The crypto bull run is focused on layer 1 blockchains. CoinGecko reports that these core platforms have appreciated 7,000% since January 2024.
After Donald Trump's win, crypto excitement looks to have revived.
On Nov. 29, L1 blockchains had a market valuation of $2.8 trillion. The dominating L1, Bitcoin, holds over 70% of this market. At $98,300, BTC reached a record $99,600 on Nov. 22.
Ethereum, considered the backbone of decentralized apps, has also gained. Over 34% higher, ETH is $3,630.
Bullishness is spreading to other L1 platforms. On Nov. 23, Ethereum rival Solana achieved an all-time high of $263.83 before falling to $244, a 40% monthly gain.
Cardano has surprised the market with a 200% gain in a month, trading at $1.09.
With 220% and 138% increases, emerging platforms Hedera and Mantra have also performed well.
Mantra's 6,000% rise since January is astounding. After peaking at $4.45 on Nov. 18, it fell 19.3% to $3.54. Binance Coin, another L1 platform, has not kept up. At $658, it has gained just 10% in the previous 30 days, making it an underperformer in this rally.
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