4th April 2024 – (New York) In a recent study conducted by CoinLedger, a crypto tax and portfolio management software provider, it was found that cryptocurrency portfolios experienced significant value growth this year, with an average increase of $2,804. The study analysed data from over 500,000 investors, shedding light on popular tokens and solutions driving the industry’s current bull run, fuelled by institutional interest and retail demand.
Bitcoin (BTC) and Ethereum (ETH) emerged as the top digital assets within these portfolios, with users holding the most unrealised gains in these two cryptocurrencies. Year-to-date, BTC has seen a growth of over 57%, while ETH has increased by 45%, according to TradingView data.
Additionally, other cryptocurrencies such as Solana (SOL), Cardano (ADA), Polygon (MATIC), and BNB have also made it to the top six tokens for unrealised gains in 2024. SOL, in particular, has experienced a resurgence thanks to increased liquidity flowing into meme coins on the Solana ecosystem. BTC, ETH, and BNB have consistently been among the longest-held cryptocurrencies by investors.
On the other hand, the native token of the bankrupt Voyager exchange (VGX) has witnessed the largest losses among cryptocurrencies, with a decline of over 19% year-to-date. CoinLedger’s analysis also identified Chainlink (LINK), Luna (LUNA), Hedera (HBAR), and Tezos (XTZ) as other digital currencies with significant losses in 2024.
The study also delved into popular exchanges and wallets within the crypto space. Binance emerged as the most commonly used trading venue, while MetaMask was the preferred choice among users for crypto storage. Ledger wallet, Coinbase wallet, Trust wallet, and Phantom were also popular options for safeguarding digital assets. Other notable exchanges included Coinbase, KuCoin, Crypto.com, and Kraken.
CoinLedger CEO David Kemmerer highlighted that the year has brought about renewed interest in Bitcoin and cryptocurrencies, following a period of skepticism triggered by major crashes in 2022. Despite setbacks such as the bankruptcies of FTX and Voyager exchanges, investors have seen substantial gains in 2024, driven by the resurgence of cryptocurrencies like Bitcoin and Ethereum. This resurgence signals a thriving cryptocurrency market once again.Share