• Mantra (OM) has risen 7,035.2% in 2024 amid increasing demand for RWA protocols.
• AIOZ and SUI are the other top performing L1 tokens in 2024. 
• Sui Network recently introduced Bitcoin staking. 

Layer 1 (L1) tokens have seen exceptional price increases in 2024, with some recording gains of up to 7,000%, according to a report from CoinGecko. The report highlights Mantra (OM), AIOZ Network (AIOZ), and Sui Network (SUI) as the top-performing L1 cryptocurrencies this year. Donald Trump’s U.S. presidential victory was cited as a major contributing factor to these price surges, added the report.

Mantra (OM) emerged as the best-performing L1 token of 2024, boasting a staggering 7,035.2% year-to-date (YTD) increase. CoinGecko attributes this growth to Mantra’s partnership with Zand, a UAE-based digital bank enabling the tokenization of real-world assets (RWAs) in compliance with Dubai’s Virtual Asset Regulatory Authority (VARA). This partnership, coupled with rising institutional interest in RWAs, drew significant capital inflows into OM.

At the time of writing, OM is trading at $3.44, down 4.21% in the past 24 hours and 8.66% in the past week. The Relative Stre…

The post L1 Tokens Post 7,000% Growth in 2024, Led by Mantra, AIOZ, and SUI appeared first on Coin Edition.

Bitcoin retail numbers have dropped significantly after the recent price retracement this cycle. On-chain factors show the market is still in a bull phase; however, major indices differ from previous cycles. Ki Young Ju, CryptoQuant’s CEO, wrote on X (formerly Twitter) that retail investors are not at the Fear of Missing Out stage.

He said the analysis was drawn from trading counts on all centralized exchanges and other markets. Reduced sentiments from smaller players are present amid a general bullish price for several reasons. A look at the charts shows a significant drop in retail holders compared to the previous crypto bull run.

Traders Set Sights on Quick Profits

The rapid growth of BTC prices above $99k changed the dynamics for various levels of traders. While several whales increased buying pressure, smaller investors looked to rake in profits. The recent pullback in prices heightened sales and movements to centralized exchanges.

At the time of writing, the BTC price had nosedived to $96,310, a 0.4% drop today amid low sentiments. According to CryptoQuant, short-term Bitcoin holders are transferring assets at a loss to centralized exchanges, triggering panic among traders. These transactions are mostly retail traders, as most institutions continue to set price levels.

Institutional appetite surged the market to present levels after the approval of spot Bitcoin ETFs. This group of holders targets a run above $100K, although some have taken profits. Profit-taking sends prices lower, with traders repositioning their assets for the next bull swing. 

Profit Taking On Binance Hits New Level

The largest exchange by trading volumes has seen users offload assets to avoid losses. As Bitcoin takes a step back, the wider market is affected, with altcoins posting large outflows. Ethereum, Solana, and BNB dipped 3%, 2.2% and 1% respectively. Crypto traders have also liquidated holdings over fears of exits in institutional holdings.

“Tracking the realized profits of the Binance cohort provides valuable insights into the broader market sentiment and behavior, especially considering Binance consistently handles higher volumes than any other exchange. This metric helps us understand whether investors are taking profits aggressively (Above 10M) or steadily, which can be crucial to confirm the strength of the ongoing trend,” CryptoQuant wrote.