In 2024, bitcoin showed impressive growth, doubling in value and surpassing the historic mark of $98,000. However, the success of the first cryptocurrency did not become a catalyst for growth for the entire market: many altcoins lost between 40% and 60% of their value since the beginning of the year, which was an unexpected blow for investors.

In this publication, we have collected the cryptocurrencies that have been among the year's biggest outsiders. What caused their fall and what lessons can be learned from it? Answers are in the article.

Cryptocurrency outsiders of 2024

1. Celestia (TIA).

The TIA token got off to a strong start in early 2024, but quickly faced a crisis. Declining interest in modular blockchains and a lack of mass adoption of the technology were key factors in the decline. Liquidity remained low, and competition from other blockchain scaling solutions further weakened the project's position. As a result, TIA's value has collapsed by 56% YTD.

2. Lido (LDO).

The popular liquid ether staking platform has run into serious difficulties amid changes in Ethereum's mechanics. Falling returns for validators made staking less attractive, leading to a 54% drop in LDO. Selling by large investors looking to diversify their portfolios only added to the pressure on the token's price.

3. MultiversX (EGLD).

The rebranding from Elrond to MultiversX did not help the project to gain an audience. High development costs and low user activity led to a 57% drop in the price of EGLD since the beginning of the year. Despite the technological advantages associated with high transaction speeds, the project failed to gain market traction.

4. Arbitrum (ARB).

The second-tier Ethereum solution faced declining user activity and increasing competition in the L2 sector. Declining profitability in the ecosystem and slow network growth were the key factors that caused the price of ARB to plummet by 50%.

5. POL (POL, formerly MATIC).

The Polygon blockchain network faced difficulties after replacing its native MATIC token with POL. Investor dissatisfaction caused by the token change and a lack of strategic partnerships led to a more than 55% drop in the value of POL. The general volatility of the altcoin market only exacerbated the situation.

6. Optimism (OP).

Main competitor Arbitrum was also unable to avoid problems. The slow growth of the ecosystem and the high competition in the area of second-tier solutions affected the value of OP, which fell by more than 47%.

7. Cosmos (ATOM).

The platform for building scalable blockchains lost ground due to the lack of a clear strategy. The unclear development of the ecosystem and the lack of updates caused ATOM's price to fall by around 40%.

8. The Sandbox (SAND).

The meta-universe gaming platform, which allows the creation of NFTs and the acquisition of virtual properties, did not recover from the crisis that hit similar projects. User numbers remained low and brands reduced their cooperation with the platform. All this led to the SAND token losing almost 40% of its value in one year.

9. Immutable (IMX).

Focused on gaming and NFT, Immutable X was caught up in the general decline of interest in the NFT market. The project's technological solutions were unable to offset this decline, resulting in a 37% drop in the value of the IMX token.

10. Worldcoin (WLD).

Worldcoin, an ambitious digital identity project, faced a wave of criticism due to controversial approaches to biometric data collection. Regulators in countries such as India, France, Brazil, Germany and South Korea have already banned the use of Worldcoin. Against this backdrop, WLD has lost 38% of its value since the beginning of the year.

Thus, 2024 has clearly shown that the crypto market remains extremely volatile, and the triumph of one cryptocurrency does not guarantee the well-being of others. While bitcoin continues to break records in value, many altcoins continue to face stiff competition, difficulty in adapting and declining investor interest. This year was a reminder that even the most promising projects can lose ground if they fail to meet the challenges of the times and the expectations of the community.