The Most Profitable Cryptos in the First Quarter of 2024

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Crypto analysis platform CoinGecko shared the 8 Most Profitable Crypto Narratives report in the first quarter of 2024. According to the report, while some trends that have been in the crypto industry for many years continue to bring gains, new trends brought more profits in the first quarter of 2024. So, let's take a look at which ones they are and how much profit they make. Source and full report

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Memecoins (1313%)

in the first quarter of 2024, and many memecoins made significant gains with the intense interest of investors. While memecoins produced especially in the Solana network attracted great attention, they carried the memecoin trend to higher levels. According to the Coingecko report, Memecoins were by far the most profitable crypto narrative in the first quarter of 2024, recording the highest returns among the top tokens with an average return of 1312.6%.

It is quite remarkable that among the top earners in the first quarter of 2024 are Brett (BRETT), BOOK OF MEME (BOME) and cat in a dogs world (MEW), which were released in March. Additionally, all three of them are among the top 10 memecoins by market cap. In March, Brett (BRETT) had the highest return at the end of the first quarter at 7727.6% compared to its launch price, followed by dogwifhat (WIF), which gained 2721.2% quarter-to-date after going viral and sparking the current memecoin craze. BRETT had the highest returns of 7727.6% by end Q1 compared to its launch price, followed by dogwifhat (WIF) which gained 2721.2% quarter-to-date (QTD) after going viral and sparking the current memecoin frenzy. Book of Meme (BOME) increased by 1900%, and cat in a dogs world (MEW) increased by 730%, providing serious profits to its investors.

Real World Assets (RWA) (286%)

Real World Assets (RWA) coins took the market by storm with the statements of the CEO of BlackRock, the world's largest asset management company. With BlackRock highlighting the RWA trend, cryptocurrencies in this category took flight.

According to the CoinGecko report, the second most profitable crypto narrative RWA, achieved 285.6% returns in the first quarter of 2024. MANTRA (OM) is up 1074.4%, while TokenFi (TOKEN) is up 419.7%, while XDC Network (XDC) is the only crypto that is down 15.6%.

Artificial Intelligence (AI) (222%)

Artificial intelligence (AI) has attracted great attention recently and has shown its impact not only in the crypto market but also in the stock markets. AI, which has become more in demand especially with NVIDIA's published earnings reports, has come to the fore with the sharp rise of cryptocurrencies in this category.

According to CoinGecko's report, AI ranked third among the Highest Returning Crypto Narratives with 222% returns in the first quarter of 2024. All major AI tokens posted gains, with AIOZ Network (AIOZ) gaining 480.2% and Fetch.ai (FET) gaining 378.3%, and most interestingly, even OriginTrail (TRAC), which had the lowest earnings, had a return of 74.9% in the first quarter.

Decentralized Finance (DeFi) (99%)

Although Decentralized Finance (DeFi) did not have a good start to 2024, it was able to recover afterwards. DeFi, which remained relatively in the background in the first quarter of 2024, reminded itself of itself with the rise of cryptocurrencies in this field.

DeFi narrative returns in particular saw a surge in late February following the Uniswap (UNI) fee switch proposal. And the DeFi narrative achieved returns of 98.9% in the first quarter after regaining its lead over DePIN in the final days of March, taking the fourth place on the list. Decentralized finance protocol Uniswap (UNI) achieved huge return rates of 190% and Ribbon Finance (RBN) achieved huge return rates of 430%. Other large DeFi tokens with strong returns were Jupiter (JUP) at 125.7%, Maker (MKR) at 121.2% and The Graph (GRT) at 111.0% QTD.

Decentralized Physical Infrastructure Networks (DePIN) (81%)

By enabling autonomous, real-time interactions inside physical infrastructures through technologies such as smart contracts and the Internet of Things (IoT), DePIN managed to end the quarter with 81.0% returns, although it recorded losses in the first half of the first quarter. It is considered among the promising trends of 2024, and according to the Coingecko report, DePIN ranked fifth on the list. Among large DePIN tokens, the top performers were Arweave (AR), up 292.5%, Livepeer (LPT), up 133.7%, and Theta Network (THETA), up 124.5%. And Helium (HNT) underperformed, being the only large DePIN token to decline by 10.5% in the first quarter.

Layer 1 (L1) (70%)

Although Layer 1 (L1) projects, which have a large share in the crypto market, posting just 70.0% returns in the first quarter of 2024, they managed to continue their rise. Layer 1 cryptos, whose market caps are already high, continued to be a safe haven for crypto investors, even though they provided lower returns compared to other projects. The Layer 1 category, with a return of 70% in the first quarter of 2024, ranked sixth on the list.

Solana (SOL) gained 91.9% QTD as it came into the spotlight as a popular memecoin chain, but the best-performing large L1 cryptos were actually Toncoin (TON) with returns of 131.2% and Bitcoin Cash (BCH) with returns of 130.5. Additionally, Bitcoin (BTC) gained 65.1% after hitting all-time highs, while Ethereum (ETH) posted a lower gain of 53.9% in QTD despite spot Ethereum ETF filings in the US.

GameFi (64.4%)

Although GameFi has an important place in the crypto market, investor interest in GameFi projects has decreased recently, and GameFi narrative ranked seventh on the list with 64.4% returns in the first quarter of 2024. Among GameFi large caps, the top gainers were Echelon Prime (PRIME) at 124.0%, Gala (GALA) at 123.0% and Ronin (RON) at 112.3% QTD.

Layer 2 (L2) (39.5%)

Although Layer-2 projects, which have become popular since last year, have not yet fully participated in the bull run, some projects in this category have managed to attract attention with their significant increases. Layer-2 tokens, which showed a mediocre performance compared to other projects, ranked eighth on the list with a return of 39.5%. In the first quarter of 2024, Arbitrum (ARB) returned 5.6%, while Polygon (MATIC) had a slight decline of 1.2% and Optimism (OP) 1.2%. Stacks (STX) had relatively strong returns of 142.5%, and Mantle (MNT) of 95.8%.

Due to the increasing interest in Memecoins and especially the fact that they are talked about a lot on social media, they continue to occupy the agenda and it seems that they will continue to remain on the agenda. It is also not surprising that the interest in Artificial Intelligence projects is increasing, because it is a topic on the agenda of the whole world and I think we will talk more about artificial intelligence projects in the future and they will continue to have an important place on the agenda. Although the returns of Layer-1 cryptos seem low, in fact, a rate of 70% is not low at all because Layer-1 cryptos are the cryptos that already dominate the market and they have a significant dominance in the crypto market according by market cap. I believe that WEB 3 and Decentralized Finance (DeFi) projects will attract more attention in the long term, so I generally focus on strong projects in this category. And I believe the bull run they will trigger will be fiercer and stronger.

Thank you for reading
@rtonline

This is not investment advice,I am just talking about current developments and only my personal opinions. As with all money markets, anything can happen in the crypto market at any time, so please do your own research before investing.

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