With political changes, optimism regarding regulation, and growing institutional interest, these three cryptocurrencies have seen significant growth over the past year.
Article Author: Shiraz Jagati
Source: Cointelegraph
Article translated by: Ada, MetaEra
In 2024, the cryptocurrency market experienced a significant resurgence, rising from a market cap of $1.8 trillion in January to $3.9 trillion by mid-December. This surge was largely driven by Bitcoin's 160% increase since the beginning of the year.
This dramatic resurgence has also sparked bullish momentum across the entire industry—especially for some altcoins—reviving projects that had been stagnant or underperforming, at least in the eyes of some observers.
Here are some standout cryptocurrencies that have made a comeback in 2024, with analysts suggesting they may continue to perform well in 2025.
Dogecoin triumphs again
As a typical meme token, Dogecoin made a strong comeback in 2024, with its price rising over 350% from a low of $0.081 in January to $0.466. This rebound was driven by a combination of political, technological, and cultural factors, placing Dogecoin back in the spotlight for investors.
The outcome of the 2024 U.S. presidential election seems to have played a key role in the turnaround of memecoins, with Trump’s pro-crypto government signaling a significant shift in regulatory attitudes.
Trump's embrace of blockchain and Elon Musk's appointment as co-chair of the newly established Department of Government Efficiency (DOGE) has garnered significant media interest and sparked optimism among investors.
Musk's ongoing support for Dogecoin is also a powerful emotional driver, and speculation about Musk integrating Dogecoin payments on social platform X has excited traders and analysts about further price increases.
Technical analysis has validated the bullish momentum, with key indicators such as the 'golden cross' (where two long-term moving averages intersect) suggesting significant upside potential.
Anonymous analyst Mikybull has drawn parallels between the current trend and Dogecoin's previous bull market cycle, during which the token achieved a nearly 7,000% increase. Similarly, renowned cryptocurrency trader Javon Marks has expressed a similar view, predicting that if this momentum continues, Dogecoin's price could reach $3 or higher.
Ripple has achieved a 330% gain riding on the regulatory wave.
Ripple's XRP token has achieved one of the most surprising and impressive rebounds of 2024, surging over 350% since the presidential election in November. This increase has propelled XRP past Solana and Tether, solidifying its position as the third-largest cryptocurrency by market capitalization.
The surge in XRP's price is driven by multiple factors, including optimism about regulation, strategic product launches, and strong technical momentum, making it one of the most watched assets in the market.
Last year, U.S. Judge Analisa Torres ruled that XRP does not constitute a security when sold on public exchanges (though it can be classified as a security in institutional sales), prompting this digital asset to seemingly turn a new page.
This local victory is seen as a turning point for Ripple and the broader cryptocurrency industry, weakening the SEC's charges against other decentralized tokens declared as securities. Under the outgoing chairman Gary Gensler, the SEC actively pursued cryptocurrency issuers and exchanges, accusing them of offering unregistered securities.
However, Trump's support for innovation, combined with the newly nominated SEC chairman Paul Atkins' friendly attitude towards cryptocurrencies, has sparked hopes that Ripple's long legal battle may end in 2025.
As confidence in Ripple is rekindled, the company has also launched the highly anticipated RLUSD stablecoin, a dollar-backed asset designed with compliance and transparency at its core. RLUSD debuted on platforms like MoonPay, Uphold, and Bitso on December 18, marking Ripple's strategic step into the growing stablecoin market.
The launch of this stablecoin allows Ripple to capture the growing demand from investors for stable digital assets and solidifies its position as a key player in the cross-border payments space.
Finally, technical analysis also provides bullish signals for XRP, with renowned trader DonAlt (who accurately charted XRP's rebound in November) stating that a break above $2.60 could trigger a new wave of bullish momentum, potentially doubling its price.
Analyst EGRAG's outlook is even more ambitious, predicting that if Ripple achieves its long-term goals, the price of XRP could soar between $8.77 and $17.54.
Hedera re-enters the top 25, re-establishing its DeFi giant status.
Hedera Hashgraph is seen as a dark horse in the cryptocurrency space, with its recent resurgence and growing status in the DeFi market making it more prominent. From November to December alone, Hedera's price surged over 800%, maintaining an impressive growth trajectory throughout 2024.
One of the most exciting developments for Hedera is the potential launch of a spot HBAR ETF, as Valour Funds has submitted an application for a physically-backed product to the European Euronext exchange.
Meanwhile, investors are closely monitoring the developments in the regulatory environment following the elections, as Canary Capital applied to list a spot HBAR ETF in the U.S., which has also raised expectations.
With potential shifts in U.S. cryptocurrency policy under the new government, institutional adoption of HBAR may significantly increase in the short to medium term.
Finally, Hedera's growing influence in the DeFi space has also become a key driver of its success. The total value locked (TVL) in the ecosystem surged from $53 million in January to nearly $200 million in December, a remarkable growth driven by platforms like Stader, SaucerSwap, and Bonzo Finance.
