With political changes, regulatory optimism, and growing institutional interest, these three currencies have achieved significant growth over the past year.
In 2024, the cryptocurrency market experienced a significant resurgence, rising from a market cap of $1.8 trillion in January to an astonishing $3.9 trillion by mid-December. This surge has largely been driven by Bitcoin's remarkable 160% growth year-to-date (YTD).
However, this sharp resurgence has also sparked bullish momentum across the industry—especially for some altcoins—injecting new life into projects that had been stagnant or underperforming, at least according to some observers.
Here are some outstanding cryptocurrencies that have made extraordinary returns in 2024, with analysts suggesting they may continue to perform well.
Dogecoin comes out on top again.
The typical meme token Doge staged one of the most impressive comebacks of 2024, with prices rising over 350% from a low of $0.081 in January to $0.466. This rebound was driven by a combination of political, technical, and cultural factors, making Dogecoin the center of investor enthusiasm once again.
The outcome of the 2024 U.S. presidential election appears to play a key role in the turnaround of memecoins, with Donald Trump's forthcoming pro-crypto administration marking a significant shift in regulatory sentiment.
Trump's embrace of blockchain innovation and Elon Musk's appointment as co-chair of the newly established government agency 'Department of Government Efficiency' (DOGE) has generated significant media interest and sparked optimism among investors.
Musk's continued support for Dogecoin remains a powerful sentiment driver, and speculation about integrating DOGE payments on Musk's social platform X has traders and analysts excited about the potential for further increases.
Technical analysis has confirmed bullish momentum, with key indicators such as the 'golden cross' (where two long-term moving averages intersect) indicating significant upside potential.
Anonymous analyst Mikybull compares the current pattern to the previous bull market cycle of Dogecoin, during which the token gained nearly 7,000%. Similarly, renowned cryptocurrency trader Javon Marks expressed a similar view, predicting that if the momentum continues, Dogecoin's price could reach $3 or higher.
Ripple rides the regulatory wave, achieving 330% profit.
Ripple's XRP token delivered one of the most surprising yet impressive rebounds of 2024, soaring over 350% since the November presidential election. This rise has propelled XRP beyond Solana and Tether, solidifying its position as the third-largest cryptocurrency by market capitalization.
The surge in XRP's value seems to be driven by multiple factors, including regulatory optimism, strategic product launches, and robust technical momentum, making it one of the most closely watched assets in the market.
Last year, U.S. District Judge Analisa Torres ruled that XRP does not qualify as a security when sold on public exchanges (though it can be classified as a security in institutional sales), which seems to have opened a new chapter for this digital asset.
This partial victory is seen as a turning point for Ripple and the entire cryptocurrency industry, weakening the U.S. SEC's claims against other decentralized tokens it has designated as securities. Under the leadership of outgoing chair Gary Gensler, the SEC has actively pursued cases against cryptocurrency issuers and exchanges, accusing them of offering unregistered securities.
However, Trump's innovative support position, combined with the prospect of a pro-crypto SEC led by incoming chair Paul Atkins, has sparked hopes that Ripple's long legal battle may finally conclude in 2025.
As confidence in Ripple is rekindled, the company has also launched the highly anticipated RLUSD stablecoin, a dollar-backed asset designed primarily for compliance and transparency. RLUSD debuted on platforms like MoonPay, Uphold, and Bitso on December 18, marking a strategic step for Ripple into the growing stablecoin market.
This launch allows Ripple to capitalize on the growing market demand for stable digital assets and solidifies its position as a major 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 rise in November) stating that a breakout above $2.60 could trigger another wave of bullish momentum, potentially doubling XRP's price.
Analyst EGRAG's view is even more aggressive, predicting that if Ripple achieves its long-term goals, XRP's price could soar between $8.77 and $17.54.
Hedera re-enters the top 25, re-establishing its position as a DeFi powerhouse.
Hedera Hashgraph is often seen as a dark horse in the cryptocurrency space. However, its recent resurgence and growing role in the DeFi market have made it more prominent. Despite rising more than 800% between November and December alone, it maintains an impressive growth trajectory throughout 2024.
For Hedera, one of the most exciting developments is the potential launch of a spot HBAR ETF, with Valour Funds applying for a physical staking product on the European Pan-European Exchange.
Meanwhile, investors are closely monitoring regulatory developments in the post-election environment, with Canary Capital applying to list a spot HBAR ETF in the U.S., which has also increased anticipation.
Due to the new government potentially changing U.S. crypto policy, institutional adoption of HBAR could see a significant increase in the near to medium term.
Finally, Hedera's growing influence in decentralized finance (DeFi) is also a key driver of its success, with the total value locked (TVL) in the ecosystem soaring from $53 million in January to nearly $200 million in December, a remarkable increase attributed to platforms like Stader, SaucerSwap, and Bonzo Finance.
