The cryptocurrency market has seen a remarkable resurgence in 2024, growing from a capitalization of $1.8 trillion in January to a staggering $3.9 trillion in mid-December. This rise was driven, in large part, by Bitcoin’s meteoric year-to-date (YTD) rise of 160%.
However, this dramatic recovery also sparked a wave of bullish momentum across the board – particularly for certain altcoins – breathing new life into projects that had otherwise stagnated or underperformed, at least in the eyes of some observers.
Below are some notable crypto players that have seen extraordinary returns in 2024 and which analysts believe could continue to outperform.
Dogecoin returns to “Trump”
The quintessential meme token Doge has made one of the most impressive returns of 2024, witnessing a price surge of over 350% from its January low of $0.081 to reach $0.466. The rally was fueled by a combination of political, technical and cultural factors, bringing Dogecoin back to the center of investor enthusiasm.
The outcome of the 2024 US presidential election appears to play a central role in memecoin’s reversal of fortune, with the upcoming pro-crypto administration of Donald Trump signaling a major shift in regulatory sentiment.
Trump’s embrace of blockchain innovation and the appointment of Elon Musk as co-chairman of a newly formed government agency, humorously dubbed the “Department of Government Effectiveness” (DOGE), generated enormous media interest and triggered waves of investor optimism.
Musk’s continued support for Dogecoin (DOGE) also remained a strong driver of sentiment, while speculation about the integration of DOGE payments on Musk’s social platform new potential gains.
Technical analysis has validated the bullish momentum, with key indicators including a “golden cross,” where two long-term moving averages cross, pointing to significant upside potential.
Pseudonymous analyst Mikybull compared the current trend to Dogecoin’s previous bull cycle, during which the token rallied nearly 7,000%. Likewise, prominent crypto trader Javon Marks echoed a similar tone, predicting that DOGE could reach $3 or more if momentum persists.
Ripple rides regulatory wave to record 330% profit
Ripple’s XRP token (XRP) has seen one of the most unexpected and impressive rallies of 2024, surging more than 350% since the November presidential election. This rally saw XRP overtake Solana and Tether, cementing its place as the third largest cryptocurrency by market capitalization.
XRP’s rise in value appears to have been driven by a confluence of factors, including regulatory optimism, strategic product launches, and strong technical momentum, making it one of the most talked about assets on the market. walk.
Buoyed by momentum from last year, when U.S. District Judge Analisa Torres ruled that XRP was not a security when sold on public exchanges – although it could be classified as such in institutional sales – the digital asset seems to have turned a new leaf.
The partial victory was seen as a turning point for Ripple and the entire crypto industry, weakening the U.S. Securities and Exchange Commission’s case against other decentralized tokens it had declared as securities. Under the leadership of outgoing Chairman Gary Gensler, the SEC has aggressively pursued lawsuits against crypto issuers and exchanges, accusing them of offering unregistered securities.
However, Trump’s pro-innovation stance, combined with the prospects of a pro-crypto SEC under appointed chairman Paul Atkins, has fueled hopes that Ripple’s long legal battle may finally come to an end in 2025.
This renewed confidence in Ripple also coincided with the company’s launch of its highly anticipated stablecoin RLUSD, a US dollar-backed asset designed with compliance and transparency in mind. RLUSD debuted on platforms like MoonPay, Uphold, and Bitso on December 18, marking Ripple’s strategic move into the growing stablecoin market.
The launch allowed Ripple to capitalize on the growing demand for stable digital assets and strengthen its position as a key player in cross-border payments.
Finally, technical analysis also provided bullish signals for XRP, with popular trader DonAlt – who accurately traced XRP’s rally in November – suggesting that a break above $2.60 could trigger another wave of bullish momentum, potentially doubling the price of XRP.
Analyst EGRAG took an even more ambitious view, predicting that XRP price could rise to between $8.77 and $17.54 if Ripple achieves its long-term goals.
Hedera re-enters the top 25, reestablishing itself as a DeFi powerhouse
Hedera Hashgraph has often been considered a crypto dark horse. Yet its recent resurgence and growing role in the DeFi market has made it much more important. While rising over 800% between November and December alone, Hedera (HBAR) has maintained an impressive growth trajectory throughout 2024.
One of the most exciting developments for Hedera was the possibility of bringing a spot HBAR ETF online, with Valor Funds filing an application for a physical staking product with the European exchange Euronext.
Meanwhile, Canary Capital’s filing of a US-based HBAR spot ETF added to the anticipation as investors closely monitored regulatory developments in the post-election environment.
While a potential shift in U.S. crypto policy under the new administration appears likely, institutional adoption of HBAR could increase significantly in the short to medium term.
Finally, Hedera’s growing presence in decentralized finance (DeFi) has also been a key factor in its success, with the total value locked (TVL) within the ecosystem increasing from $53 million in January to almost 200 million dollars in December, a remarkable increase fueled by platforms like Stader, SaucerSwap and Bonzo Finance.
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