OPINION: This article contains commentary which may reflect the author's opinion
Through a collaborative effort with cryptocurrency market data platform CoinStats, Benzinga was able to get a glimpse of which cryptocurrencies were seeing the highest price appreciation in 2021. Most people might be surprised by the results.
The top 5 cryptocurrencies of 2021 according to data shared with Benzinga are among the most unknown in the cryptocurrency market, such that even the most seasoned professionals would be surprised at the results.
In terms of yearly percentage gains, Gala is the coin that has taken the biggest leap in terms of price growth with a gain approaching 39,500 percent, according to CoinStats data, with a market cap of $3.6 billion and a price of $0.47. Play2Earn is the native cryptographic token of a blockchain gaming platform utilizing the Ethereum blockchain to develop blockchain games which are based on the play-to-earn model.
Despite record-breaking price increases on the market after the meltdown of Bitcoin, Axie Infinity is the second coin with the highest price increase at $95.7 – nearly 19,900 percent higher than Bitcoin today. There is a cryptocurrency built on block chain that can be used for a blockchain-based trading and battling game that is partially owned and managed by its players. It also uses a play-to earn model.
On the third position is ECOMI, with a current market capitalization of $1,067 million and a price of $0.00642. Since its genesis in January 2008, ECOMI has posted an 180% yearly gain. This cryptocurrency coin is the work of a Singapore-based company operating in the digital collectibles space and the VeVe marketplace for social collectibles.
As for the next crypto that is reporting the biggest gain, it’s The Sandbox, the crypto whose value increased by some 17,050 percent in 2018, reaching a value of $5.95 and a market capitalization of $5.5 billion at the time of this writing. A blockchain-based virtual world infused with a team’s view of the metaverse and games, Sandbox offers both the accessibility of the metaverse and a gaming experience that is powered by non-fungible tokens (NFTs) to manage land ownership rights.
There are five top cryptocurrencies in the world, XYO being the fifth. Its value has increased by about 15650 percent in the course of the year, reaching a market cap of $423.2 million with a price of $0.03388, its highest position to date. XYO is being developed as an Ethereum-based token which powers a geolocation-based system that is optimised for use in blockchain-based applications featuring a staking mechanic.
An Early Trend?
The biggest gainers featured in this list are clearly gaming-oriented cryptocurrencies, which seems to indicate their prominence among the most successful cryptocurrencies in the market. Axie Infinity, Gala and The Sandbox are three out of the top five cryptocurrencies in terms of gaming relatedness. This might be the start of a potential trend which might grow and unfold more next year.
Readers may ask “Where is Shiba Inu on this list?” In November, it was reported that investing $15 in Shiba Inu as early as possible could have made investors a millionaire years later.
To understand why the token did not appear on the list, Benzinga asked CoinStats. He said on Jan. 1, Shiba Inu’s price was so low that the system used to calculate percentage gains to determine the price at the time indicated zero and excluded it from the list of top cryptocurrencies—how could it calculate a price increase with a starting price of $0?