NAIROBI (CoinChapter.com) — The crypto market has seen dramatic reversals in 2024, with some tokens making unexpected recoveries. Several cryptocurrencies with turbulent performances throughout the year staged remarkable comebacks ahead of the year’s close. This analysis covers XRP, Cardano (ADA), Dogecoin (DOGE), Hedera (HBAR), and Litecoin (LTC), focusing on the fundamentals driving their resurgence.
XRP: Parabolic Gains Backed by Regulatory Hopes (245.29% YTD)
XRP’s price surged 245.29% year-to-date, driven by regulatory clarity and renewed market optimism. The token reached $2.50 in Nov., marking a dramatic recovery from earlier lows. This rally elevated XRP’s market cap to over $130 billion, allowing it to overtake Solana, BNB, and Dogecoin in rankings.
XRP/USD 1-day price chart. Source: CoinMarketCap
The recovery stems from a mix of fundamental and speculative factors. Donald Trump’s election victory boosted sentiment, with investors anticipating more favorable crypto regulations under his administration.
Institutional interest also fueled the rally, with WisdomTree filing for a spot XRP exchange-traded fund (ETF) earlier this month.
Whale activity contributed to XRP’s meteoric rise, especially on Coinbase, where premiums surged to 3%-13%, according to CryptoQuant CEO Ki Young Ju. While South Korea’s Upbit exchange, known for its large XRP trading base, showed no similar premiums, the divergence underscores region-specific market dynamics.
Cardano (ADA): Steady Recovery Driven by Upgrades (39.56% YTD)
Cardano weathered a tough 2024, bouncing back with a 39.56% YTD gain. ADA hit $0.8681 in Dec., recovering losses as its ecosystem expanded.
ADA/USD 1-day price chart. Source: CoinMarketCap
The Hydra upgrade boosted network performance, cutting transaction costs and increasing adoption in decentralized finance (DeFi). Cardano’s growing total value locked (TVL) reflected renewed interest, with developers launching key projects to draw users back to the platform.
Rumors about Charles Hoskinson joining the Trump administration stirred speculation, but the Cardano founder dismissed them as unfounded. Despite market chatter, ADA’s recovery relied on tangible improvements to its network and broader optimism in the crypto space.
Dogecoin (DOGE): Meme Token Rallies Back (239.34% YTD)
Dogecoin rebounded strongly in 2024, gaining 239.34% year-to-date to reach $0.466 from January lows of $0.081. Political and cultural factors drove the rally, putting DOGE back in the spotlight.
DOGE/USD 1-day price chart. Source: CoinMarketCap
Donald Trump’s election victory boosted optimism, with his administration signaling a more crypto-friendly stance. Elon Musk, appointed co-chair of the “Department of Government Efficiency” (DOGE), added fuel to the momentum, alongside speculation about integrating DOGE payments into his platform, X.
Technical signals also supported the rally. A “golden cross” on the charts confirmed bullish momentum, with pseudonymous analyst Mikybull comparing the setup to Dogecoin’s 2021 bull cycle. Crypto trader Javon Marks suggested the token could climb higher if momentum continues.
Dogecoin forms a Golden cross. Source: MilkybullCrypto
Dogecoin’s 2024 recovery showed its resilience and ability to capitalize on shifting sentiment.
Hedera’s 2024 Surge: From DeFi Underdog to Top-25 Powerhouse
Hedera (HBAR) stormed back in 2024, climbing 217.75% YTD to $0.2879 and reclaiming a spot among the top 25 cryptocurrencies. Its DeFi ecosystem boomed, with total value locked (TVL) jumping from $53 million in Jan. to nearly $200 million in Dec., driven by platforms like Stader and SaucerSwap.
Hedera DeFi TVL growth between Q3 and Q4 2024. Source: DefiLlama
Institutional interest added fuel to the rally. Valour Funds filed for a spot HBAR ETF in Europe, while Canary Capital pushed for a U.S.-based product. Speculation about a policy shift under the new U.S. administration amplified momentum, bolstering Hedera’s appeal to enterprises and investors alike.
HBAR’s resurgence highlighted its growing role in DeFi and its potential for further adoption.
Litecoin (LTC): Halving Event Reignites Interest
Litecoin recorded a 39.10% YTD recovery, spurred by its Aug. halving event, which reduced miner rewards and tightened supply dynamics. The event reignited interest in LTC, viewed as a complementary asset to Bitcoin (BTC).
LTC/USD 1-day price chart. Source: CoinMarketCap
Investors also viewed Litecoin as a hedge against inflation, a narrative amplified by the resurgence of Bitcoin (BTC). Litecoin’s low fees and strong payment network adoption further supported its climb, with the token rising nearly 60% by December.
XRP, Cardano, Dogecoin, Hedera, and Litecoin all demonstrated resilience and adaptability in 2024, overcoming early-year struggles to end on a high note. Their comebacks were fueled by a mix of technological advancements, strategic partnerships, and renewed market interest, underscoring the dynamic nature of the crypto space.
