest cryptocurrencies and their efficiency in 2023 reveals one thing attention-grabbing. Merely put, three cryptocurrencies are behind Bitcoin’s rally, which suggests there is perhaps some momentum left within the race to meet up with Bitcoin.
TradingView ranks the highest 10 cryptocurrencies as proven under. If we exclude Tether and USD Coin and give attention to the opposite, we see that Doge, Polygon and BNB underperformed in 2023.
Doge, Polygon and BNB may meet up with Bitcoin
Surprisingly, Bitcoin isn’t the perfect performing cryptocurrency in 2023. Solana is up +67.12% YTD.
Bitcoin Chart by TradingView
A future state of affairs is that if Bitcoin provides up a few of its 2023 positive factors, it would drag different cryptocurrencies down. However those that nonetheless consider within the upside potential of this market would possibly see issues in a different way.
Particularly, the underside three cryptocurrencies within the high 10 have loads of room to meet up with Bitcoin. For instance, Dogecoin solely grew by +13.29% in 2023. Moreover, Polygon gained +28.54%, whereas BNB recorded +34.71% YTD.
Certainly, these are all gorgeous performances for such a brief time frame. However Bitcoin has gained +64.64% over the identical interval, so there may be nonetheless potential to catch up.
General, lagging cryptocurrencies look engaging right here for traders, believing that the bull rally nonetheless has legs. As such, avoiding Bitcoin would possibly make sense till the hole narrows.
