CoinLedger: Bitcoin dominates unrealized profits in crypto portfolios
A recent study by CoinLedger found that cryptocurrency portfolios have seen an average increase in value of $2,804 this year, as the industry surged towards its previous peak in 2021.
The analysis, conducted by the crypto tax and portfolio management software provider, examined a database of over 500,000 investors to identify popular tokens and solutions being utilized during a bull run driven by institutional interest and retail demand.
According to CoinLedger, users are seeing the most unrealized gains in the top two digital assets in the crypto market: Bitcoin (BTC) and Ethereum (ETH). Both tokens have experienced growth of over 57% and 45% year-to-date (YTD) according to TradingView.
In addition to BTC and ETH, other cryptocurrencies like Solana (SOL), Cardano (ADA), Polygon (MATIC), and BNB have also ranked among the top six tokens for unrealized gains in 2024. SOL has recently seen a resurgence due to increased liquidity in meme coins on Solana’s platform. BTC, ETH, and BNB are also among the most held cryptocurrencies by investors.
On the flip side, the native token of the bankrupt Voyager exchange, VGX, has experienced the largest losses in the crypto market, with a decrease of over 19% YTD. CoinLedger analysts also noted significant losses in other digital currencies such as Chainlink (LINK), Luna (LUNA), Hedera (HBAR), and Tezos (XTZ) in 2024.
When it comes to exchanges and wallets in the crypto space, these tools are essential for users to interact with digital assets. CoinLedger’s reports highlighted that Binance was the most popular trading platform, while MetaMask was the preferred choice for storing cryptocurrencies.
Other popular options for safeguarding digital assets included Ledger wallet, Coinbase wallet, Trust wallet, and Phantom, with exchanges like Coinbase, KuCoin, Crypto.com, and Kraken following after Binance.
CoinLedger CEO David Kemmerer mentioned that there has been a renewed interest in Bitcoin and cryptocurrencies this year, following a period of skepticism after major crashes in 2022.
For more information on buying crypto safely, check out our article on the safest ways to buy crypto. And don’t forget to follow us on Google News for the latest updates.
