Many anticipated that the approval of spot Bitcoin ETFs by the U.S. SEC would trigger a massive altcoin rally, reminiscent of the 2021 bull run. However, reality has been different. While Bitcoin surged toward $100,000, many prominent "altcoins" from the previous cycle have not only failed to reach new highs but are still lingering near their bear market lows.
This trend suggests that as cryptocurrency investing becomes more mainstream, particularly in the U.S., new capital is concentrating on high-quality assets—a pattern also observed in traditional equity markets. Despite this, several tokens that peaked in the 2021 bull market have managed to reclaim investor attention and achieve new all-time highs in this cycle. Below is an overview of some of these tokens, though this list may not be exhaustive.
Solana (SOL)
During the 2021 "Alt L1" boom, Ethereum Virtual Machine (EVM)-compatible chains like Fantom, NEAR, and Avalanche gained traction as users sought alternatives to high Ethereum gas fees. Solana stood out by building a unique ecosystem outside the EVM landscape. Backed by FTX founder Sam Bankman-Fried (SBF) and effective team execution, SOL's price skyrocketed from under $1 at its exchange debut to over $200.
However, the subsequent market downturn and the collapse of FTX led to a dramatic fall, with SOL dropping to around $7. Many believed Solana's story had ended, especially as major NFT projects migrated away.
Contrary to these expectations, Solana revitalized itself in this cycle through the explosive growth of meme coins and the rise of ecosystem projects like the restaking platform Jito. SOL's price surged consistently, recently breaking above its previous all-time high of nearly $260 from November 2021.
Binance Coin (BNB)
BNB is the only exchange platform token that has successfully diversified into a multifaceted ecosystem. It has demonstrated resilience during bear markets and strong performance during bull runs. In the 2022 bear market, BNB fell from around $660 in May 2021 to under $200. While this was a significant drop, it was less severe than the 90%+ declines seen in many other tokens.
As market conditions improved, Binance aggressively launched numerous Launchpool and Launchpad projects, fueling BNB's upward momentum. On June 24 of this year, BNB surpassed its previous all-time high, exceeding $700. Unlike Huobi's HECO Network, which faded into obscurity, BNB continues to show substantial potential both within the Binance exchange and on BNB Chain.
Tron (TRX)
TRX's new all-time high this cycle is somewhat unexpected yet understandable. USDT's supply has approached 140 billion, and Tron has long been a preferred network for USDT transfers. Although Ethereum has surpassed Tron in USDT issuance and has broader application scenarios, Tron remains a top choice for efficient fund movement.
According to DefiLlama, Tron's Total Value Locked (TVL) was approximately $7.56 billion at the time of writing, having exceeded $10 billion in March this year. TRX reached a high of $0.18 in April 2021 and set a new record above $0.22 in mid-November.
Toncoin (TON)
TON's origins trace back to the ICO era when Telegram raised $1.7 billion for its Grams token to develop The Open Network. However, SEC legal action halted progress, and the project only reached a settlement in 2020, which prohibited Telegram from continuing TON's development.
The community kept TON alive, but it remained under the radar for years. Its token price peaked at $4.4 in late 2021 before declining with the market.
In 2022, the TON Foundation and several institutions announced multiple ecosystem funds worth tens or hundreds of millions of dollars, signaling rapid expansion. Leveraging Telegram's massive user base, TON integrated seamlessly with the messaging app, offering games and smooth user experiences that drove adoption. This June, TON briefly surpassed $8, nearly doubling its previous peak.
LEO Token (LEO)
LEO is a utility token issued by the Bitfinex exchange, offering benefits like fee discounts. Its recent price surge to a new all-time high near $9 in November lacks clear catalysts, though the sentencing of hackers responsible for stealing 120,000 Bitcoin from Bitfinex in earlier years may have been perceived positively.
Fetch.ai (FET)
Fetch.ai is a project from the pre-last bull market that persisted until the AI narrative gained dominance. While many "blockchain+" initiatives from that era failed, Fetch.ai survived and thrived. This year, SingularityNET, Fetch.ai, and Ocean Protocol proposed merging their tokens to form a Superintelligence Alliance, a plan that has now executed.
AI's transformative potential is undeniable, though the role of crypto in this evolution remains to be seen. FET reached about $1.2 in early September 2021 and soared to approximately $3.5 this year, more than doubling its previous high.
OKB
OKX, one of the former "big three" Chinese exchanges, has made significant strides recently. The platform enhanced its trading features and user experience, allowing for highly personalized trading plans—a innovation later adopted by competitors. Its Web3 wallet gained widespread adoption, especially during the inscription craze, becoming a preferred tool for many traders.
OKB's price began breaking records early last year, coinciding with OKX's major upgrades. In March, it reached a new all-time high near $74, over 70% above its May 2021 peak of around $44. For those looking to explore advanced trading tools and features, 👉 discover leading exchange utilities.
Stacks (STX)
Stacks represents an early attempt to build a smart contract platform leveraging the Bitcoin network. Its design is innovative: Bitcoin holders bid Bitcoin to receive STX block rewards and fees, while STX stakers process blocks. Once a block is added, the bid Bitcoin is distributed to stakers. By posting state data to Bitcoin, Stacks functions as a form of Bitcoin L2.
The recent inscription trend breathed new life into this long-standing Bitcoin ecosystem project. STX's price rose to around $3.85 in April, exceeding its previous high of approximately $3.6 from November 2021.
Injective (INJ)
The Cosmos ecosystem has been a challenging area for investors. Like Polkadot, it features unique cross-chain technology but hasn't sparked a trend comparable to DeFi. Injective, launched before the last bull market, gained broader recognition after a $40 million funding round in August 2022.
Backed by market makers, hedge funds, and other liquidity providers, Injective aims to establish a DeFi liquidity hub. While this goal isn't unique, INJ's price performance has been strong. In mid-March, it surpassed $52, more than doubling its April 2021 high of around $25.
Bitget Token (BGB)
While BNB and OKB's growth might seem expected, Bitget's rise has surprised many. In a field dominated by giants, Bitget managed to capture market share through aggressive strategy, efficient execution, and supportive products like its wallet. The exchange capitalized on the post-bull market influx of new Web3 users.
Unlike other tokens that crashed after 2021 and then recovered, BGB has been on a steady climb since its inception in 2021, recently reaching a new high of $1.7.
Frequently Asked Questions
What defines an "old altcoin" in this context?
"Old altcoins" refer to cryptocurrencies that were prominent in the previous bull market (around 2021) and have managed to surpass their all-time highs in the current market cycle, demonstrating sustained relevance and growth.
Why are some altcoins outperforming others in this bull run?
Performance varies based on ecosystem development, real-world utility, community support, and alignment with current narratives like AI, restaking, or Bitcoin Layer-2 solutions. Projects with strong fundamentals and active use cases tend to attract more investment.
Is it safe to invest in altcoins that have already reached new highs?
While past performance isn't indicative of future results, tokens achieving new highs often show strong momentum. However, always conduct thorough research, assess risk tolerance, and consider market volatility before investing. 👉 Learn more about strategic investment approaches.
How does exchange token utility contribute to price growth?
Exchange tokens like BNB, OKB, and BGB offer benefits such as reduced trading fees, participation in launchpad events, and staking rewards. These utilities create consistent demand, supporting price appreciation alongside ecosystem expansion.
What role do market narratives play in altcoin performance?
Narratives like AI, memecoins, and Bitcoin Layer-2s significantly influence investor sentiment and capital allocation. Projects aligning with these trends often experience heightened attention and price movement, even if their underlying technology isn't directly enhanced.
Can older projects maintain relevance against new competitors?
Yes, established projects with ongoing development, adaptive teams, and strong community support can remain competitive. Continuous innovation and strategic partnerships allow them to leverage existing infrastructure while integrating new trends.