Top line
Bitcoin set several new records throughout 2024 and eclipsed the six-digit threshold for the first time, leading the charge amid a broader crypto rally following Donald Trump’s election victory – but its rise at $100,000 wasn’t even the most impressive outperformance on the market. by a cryptocurrency in 2024, thanks to several altcoins and meme coins also rising spectacularly.
Bitcoin has been overtaken by several altcoins and meme coins this year, even as the cryptocurrency … (+)
Key facts
Bitcoin, up 47% since Election Day, has added about $1.2 trillion to its market capitalization this year as of Dec. 19, rising 130% to just over $102,000.
But it was Pepe, a token named after the frog meme linked to far-right groups, that was the best performer among coins with a market cap above $5 billion, gaining about 1,570%. according to CoinMarketCap.
SUI, the native token of the Sui blockchain network, is the second best performer with a 509% gain, while dogecoin, a cryptocurrency touted by Elon Musk in recent years, has overtaken bitcoin with a 333% increase. , during which the meme coin reached new heights either. seen since the pandemic.
The token used by Ripple, a digital asset company co-founded by billionaires Chris Larsen And Jed McCalebhas also outpaced bitcoin this year, with XRP surging nearly 304%.
Stellar, used by the Stellar blockchain network, and Toncoin, the native blockchain cryptocurrency developed by Telegram, rose 233% and 155%, respectively, behind the network’s token Hedera, which rose about 248%. .
Another Shiba Inu-inspired token, Shiba Inu, and Tronix’s Tronix cryptocurrency just beat bitcoin this year by climbing 150% and 155%, respectively.
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Top 10 Performing Cryptocurrencies in 2024 (Market Cap Above $5 Billion)
- Pepe: up 1,570.7%, market cap $9 billion
- SUI: up 509%, market cap $13.7 billion
- Dogecoin: Up 333.1%, Market Cap $56.9 Billion
- XRP: Up 303.9%, Market Cap $142.3 Billion
- Hedera: up 247.7%, market cap $11.5 billion
- Stellar: up 233.4%, market cap $12.9 billion
- Toncoin: up 155.6%, market cap $14.6 billion
- TRON: Up 155.1%, Market Cap $23.7 Billion
- Shiba Inu: up 150.1%, market cap $15.2 billion
- Bitcoin: Up 135.9%, Market Cap $2 Trillion
How much has the crypto market grown in 2024?
Around $1.8 trillion was added to the overall market value of the global crypto market in 2024, growing from just under $1.8 trillion to $3.6 trillion as of December 18. according to at CoinGecko. Bitcoin holds over the majority of the market at 56.8% and accounts for around two-thirds of the overall market growth.
What are Meme Coins?
Meme coins are a form of cryptocurrency often linked to a viral internet joke, and their prices are often more volatile than any other symbol because they react to moments in pop culture. Dogecoin pink in November, after Trump announced that Musk and former Republican presidential candidate Vivek Ramaswamy would lead the Department of Government Effectiveness, whose acronym shares the name of the play. Musk then posted images of a “DOGE” logo and a Shiba Inu that appear to reference dogecoin, which depicts the dog’s face. He had already embraced dogecoin on social media in 2021, sending the token to a high of nearly $0.70, before Musk’s comment on “Saturday Night Live” that the coin was a “scramble” made bring its price back down to just above $0.05. Altcoins, or cryptocurrencies considered an alternative to bitcoin, also tend to be more volatile, as some analysts say the market has become more volatile. oversaturated.
How Did Trump’s Election Boost Crypto?
Trump was supported by several billionaires with ties to the cryptocurrency industry, including Gemini co-founders Tyler Winklevoss and Cameron Winklevoss and Ripple’s Larsen. Trump has claimed he wants the United States to become the “crypto capital of the planet” and has supported Bitcoin mining. His election victory propelled Bitcoin to new record highs as the token eclipsed the $80,000, $90,000, and $100,000 thresholds in the month following Election Day. Ethereum, the second largest cryptocurrency by market capitalization ($418 billion), rose 43% while adding over $118 billion to its capitalization. In total, the overall market value of the global crypto market has increased by more than $1 trillion since Election Day, according to CoinGecko.
Key context
The crypto market has reached new highs in 2024, starting with the Securities and Exchange Commission. approving the first Bitcoin exchange-traded funds in the United States in January. Spot Bitcoin ETFs allow investors to invest in the cryptocurrency without paying higher fees associated with purchasing the token directly on exchanges like Coinbase. The move generated about $15 billion in capital in the first five months, according to a Bernstein analysis. Since then, the crypto market has benefited from becoming a focal point of the recent presidential election, including Trump’s embrace of the industry despite his previous criticism.