The cryptocurrency world has left behind a very active first month of 2024. Although the approval of Bitcoin Spot ETFs was on the agenda in January, there was also activity on the altcoin side.
So, which are the altcoin networks on which the cryptocurrency community traded the most in January 2024? Here is the ordered list:
- Solana (SOL) – 747 million
- Tron (TRX) – 143 million
- Sei (SEI) – 130 million
- Binance Coin (BNB) – 125 million
- Polygon (MATIC) – 103 million
- NEAR – 89.1 million
- Sui (SUI) – 54.8 million
- zkSync – 43.5 million
- Ethereum (ETH) – 36.0 million
- Arbitrum (ARB) – 28.7 million
- Aptos (APT) – 19.6 million
- Mantle (MNT) – 15.1 million
- Bitcoin (BTC) – 14.7 million
- Avalanche (AVAX) – 14.3 million
- Optimism (OP) – 12.4 million
Interestingly, Solana, by far the most traded altcoin network in January, experienced a major network outage today. No action could be taken on the SOL network for approximately 5 hours.
Although Solana has experienced five outages in the last two years, it gained its popularity because it is much cheaper and faster than other networks. Transaction fees are currently extremely high on networks such as Ethereum and Bitcoin.
*This is not investment advice.