A recent study conducted by CoinLedger reveals that cryptocurrency portfolios have experienced an average increase in value of $2,804 this year, as the industry surged towards its previous peak witnessed in 2021.
CoinLedger, a provider of crypto tax and portfolio management software, analyzed data from over 500,000 investors to identify popular tokens and platforms utilized during a bull market fueled by institutional interest and retail participation.
According to CoinLedger’s findings, investors have accrued the most unrealized gains primarily from two leading digital assets: Bitcoin (BTC) and Ethereum (ETH), which have seen year-to-date (YTD) growth of over 57% and 45%, respectively, as per data from TradingView.
Additionally, cryptocurrencies such as Solana (SOL), Cardano (ADA), Polygon (MATIC), and BNB are among the top six tokens contributing to unrealized gains in 2024. SOL has notably seen a resurgence in value due to increased liquidity in meme coins within Solana’s ecosystem. BTC, ETH, and BNB are also among the most long-held cryptocurrencies by investors.
On the flip side, the native token of the now-bankrupt Voyager exchange (VGX) has experienced the largest losses within the crypto market, declining by over 19% YTD. Other digital currencies facing significant losses in 2024 include Chainlink (LINK), Luna (LUNA), Hedera (HBAR), and Tezos (XTZ), according to CoinLedger analysts.
In terms of exchanges and wallets, CoinLedger’s analysis highlights Binance as the most utilized trading platform, with MetaMask being the preferred choice for storing crypto assets among users. Other popular options for safeguarding digital assets include Ledger wallet, Coinbase wallet, Trust wallet, and Phantom. Exchanges such as Coinbase, KuCoin, Crypto.com, and Kraken also ranked prominently after Binance.
CoinLedger CEO David Kemmerer noted a resurgence of interest in Bitcoin and cryptocurrencies throughout the year, following a period of heightened skepticism spurred by significant market crashes in 2022.