2021's Top Crypto Performers: A Look at What's Next

• Layer-1 Blockchain Solana Spearheads 2023 Token Price Gains
• Altcoins Avalanche, Stacks, and Helium Post Solid Gains
• Bankruptcy and Legal Actions
• Co-founders of Bankrupt Crypto Hedge Fund Three Arrows Capital Face Asset Freeze
• Market Movement
• Bitcoin Nears $44,000 as it Reverses Losses
• Chart of the Day

Layer-1 Blockchain Solana Spearheads 2023 Token Price Gains

Leading the crypto market in 2023, Layer-1 blockchain Solana$104 5.03% (SOL) showcased exceptional token price gains, closely tailed by altcoins Avalanche (AVAX), Stacks (STX) and Helium$6.74 6.56%'s (HNT). Initiated in mid-October, Solana's rapid increase has seen the value rise above 700% since the inception of the year. HNT also demonstrated substantial profits, recording a 500% rise. The uptick was significantly noted in the present month, post the company's foray into the mobile sphere.

Altcoins Avalanche, Stacks, and Helium Post Solid Gains

Avalanche's robust performance, marked by a 300% surge year-to-date, is largely attributed to a series of institutional collaborations. Looking ahead, experts highlight the tokenization of physical assets as a burgeoning sector. Infiniti Labs founder, Chris Newhouse, notes that the "Decentralized Physical Infrastructure (DePIN) narrative" will persist as a key discussion, with tokens like RNDR and HNT recently surpassing market performance. DePINs utilize cryptocurrency tokens to encourage the construction of tangible infrastructure.

Bankruptcy and Legal Actions

Co-founders of Bankrupt Crypto Hedge Fund Three Arrows Capital Face Asset Freeze

A court in the British Virgin Islands has reportedly frozen over $1 billion in assets of the founders of crypto hedge fund Three Arrows Capital (3AC), which declared bankruptcy. This order was issued on Monday and applies to founders Su Zhu and Kyle Davies along with Davies' wife, Kelly Chen. The liquidating firm, Teneo Restructuring, revealed this development in an email. 3AC went bankrupt in July of the previous year following irreversible losses induced by the collapse of stablecoin issuer Terra. Teneo is striving for $1.3 billion and included Chen in the order to optimize returns for creditors, whose claims surpass $3 billion. Post a four-month jail term in Singapore for not aiding in 3AC's wind-up, Zhu is set to be released this month, given his good behavior.

Market Movement

Bitcoin Nears $44,000 as it Reverses Losses

Chart of the Day

The Grayscale's Bitcoin Trust Fund (GBTC) discount to net asset value (NAV) remained near its narrowest point since August 2021. The discount expanded marginally to 7.90% on Wednesday. This narrowing discount is attributed to the optimism over the possible approval of a bitcoin spot exchange-traded fund (ETF) in the U.S. GBTC, the world's largest bitcoin investment vehicle, has traded at a discount since February 2021, hitting almost 50% record lows in December of the previous year.

Edited by Jonathan Stoker