In 2023, not a single top cryptocurrency is in the red. In fact, quite the contrary. Many top cryptocurrencies are up triple-digit percentages for the year. For example, Bitcoin (CRYPTO: BTC) is up more than 107%, while Solana (CRYPTO: SOL) is up more than 650%.

That’s the good news. The bad news is that, even with remarkable rallies this year, many top cryptocurrencies are still down 70% or more from their all-time highs from just two years ago. Two bargain-priced cryptos that particularly stand out right now are Avalanche (CRYPTO: AVAX) and Chainlink (CRYPTO: LINK).

Avalanche

During the last crypto bull market rally, Avalanche soared to a high of $146. Given today’s price of just $40, that means Avalanche is trading more than 70% below its peak.

That just seems like too much of a discount, given that Avalanche is one of the top competitors to Ethereum (CRYPTO: ETH). In fact, Avalanche has been called an “Ethereum killer,” due to the fact that it is simply so much faster and cheaper to use than Ethereum. Just like Ethereum, Avalanche offers everything that you’d expect from a Layer-1 blockchain, including non-fungible tokens (NFTs), decentralized finance (DeFi), blockchain gaming, and Web3 applications.

The latest buzz around Avalanche involves the launch of a new type of crypto collectible. In many ways, these collectibles are similar to the highly popular Bitcoin Ordinals, which in turn are based on the concept of traditional NFTs. To give you an idea of how popular they are, 95% of all transactions on the Avalanche blockchain are now related to these crypto collectibles. Depending on your view of NFTs, that’s either exciting or terrifying.

During the past 30 days, Avalanche is up more than 90%, and that potentially sets the stage for a strong start to 2024. From my perspective, one major reason for Avalanche’s sharp rally at year-end has to do with Solana’s recent blistering performance. Since Solana and Avalanche are very similar in what they do (both are direct rivals to Ethereum), and Solana is up more than 650% this year, many investors may now be expecting the same type of performance from Avalanche. That could lead to a big influx of investor money next year.