With political changes, optimism towards regulation, and growing institutional interest, these three cryptocurrencies have seen tremendous growth over the past year.
Article author: Shiraz Jagati
Source: Cointelegraph
Article compiled by: Ada, MetaEra
In 2024, the cryptocurrency market experienced a significant recovery, rising from a market cap of $1.8 trillion in January to $3.9 trillion by mid-December. This surge was largely led by Bitcoin's rise of 160% this year.
This sharp recovery has also sparked a bullish momentum across the industry—especially for some altcoins—injecting new vitality into projects that had previously stagnated or performed poorly, 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 January low of $0.081 to $0.466. This rebound was driven by a combination of political, technological, and cultural factors, making Dogecoin a focal point for investors once again.
The outcome of the 2024 U.S. presidential election appears to have played a crucial role in the turnaround of memecoins, as the pro-crypto government led by Trump signals a major shift in regulatory attitudes.
Trump's embrace of blockchain, along with Elon Musk being appointed as co-chairman of the newly established government agency 'Department of Government Efficiency' (DOGE), has garnered significant media interest and sparked optimism among investors.
Musk's continued support for Dogecoin is also a powerful sentiment driver, and speculation about Musk integrating Dogecoin payments on social media 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 compares the current trend to previous bull market cycles for Dogecoin, where the token saw 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 the regulatory wave
Ripple's XRP token has achieved one of the most surprising and impressive rebounds of 2024, with its price soaring over 350% since the November presidential election. 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 towards regulation, the release of strategic products, 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 is not considered a security when sold on public exchanges (although it can be classified as a security in institutional sales), prompting this digital asset to seemingly turn a new page.
This localized victory is seen as a turning point for Ripple and the broader cryptocurrency industry, weakening the SEC's allegations against other decentralized tokens declared as securities. Under the leadership of outgoing chairman Gary Gensler, the SEC has been actively pursuing cryptocurrency issuers and exchanges, accusing them of offering unregistered securities.
However, Trump's support for innovation, coupled with the newly appointed SEC chairman Paul Atkins' friendly stance towards cryptocurrencies, has sparked hopes that Ripple's long legal battle may end in 2025.
As confidence in Ripple is reignited, 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 solidify 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 mapped XRP's rebound trajectory in November) stating that a breakout above $2.60 could trigger a new wave of bullish momentum, potentially doubling its price.
Analyst EGRAG's view is 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 recovery and growing position 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.
For Hedera, one of the most exciting developments is the potential launch of a physical 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 development of the regulatory environment post-election, as Canary Capital has applied to list a physical HBAR ETF in the U.S., which has also raised expectations.
As U.S. cryptocurrency policy may shift under the new government leadership, institutional adoption of HBAR could see significant increases in the medium to short 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 significant increase driven by platforms like Stader, SaucerSwap, and Bonzo Finance.
