2024 Cryptocurrency Market Review: Old Coins Resurrected
The cryptocurrency market in 2024 experienced an incredible revival, with the overall market cap skyrocketing from $1.8 trillion in January to $3.9 trillion in mid-December.
This surge is primarily led by Bitcoin, which has increased by as much as 160% since the beginning of the year, and the strong upward trend has revitalized many cryptocurrencies that were previously stagnant or underperforming.
Foreign media (Cointelegraph) shared three outstanding old projects this year, including Dogecoin ($DOGE), which Musk loves, Ripple ($XRP), which benefited from election and regulatory dividends, and the supposedly efficient old project Hedera ($HBAR).
Analysts are optimistic about the performance of these 3 coins in 2025
Dogecoin becomes the 'ace' again
The well-known meme coin Dogecoin ($DOGE) experienced an astonishing rebound in 2024, skyrocketing over 350% from a low of $0.081 in January to a high of $0.466.
There are multiple bullish reasons behind this surge, including political, technological, and cultural news.
The results of the 2024 U.S. presidential election seem to play a crucial role, with Trump about to take office, and his cryptocurrency-friendly government indicates a significant shift in the U.S. regulatory attitude towards cryptocurrencies.
During the campaign, Trump revealed his embrace of blockchain innovation and announced the appointment of Musk as co-chair of the 'Department of Government Efficiency' (DOGE), which sparked widespread media attention and market optimism.
Anonymous analyst Mikybull stated that the current trend pattern of Dogecoin is similar to previous bull market cycles when the coin once recorded an increase of nearly 7,000%.
Prominent cryptocurrency trader Javon Marks shares a similar view, predicting that if the upward trend continues next year, Dogecoin could rise to $3 or higher, setting a new historical high.
Source: CoinMarketCap CoinMarketCap data: Dogecoin has increased by 251% this year
Ripple ($XRP) has risen 350% amid regulatory waves
Ripple ($XRP) also delivered an outstanding performance in 2024, rising over 350% since the November U.S. election, securing its place as the third-largest cryptocurrency by market cap, surpassing Tether ($USDT) and Solana ($SOL).
$XRP's rise is driven by many bullish news, including optimistic regulatory prospects, the launch of strategic products, and strong technical momentum.
In addition, U.S. District Judge Analisa Torres ruled that $XRP sold on public exchanges is not classified as a security, bringing a turning point for Ripple and the entire cryptocurrency industry's regulation.
Well-known trader DonAlt accurately predicted the rise of $XRP in November. He further stated that if it breaks through $2.60, it could trigger a new wave of upward momentum, with the price expected to double.
Analyst EGRAG has made a bold prediction, suggesting that if Ripple achieves its long-term goals, $XRP could rise to a range of $8.77 to $17.54.
Source: CoinMarketCap CoinMarketCap data: Ripple has increased by 260% this year
Hedera ($HBAR) returns to the top 25 by market cap
Hedera ($HBAR) has recently risen and its position in the DeFi market has become increasingly prominent. From November to December alone, $HBAR surged over 800%, maintaining a remarkable growth trend throughout 2024.
(Cointelegraph) pointed out that one of the most noteworthy developments for Hedera is the potential listing of a spot HBAR ETF, with Valour Funds applying for a physical staking product on the European Euronext exchange. Meanwhile, Canary Capital's application for a U.S. $HBAR spot ETF has also generated high expectations in the market.
$HBAR's total value locked (TVL) has also seen significant growth, soaring from $53 million in January to nearly $200 million in December, primarily benefiting from the contributions of platforms like Stader, SaucerSwap, and Bonzo Finance in the ecosystem.
Source: CoinMarketCap CoinMarketCap data: Hedera ($HBAR) has increased by 239% this year
'What to buy in 2025? Analysts: These 3 coins have resurrected this year and are expected to continue soaring next year.' This article was first published on 'Crypto City'.
