Solana, Avalanche, or Cardano: Which Crypto Has the Biggest Gains This Cycle?

• Solana has emerged as one of the top gainers in 2023, with a price appreciation of over 100%.
• Rival tokens like Avalanche (AVAX) and Cardano (ADA) failed to match SOL’s momentum this year.
• Cardano witnessed the highest surge in terms of total value locked in DeFi applications.

Solana has emerged as one of the top gainers in 2023, with its native cryptocurrency, SOL, adding more than 101% to its price since the beginning of the year. In comparison to SOL, the native cryptocurrencies of rival blockchains Avalanche (AVAX) and Cardano (ADA) failed to register such significant gains.

Data from CoinMarketCap showed that SOL went from $9.9 at the beginning of the year to $19.8 at the time of writing, adding more than $4.5 billion to its market capitalization. The crypto reached its yearly high of $29 in July. SOL’s daily trading volume came in at over $244 million.

ADA recorded a modest price appreciation of 8.3% since the beginning of January, going from $0.24 to $0.26. The crypto’s yearly high of $0.45 was witnessed on April 16, but it has lost more than 42% since then. ADA’s trading volume over the past 24 hours exceeded $90 million.

As for Avalanche, its native crypto, AVAX, has lost over 10% of its value so far this year. The price decline led to a considerable decrease in its market capitalization. At the time of writing, AVAX was trading at $9.8, with a 24-hour trading volume of $91.5 million.

According to the on-chain analytics platform DeFiLlama, Cardano emerged as the top gainer among the three cryptocurrencies in terms of total value locked (TVL) in decentralized finance applications. Cardano’s total jumped a whopping 227.4%, going from $48.9 million at the beginning of 2023 to $160 million at press time. Meanwhile, Avalanche witnessed its TVL decline by 32.4% year-to-date, coming in at $513 million. Solana recorded a rise of nearly 50% in its TVL.