After an extremely turbulent 2022, the crypto markets have made a remarkable recovery in 2023.
Amidst this resurgence, several cryptocurrencies have caught the attention of investors by consistently delivering impressive returns this year. As the rally gains momentum, some of these particular digital assets are paving the way for renewed optimism in the crypto space, offering potentially lucrative opportunities for those willing to take the plunge.
That said, below we take a look at the top 10 crypto assets by their monthly returns in 2023.
Bitcoin Cash is the best-performing cryptocurrency in 2023
Although most well-known cryptocurrencies are in the green territory in 2023, the asset that delivered the best monthly returns to investors this year is no other than Bitcoin Cash (BCH).
This crypto coin, which emerged as a result of a hard fork from Bitcoin (BTC) to make transactions on the blockchain faster and cheaper, is up 133% year-to-date. Specifically, BCH staged a strong start to the year, surging 35% in January.
After that, the cryptocurrency embarked on a bearish run, losing 15% of its value from February to May, before skyrocketing a whopping 99% in June.
Apart from the broader market rebound, one of the factors that contributed to its rally is the launch of a new digital assets exchange EDX Markets, which initially listed only 4 cryptocurrencies, including BCH. The exchange is backed by several renowned institutional investors, including Citadel Securities, Fidelity Investments, and Charles Schwab.
Lido DAO (LDO) and The Graph (GRT) among top 3 assets in terms of monthly returns
It is important to note that most of their returns came at the start of the year. For instance, LDO rose 165% in January and February, before returning to a downward trajectory in the following months. Similarly, GRT delivered the best returns in the first two months of the year, gaining 57% in January and 77% in February.
Bitcoin, Ethereum, and XRP on the rise
Bitcoin is up 82% since the start of the year, driving the broader market recovery rally. The leading cryptocurrency gained 11% in June amid hopes of growing institutional adoption.
SOL, XTH, XLM, and XRP rose 61%, 53%, 42%, and 37% year-to-date, respectively. Hedera (HBAR) and Tron (TRX) are also among the top 10 assets with the best monthly returns in 2023, climbing 36% and 31%, respectively.
Meanwhile, Polygon (MATIC) is one of the worst-performing major cryptocurrencies this year, down 19%. The crypto token took a sharp decline of 31% in June after the US Securities and Exchange Commission (SEC) added it to its list of unregistered securities.
Disclaimer: The content on this site should not be considered investment advice. Investing is speculative. When investing, your capital is at risk.