January 2023 excited investors from the Marketplace in cryptocurrencies. During the period, the Bitcoin (BTC) it had its best January performance since 2013. Jerome Powell, chairman of the Fed, also boosted the sentiment of optimism by giving testimonials that calmed lovers of risky assets.
Bitcoin is up 36.75% for the month and the Ether (ETH) appreciated 29.65%, but the altcoins, smaller coins, observed appreciations greater than 300%. To better understand the first month of the year, QR Asset separated in its monthly ranking for January the best performances of these thirty days.
The report analyzed the top 40 coins by market capitalization according to Messari.io. Any asset that started or ended the month in the top 40 was considered.
Only the assets that started the month in the top 40 and ended outside the top 100 were not considered. Next, assets that had a market value of less than US$ 1 billion at the beginning of the month were removed from the classification.
The best performing cryptocurrencies in January 2023
Theodory Fleury, manager of QR Asset, starts by listing Aptos (APT) as the positive highlight of the month, native token of blockchain founded by former members of Meta, which rose 374.92% in the month.
“We didn’t see any specific reason for the token’s spectacular rise, but we can cite some facts involving the blockchain that may be associated with the January movement,” he says, in a report.
Firstly, Aptos was launched with a lot of hype in specialized environments, due to the team that was behind it, but it took on a very turbulent market scenario, comments the manager.
“Improving the macro environment for investment in crypto assets may have favored the movement.”
Secondly, continues Fleury, a strong volume of the asset was observed against the Korean Won in exchanges located in this country.
The QR Asset report highlights that South Koreans are known to be extremely aggressive in their risky investments and have an appetite for speculative assets.
According to Fleury, apparently, it was an asset with many derivative contracts at the short end that were liquidated with the market recovery and favored the January hike.
“Next was the Fantom (FTM) blockchain native token, promoted by Andre Cronje, founder of decentralized finance protocol Yearn Finance, up 162.94%. Cronje, regarded as one of the brightest minds in the smart contracts ecosystem, has been dedicated to projects developed in blockchain Fantom since moving away from Yearn and recently appeared announcing improvements in the protocol”, he lists.
The sharp drop in FTM token prices in 2022, combined with recent appearances by the developer, may have motivated a more relevant purchase flow in the asset.
Following, Decentraland (MANA) and Solana (SOL) appear, but, for Fleury, without specific reasons for the rise.
However, both tokens were among the biggest drops of 2022 (within the universe covered by the survey) and are among the assets with the highest Beta coefficient in relation to Bitcoin (2.07 and 2.25, respectively, measured in a 60-day window). days).
Finally, LDO, the governance token of the Lido liquid staking protocol, increased by 125.77%.
“Liquid staking protocols are among the most prominent narratives in early 2023, due to the proximity of the Shanghai hard fork on the Ethereum network. Lido today has a largely dominant position among liquid staking protocols, and its governance token LDO is the most liquid among its peers”, explains the manager.
There was no negative highlight in the month, only tokens with more moderate increases – among them, tokens that were among the biggest increases recently and had countercyclical behavior in 2022, as is the case with TRX; and tokens representing outdated theses, possibly with no real use cases like EOS and LUNC.
“In addition to XRP, which faces a long lawsuit against the SEC, which is heading towards the final stage, leaving the token subject to greater volatility”, adds Fleury.
Source: Moneytimes
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