The crypto market has had an impressive recovery in 2024, with market capitalization rising from $1.8 trillion in January to $3.9 trillion by mid-December. This increase is primarily driven by Bitcoin's outstanding growth of 113% year-to-date (YTD).

However, this strong recovery has not only led to spectacular advances for Bitcoin but has also created a strong bullish wave across the board, especially for some altcoins. This recovery has breathed new life into many projects that were stagnant or underperforming, at least according to some analysts.

Below are some prominent cryptocurrencies that have made an impressive comeback in 2024, which experts believe have the potential to continue strong growth.

Dogecoin Harvests Success Thanks to Multiple Factors

The famous memecoin Dogecoin has recorded one of the most remarkable recoveries in 2024, with an increase of over 350%, from $0.081 in January to $0.466. This surge has been driven by a combination of political, technical, and cultural factors, bringing Dogecoin back into the spotlight of investors.

A key factor in this recovery is the outcome of the 2024 U.S. presidential election, as Donald Trump's administration shows strong support for cryptocurrencies, raising hopes for a significant change in regulatory policy.

Trump's support for blockchain technology and the appointment of Elon Musk as co-chair of the newly established 'Department of Government Efficiency' (DOGE) have attracted significant media attention, generating a wave of optimism in the investment community.

Musk remains a major driving force behind Dogecoin's development, with rumors of the potential integration of DOGE into Musk's social platform X leading traders and analysts to anticipate further growth. Technical indicators, such as the 'golden cross' pattern between long-term moving averages, also point to strong bullish potential.

Anonymous analyst Mikybull commented that the current pattern of Dogecoin is similar to its previous bull cycle, when Dogecoin surged nearly 7,000%. Similarly, renowned trader Javon Marks predicts that DOGE's price could reach $3 or higher if the current growth momentum continues.

Ripple Achieves 350% Profit Thanks to Regulatory Factors

Ripple's XRP has also seen one of the most surprising yet impressive price surges in 2024, skyrocketing over 350% since the November presidential election, surpassing Solana and Tether to solidify its position among the top 3 cryptocurrencies by market capitalization.

This growth has been driven by regulatory optimism, the launch of strategic products, and strong technical momentum. In particular, a crucial factor is the ruling by U.S. District Court Judge Analisa Torres, stating that XRP is not a security when sold on public exchanges. This decision is seen as a turning point for Ripple and the entire crypto industry, undermining the allegations by the U.S. Securities and Exchange Commission (SEC) against decentralized tokens.

Under the leadership of outgoing Chairman Gary Gensler, the SEC has actively pursued lawsuits against crypto issuers and exchanges, accusing them of offering unregistered securities.

However, with support from the Trump administration, along with forecasts of a SEC under the leadership of Paul Atkins that could favor cryptocurrencies, many believe that Ripple's legal battle will soon come to an end, paving the way for strong growth in the coming years.

Additionally, Ripple's launch of the stablecoin RLUSD in December has expanded the market, as the coin is designed with compliance and transparency at its core. RLUSD launched on platforms like MoonPay, Uphold, and Bitso on December 18, marking Ripple's strategic advance into the growing stablecoin market.

RLUSD is expected to meet the growing demand for stable digital assets, while also strengthening Ripple's position in the cross-border payment market.

Technical analysis also indicates potential for further price increases, with trader DonAlt predicting that a breakout above $2.6 could trigger a new bullish wave, potentially helping XRP double in value.

Analyst EGRAG has even made a more ambitious forecast, with prices potentially reaching between $8.77 and $17.54 if Ripple achieves its long-term goals.

Hedera Establishes Its Position in the DeFi Market

Hedera, previously seen as a less prominent cryptocurrency, has had a strong resurgence in 2024, with growth of over 800% from November to December. Hedera (HBAR) has proven its strength in the decentralized finance (DeFi) sector, with total value locked (TVL) in the ecosystem soaring from $53 million to nearly $200 million by December.

One notable event for Hedera is the potential launch of an HBAR spot ETF, as Valour Funds has filed to establish this product on the Euronext exchange in Europe. Additionally, Canary Capital has registered an HBAR ETF in the U.S., creating significant expectations among investors.

With the prospect of a change in crypto policy under the new Trump administration, the adoption of HBAR in organizations could significantly increase in the short to mid-term.

Ultimately, Hedera's increasing presence in the decentralized finance (DeFi) sector is also a key driver of the company's success, with total value locked (TVL) in the ecosystem soaring from $53 million in January to nearly $200 million in December, a significant increase driven by platforms like Stader, SaucerSwap, and Bonzo Finance.

Overall, 2024 has witnessed a strong recovery and notable breakthroughs for many cryptocurrencies, with Dogecoin, Ripple, and Hedera standing out with significant progress, not only in value but also in changes in political and regulatory factors. Investors continue to closely monitor future developments, especially regarding regulatory policies and the advancement of blockchain technology.

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