Layer-1 Blockchains Soar 7000% in 2024: CoinGecko Report
Data from analytics firm CoinGecko shows that Layer-1 native tokens will grow by 7,000% in 2024. While major projects such as Bitcoin and Ethereum have recorded significant growth, other coins have also seen significant growth in niche markets.
However, with the rise of Layer-2 projects, the newly launched L1 faces extremely fierce competition and harsh environment.
Layer-1 tokens will surge in 2024
coin gecko, Leading blockchain analytics companyjust posted a dramatic renew Cryptocurrency Market in 2024. Layer-1 blockchain tokens have soared more than 7,000% since January 2024, with several unexpected candidates seeing the fastest growth. The company points to several trends, but Trump’s election victory Further fueling the rally, triggering a broader bull market.
“Encouraged by Trump’s election victory, the cryptocurrency market in 2024 is trending vertically. Demand for L1 solutions is surging… Competition among L1 blockchains for the top spot intensifies. However, they face challenges from Layer 1 -2 fierce competition for solutions designed to increase transaction speed at very low cost,” claims CoinGecko.
CoinGecko data shows, classic example (Bitcoin, Ethereum, Solanaetc.) lead in terms of market capitalization, but some dark horse candidates surpass them in terms of percentage growth. largest Layer-1 blockchain project Clearly ahead in many key areas; for example, the CEO of analytics firm CryptoQuant claims Bitcoin could become a global currency by 2030.
Still, these advantages don’t have to be insurmountable. Although Bitcoin is dangerously close to $100,000 Last week, it never achieved that milestone. CryptoQuant data claims that this Loss of power may cause significant delays This price point is due to overwhelming market greed. However, some assets benefit from different advantages.
Mandala (OM) Recent reached record highto become a great performer. CoinGecko attributes OM’s success to its ever-expanding partnerships RWA Tokenization Market. Likewise, AIOZ has experienced steady growth on the back of its content delivery network. CoinGecko also noted Rapid expansion of layer 2 networks in this field.
Nonetheless, CryptoQuant also highlighted the fierce competition in the Layer-1 blockchain market. Their analysis shows that most Layer-1 projects launched this year have suffered significant losses. While mature Layer 1 protocols benefit from their existing presence, the growing Layer 2 market makes it increasingly difficult for new protocols to succeed.
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