- Solana outperformed major cryptocurrencies in 2023
- Bitcoin gained over +64%
- Cryptocurrency market bulls might focus on other major cryptocurrencies until the gap with Bitcoin shrinks
Cryptocurrencies started 2023 with a bid tone. The bullish momentum continues into the 4th month of the year, as investors still believe that more upside is possible.
A quick look at the leading cryptocurrencies and how they performed in 2023 reveals something interesting. That is, three cryptocurrencies lag behind Bitcoin’s rally, meaning that there might be some momentum left in the race to catch up with Bitcoin.
TradingView ranks the top 10 cryptocurrencies, as seen below. If we exclude Tether and the USD Coin and focus on the other, we find that Doge, Polygon, and BNB have underperformed in 2023.
Doge, Polygon, and BNB might catch up with Bitcoin
Surprisingly, Bitcoin is not the cryptocurrency that performed the most in 2023. Solana is, up +67.12% YTD.
One scenario moving forward is that if Bitcoin gives up some of its 2023 gains, it will drag the other cryptocurrencies down. But those still believing in the Bullish potential of this market might see things differently.
In particular, the last three cryptocurrencies in the top 10 have a lot of room to catch up with Bitcoin. For example, Dogecoin is up only +13.29% in 2023. Also, Polygon gained +28.54%, while BNB delivered a +34.71% YTD.
Sure enough, these are all stunning performances for such a short period. But Bitcoin gained +64.64% over the same period, so there is still a potential for some catch-up to do.
Overall, the lagging cryptocurrencies look attractive here for investors believing that the bullish rally still has some legs. As such, avoiding Bitcoin might make sense until the gap shrinks.