Digital Assets Surge in 2023: Solana, Avax, Helium Take the Lead. What’s Next?

2024-01-03, 06:27

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![](https://gimg2.gateimg.com/image/article/1703839920RDZZ 1.jpeg)
<a href="/zh-tw/price/solana-sol" target="_blank" class="blog_inner_link">Solana</a>, Avax, Helium and STX gained much during 2023.

The approval of spot <a href="/zh-tw/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin</a> ETFs may lead to a rise in institutional investment in BTC.

Some countries may adopt the use of bitcoin in 2024.

Keywords: <a href="/zh-tw/price/solana-sol" target="_blank" class="blog_inner_link">Solana price</a>, <a href="/zh-tw/price/solana-sol" target="_blank" class="blog_inner_link">sol price</a> surge, <a href="/zh-tw/price/helium-hnt" target="_blank" class="blog_inner_link">Helium</a>, NHT token, STX token, price predictions, future of crypto, price analysis, bitcoin ordinals, digital assets price surge
## Introduction 
There was a strong cryptocurrency resurgence in 2023 with Solana, Avax, <a href="/zh-tw/price/stacks-stx" target="_blank" class="blog_inner_link">Stacks</a> (STX) and helium (HNT) taking the lead. The other leading digital assets like bitcoin, Ether (ETH) and <a href="/zh-tw/price/bnb-bnb" target="_blank" class="blog_inner_link">BNB</a> also performed well during that period. The news of [the possible launch of spot bitcoin ETFs pushed](https://www.gate.io/blog_detail/3555/grayscale-pushes-spot-btc-etf "the possible launch of spot bitcoin ETFs pushed") the values of most cryptocurrencies up during the year.

In this analysis we focus on the factors that catalysed [the price surge of Solana](https://www.gate.io/blog_detail/3432/solana-reaches-new-high "the price surge of Solana"), HNT token, STX and AVAX, among others. We shall also assess what’s in store for the crypto sector in 2024. 
## Which Tokens led the Way in 2023?
There is no doubt that several altcoins stole the light in 2023 as they gained much more than bitcoin. The leading price performers were [helium (HNT)](https://www.gate.io/how-to-buy/helium-hnt "helium (HNT)"), [Solana (SOL)](https://www.gate.io/how-to-buy/solana-sol "Solana (SOL)"), Avax and STX. Let’s briefly look at how they fared during the year. 
### Solana (SOL)

During 2023 the <a href="/zh-tw/price/solana-sol" target="_blank" class="blog_inner_link">Solana crypto</a> gained by over 700% and has been one of the leading digital assets. Much of Solana’s gains were recorded in the final quarter of the year. This is because it faced many hurdles since the beginning of the year.

For example, in June during its legal battle with Coinbase the United States Securities and Exchanges Commission (SEC) named SOL as one of the “unregistered securities.” However, that did not affect its performance much.

The [Ripple (XRP) partial victory against the SEC during the third quarter](https://www.gate.io/blog_detail/3315/ripple-scores-big-win-against-sec-2024-looks-bullish-for-xrp "Ripple (XRP) partial victory against the SEC during the third quarter") of the year created a bullish sentiment in the crypto sector which pushed the price of SOL up.

The Solana crypto also performed well despite its connection with the FTX crypto exchange that collapsed in 2022. At that time [FTX and Alameda Research held over $1 billion worth of SOL](https://www.gate.io/blog_detail/2423/solana-panic-volatility-and-huge-put-orders "FTX and Alameda Research held over $1 billion worth of SOL"). As a result of that <a href="/zh-tw/price/link-ln" target="_blank" class="blog_inner_link">LINK</a>, many analysts had anticipated that the Solana price would be negatively affected. But Solana was resilient after the FTX exchange collapse.

Philip Shoemaker, a crypto analyst, posted news of its resurgence on X. [He said](https://twitter.com/pbsIdentity/status/1733173163729555640 "He said"), “Post-FTX collapse, Solana took a hit but is bouncing back! Total Value Locked (TVL) on the blockchain has doubled in two months, now at $680 million.”
The interesting thing is that much of the Solana gains came after the conclusion of Sam Bankman-Fried’s trial in November 2023. As a result of the SOL price surge, Solana has surpassed <a href="/zh-tw/price/cardano-ada" target="_blank" class="blog_inner_link">Cardano</a>, <a href="/zh-tw/price/1inch-1inch" target="_blank" class="blog_inner_link">1inch 价格</a> and USDC to become the number 5 ranked crypto asset.

Currently, Solana is trading at $101.94 after gaining by 70.1% within the last 30 days. Still its 90 day chart shows that the coin is in an uptrend. 
![](https://gimg2.gateimg.com/image/article/17042630791.png)
Solana 90 Day Price Performance – CoinGecko

Nonetheless, as you note, SOL entered a retracement period after 25 December when it attained a value of $122.90. 
### Helium’s HNT
The value of the HNT token increased by over 500% during 2023 with much of its rally coming in the last quarter of the year after Helium had moved into the mobile space.

After venturing into the mobile and the Internet of Things markets the company launched its coin, MOBILE. Its users earn the coins as reward for their engagement on the network. Also, they can [use the MOBILE tokens](https://www.gate.io/learn/articles/what-is-mobilecoin/850 "use the MOBILE tokens") to settle their Helium bills.

Basically, Helium is a blockchain powered network that uses hotspots and nodes to connect wireless devices to its network. The migration of Helium from its blockchain to Solana strengthened its performance on the market.

It also seemed that the HNT token value moved in sync with some Solana based ones [like Bonk](https://www.gate.io/how-to-buy/bonk-bonk "like Bonk") and SOL. For instance, the value of [Bonk surged by over 7,000%](https://www.gate.io/blog_detail/3640/solana-s-bonk-surpassed-1-billion-market-cap-ranks-69th-largest-coin "Bonk surged by over 7,000%") during the year.

Read also: [BONK Price Prediction & Forecast for 2025, 2030](https://www.gate.io/price-prediction/bonk-bonk "BONK Price Prediction & Forecast for 2025, 2030")
### Avalanche (AVAX)
The value of <a href="/zh-tw/price/avalanche-avax" target="_blank" class="blog_inner_link">Avalanche</a> (AVAX) has risen by over 300% year-to-date, making it one of the best crypto performers during 2023. As a result of its strong price performance AVAX has become one of the top 10 cryptocurrencies by market capitalization.

The key driver for AVAX's price surge was its strategic partnerships with various institutions like Amazon Web Services. It also collaborated with other firms to carry out various campaigns. For example, it participated in Apollo Global and JPMorgan’s blockchain campaigns which positioned it as a top investment institution.

To this effect, [Blockcast AI said](https://twitter.com/blockcastai/status/1724865913235923345?ref_src=twsrc%5Etfw "Blockcast AI said"), “JPMorgan and Apollo Global Collaborate with Avalanche and Others for the Tokenization Project.” Such collaborations resulted in AVAX’s rally towards the end of 2023.

During the year Avalanche made several worthwhile developments which impacted its value. As an example, it launched its GameFi subnets which increased the demand for the AVAX token. These subnetworks function within Avalanche layer-1 blockchain infrastructure. The net effect of these developments was an increase in its organic network activity.

Read also: [AVAX Price Prediction & Forecast for 2025, 2030](https://www.gate.io/price-prediction/avalanche-avax "AVAX Price Prediction & Forecast for 2025, 2030")
### Stacks (STX) 
The value of [Stacks (STX), a native token of the Stacks Network](https://www.gate.io/learn/articles/what-is-stacks-all-you-need-to-know-about-stx/450 "Stacks (STX), a native token of the Stacks Network"), rose by over 623% during 2023. Stacks is a bitcoin layer-2 blockchain that specializes in smart contracts. In other works, the blockchain extends the functionality of the bitcoin blockchain.

As such, it hosts bitcoin decentralized applications and non-fungible tokens in the form of bitcoin ordinals. Launched in January 2021, Stacks has become the biggest web3 project on the bitcoin network. The rise in demand for bitcoin ordinals has led to the increase in the value of STX.

Read also: [STX Price Prediction & Forecast for 2025, 2030](https://www.gate.io/price-prediction/stacks-stx "STX Price Prediction & Forecast for 2025, 2030")
## Crypto in 2024 - Key Prognosis
2023 has been a great year for both equity and crypto investors. For example, the value of some cryptocurrencies rose by more than 16,000%, giving investors huge returns on their investments.

Even the values of blue chips like bitcoin and ETH increased significantly during the period. Bitcoin, whose price reached $44,000 in December 2023, gained by over 160%.

On the other hand, the value of ETH increased by more than 90%. The expectation of the SEC approval of spot bitcoin ETFs was the key driver of the year’s crypto rallies. At the time of writing, bitcoin is trading at $41,729 while investors can buy ETH for $2,295.20.

2024 is promising to be a great year for cryptocurrencies for several reasons. First, the SEC may approve spot crypto ETFs during the first quarter. That may result in a digital asset price surge. Prominently, the <a href="/zh-tw/price/bitcoin-btc" target="_blank" class="blog_inner_link">Bitcoin price</a> is likely to increase by a large margin considering that the halving event will also occur during the year.

The success of the crypto industry in 2024 is likely to hinge on enhanced security. Many crypto projects may improve their security, transparency and ethical principles. As a result of these, trust and confidence may increase among the crypto market participants.

We are most likely to see an increase in the adoption of cryptocurrencies in 2024. The market expects leading global economies like the United States and United Kingdom to reduce interest rates. This is because inflation has been falling in many countries. The reduction of interest rates may lead to a rise in the demand for cryptocurrencies.

We may also witness several countries legalizing the use of cryptocurrencies following the footsteps of Argentina and El Salvador. For example, if the use of cryptocurrency in Argentina succeeds to prop up its struggling economy, countries that face similar crises may also legalize the use of crypto assets.

2024 may also come with increased crypto regulation clarity. In 2023 there were several lawsuits on many crypto firms like Coinbase, Binance and FTX.

Many well-known crypto personalities including Do Kwon, Sam Bankman-Fried and Changpeng Zhao were tried for various crypto crimes. Such legal battles have highlighted the need for countries to come up with clear legal frameworks to protect both crypto users and investors.

Also, the involvement of large traditional financial institutions like Grayscale, Fidelity, [PayPal](https://www.gate.io/blog_detail/3034/%E7%AC%AC%E4%B8%80%E8%A1%8C%E6%83%85-paypal%E6%8E%A8%E5%87%BA%E7%BE%8Eyuan%E7%A8%B3%E5%AE%9A%E5%B8%81pyusd-%E6%96%B0%E5%8A%A0%E5%9D%A1%E9%87%91%E7%AE%A1%E5%B1%8011%E4%BA%BF%E7%BE%8Eyuan%E6%94%AF%E6%8C%81web3%E7%AD%89%E8%A1%8C%E4%B8%9A%E5%88%9B%E6%96%B0-%E6%AF%94%E7%89%B9%E5%B8%81%E6%B3%A2%E5%8A%A8%E7%8E%87%E5%B7%B2%E8%B7%8C%E8%87%B3%E5%8E%86%E5%8F%B2%E4%BD%8E%E7%82%B9-%E5%B8%82%E5%9C%BA%E6%88%96%E5%A4%84%E4%BA%8E%E7%86%8A%E8%BD%AC%E7%89%9B%E9%98%B6%E6%AE%B5 "PayPal") and [BlackRock](https://www.gate.io/blog_detail/2841 "BlackRock") in cryptocurrency may lead to legal clarity. Basically, the investment of these companies’ shows that they are approving that bitcoin is a worthwhile investment asset.

The future of crypto is bright since the large institutional support for bitcoin will likely result in its price stability which will lure more individuals and organizations to invest in it. In the past retail investors were the ones that were active in investing in bitcoin and other cryptocurrencies. Although we have not presented a precise price analysis of all the cryptocurrencies, 2024 should be a better crypto year than 2023. 
## Conclusion 
Solana, Avax, Helium and STX are some of the altcoins that performed well in 2023. Nevertheless, the values of bitcoin, BNB and Ether also increased by respectable margins. The crypto market expects 2024 to be a better crypto year than 2023 due to several developments that may occur like the bitcoin halving, regulatory clarity and greater institutional adoption of cryptocurrencies.

<div class="blog-details-info">
<div>Author:** Mashell C.**, Gate.io Researcher
<div class="info-tips">\*This article represents only the views of the researcher and does not constitute any investment suggestions.
<div>\*Gate.io reserves all rights to this article. Reposting of the article will be permitted provided Gate.io is referenced. In all cases, legal action will be taken due to copyright infringement.
</div>

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