The cryptocurrency market has recorded an incredible recovery in 2024, increasing from a market capitalization of $1.8 trillion in January to an astonishing $3.9 trillion as of mid-October. This boom has largely been driven by the outstanding growth of Bitcoin, achieving a 160% increase year-to-date.
However, this strong recovery has also triggered a wave of optimistic momentum across the market—especially with some altcoins—bringing new life to projects that have been stagnant or underperforming, at least in the eyes of some observers.
Here are some prominent cryptocurrencies that have registered notable comebacks in 2024 that analysts believe could continue to outperform.
Dogecoin once again 'scores'
Dogecoin, a quintessential meme symbol, has had one of the most impressive comebacks of 2024, with a price increase of over 350% from a low of $0.081 in January to $0.466. This rally has been driven by a combination of political, technical, and cultural factors, bringing Dogecoin back to the center of investor enthusiasm.
The performance of Dogecoin over the past 12 months. Source: CoinGecko
The outcome of the 2024 U.S. presidential election appears to play a key role in reversing the fortunes of this currency, with the upcoming cryptocurrency-friendly administration of Donald Trump signaling a major shift in regulatory outlook. Trump's strong embrace of Blockchain innovation and Elon Musk's appointment as co-chair of a new government agency humorously dubbed the 'Department of Government Efficiency' (DOGE) has garnered significant media attention and sparked a wave of optimism among investors.
The president cannot stop mentioning DOGE. Source: Donald Trump
Musk's unwavering support for Dogecoin (DOGE) remains a strong psychological driver, while speculation about the integration of DOGE payments on Musk's social X platform has also excited traders and analysts about the potential for further growth.
Technical analysis has confirmed optimistic momentum, with key indicators such as the 'golden cross', where two long-term moving averages intersect, indicating significant potential for bullish movement.
Anonymous analyst Mikybull has compared the current pattern to a previous bull cycle of Dogecoin, during which the coin surged nearly 7,000%. Similarly, renowned cryptocurrency trader Javon Marks has forecast a similar outlook, predicting that DOGE could reach $3 or higher if momentum continues.
Source: MilkybullCrypto
Ripple rides the regulatory wave, recording a 330% profit
Ripple's XRP token (XRP) has generated one of the most astonishing growths of 2024, soaring over 350% since the presidential election on October 1. With this growth, XRP has surpassed Solana and Tether, solidifying its position as the third-largest cryptocurrency by market capitalization.
The rise in XRP's value seems to be driven by a range of factors, including optimism about regulation, the launch of strategic products, and strong technical momentum, making it one of the most talked-about assets in the market.
Bolstered by momentum from last year when U.S. District Judge Analisa Torres ruled that XRP is not a security when sold on public exchanges—although it may be classified as a security in institutional transactions—this digital asset seems to have opened a new chapter.
Top 5 cryptocurrencies by total market value. Source: CoinGecko
This partial victory is seen as a turning point for Ripple and the broader cryptocurrency industry, weakening the case of the U.S. Securities and Exchange Commission (SEC) against other decentralized tokens it has claimed are securities. Under the leadership of outgoing Chairman Gary Gensler, the SEC has aggressively pursued lawsuits against cryptocurrency issuers and exchanges, accusing them of offering unregistered securities.
However, Trump's pro-innovation stance, combined with the prospect of a cryptocurrency-friendly SEC under nominated chairman Paul Atkins, has raised hopes that Ripple's long-running legal battle could finally end in 2025.
New confidence in Ripple also coincides with the company launching the long-awaited RLUSD stablecoin, a USD-backed asset designed with compatibility and transparency at its core. RLUSD launched on platforms like MoonPay, Uphold, and Bitso on October 18, marking Ripple's strategic advance into the growing stablecoin market.
The launch has positioned Ripple to capitalize on the increasing demand for stable digital assets and reinforce its role as a key player in cross-border payments.
Ultimately, technical analysis has also provided optimistic signals for XRP, with renowned trader DonAlt—who accurately predicted XRP's rally in October 1—suggesting that a breakout beyond the $2.60 threshold could trigger another wave of optimistic momentum, potentially doubling XRP's price.
Analyst EGRAG presents a more ambitious view, forecasting that the price of XRP could rise between $8.77 and $17.54 if Ripple achieves its long-term goals.
Source: DonAlt
Hedera re-enters the top 25, reaffirming itself as a DeFi powerhouse
Hedera Hashgraph is often likened to a 'dark horse' in the cryptocurrency market. However, its recent rise and increasingly prominent role in the DeFi market have elevated it significantly. With an increase of over 800% in just the period from October 1 to October 2, Hedera (HBAR) has maintained an impressive growth trajectory throughout 2024.
One of the most exciting developments for Hedera is the potential for a direct HBAR ETF to be approved, as Valour Funds has submitted an application for a truly staking product with the European Euronext exchange.
Meanwhile, the application by Canary Capital for a direct HBAR ETF in the U.S. has added to expectations as investors closely monitor regulatory developments in the post-election environment.
With the possibility of U.S. cryptocurrency policy changing under the leadership of a new administration, the acceptance of HBAR by institutions could significantly increase in the medium and short term.
Ultimately, Hedera's growing presence in the DeFi space is also a key driver of its success, with total value locked (TVL) in the ecosystem rising from $53 million in January to nearly $200 million in mid-October, an astonishing increase driven by platforms such as Stader, SaucerSwap, and Bonzo Finance.
The growth of Hedera DeFi's TVL between Q3 and Q4 of 2024. Source: DefiLlama
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