Thanks to political changes, optimistic management, and increasing interest from organizations, these three coins have achieved significant growth over the past year.
The cryptocurrency market has witnessed a strong revival in 2024, increasing its market cap from $1.8 trillion in January to $3.9 trillion by mid-December, led by Bitcoin's impressive 160% YTD increase.
This recovery has not only boosted Bitcoin but also created a wave of strong growth for many altcoins, bringing new life to projects that were previously undervalued. Below are the standout coins that have 'resurrected' in 2024 and are forecasted to continue growing in the future.
Dogecoin Shines Again Thanks to 'Trumps'.
The Dogecoin token $DOGE has recorded the most impressive comeback of 2024, rising over 350% from a low of $0.081 in January to $0.466. The rally is driven by the intersection of political, technical, and cultural factors, bringing Dogecoin back into the spotlight for investors.
The 2024 U.S. presidential election marks a turning point for memecoins, as the Trump administration's support for cryptocurrency prepares to take power. Trump's promotion of blockchain technology and the appointment of Elon Musk as co-chair of the humorously named new agency "Department of Government Efficiency" (DOGE) has created a wave of strong optimism, attracting media and investor attention.
Musk's continued support for Dogecoin remains a driving force for strong sentiment, while speculation about integrating DOGE payments on Musk's social platform X also excites traders and analysts about further growth potential.
Technical analysis shows a strong bullish trend, with a 'golden cross' between two long-term moving averages signaling significant growth potential. Analyst Mikybull compares the current pattern to Dogecoin's previous bull cycle, when the token surged nearly 7,000%. In agreement, trader Javon Marks predicts DOGE could surpass $3 if the momentum continues.
Ripple rides the regulatory wave to record 330% profits.
$XRP of Ripple has created a surprising price surge in 2024, increasing over 350% after the November election, bringing the price to $2.19. This rally has helped XRP surpass Solana and Tether, becoming the third-largest cryptocurrency by market cap.
The recovery of XRP is driven by optimism about regulation, new product launches, and strong technical momentum. The ruling from Judge Analisa Torres that XRP is not a security when traded publicly has laid a solid foundation for this impressive comeback.
Ripple's partial legal victory marked a significant turning point for the company and the cryptocurrency industry, weakening the SEC's lawsuit against decentralized tokens. Under Gary Gensler, the SEC aggressively prosecuted cryptocurrency projects, but with Trump supporting innovation and Paul Atkins nominated as SEC Chair, hopes for Ripple to end its legal battle by 2025 are rising.
This new confidence coincides with Ripple launching RLUSD, a USD-backed stablecoin, on December 18 on platforms like MoonPay, Uphold, and Bitso. RLUSD marks Ripple's strategic advance into the stablecoin market, reinforcing its position in the cross-border payment sector.
Technical analysis also supports the bullish outlook for XRP. DonAlt predicts that if XRP surpasses $2.60, the price could potentially double. Analyst EGRAG is even more ambitious, forecasting XRP could reach between $8.77 and $17.54 if Ripple accomplishes its long-term goals.
Hedera returns to the top 25, solidifying its status as a formidable force in the DeFi space.
Hedera Hashgraph, often regarded as the 'dark horse' in cryptocurrency, has become the center of attention with a strong resurgence in 2024. $HBAR has risen over 800% from November to December and maintains steady growth, currently priced at $0.2906.
A significant step is Valour Funds filing to launch a spot HBAR ETF on the Euronext exchange in Europe, while Canary Capital is pushing for a similar ETF in the U.S. With the potential for cryptocurrency policy changes under the new administration, HBAR could attract strong interest from institutions.
Hedera also confirms its position in DeFi, with TVL rising from $53 million in January to nearly $200 million by December, thanks to platforms like Stader, SaucerSwap, and Bonzo Finance.
