Bitcoin Performance 2024: This cryptocurrency outperformed Bitcoin in 2024, even after surpassing $100,000

Bitcoin, the world’s largest cryptocurrency, will break records in 2024 by crossing the long-awaited $100,000 threshold, cementing its dominance as the major cryptocurrency.The coin rose a staggering 135.9%, adding nearly $1.2 trillion to its market cap and closing the year at $2 trillion, according to CoinMarketCap, as cited in a report by Forbes.

Bitcoin’s rise has been further fueled by renewed investor confidence following Donald Trump’s election victory, with the cryptocurrency seeing a 47% increase since Election Day.

Despite these impressive achievements, Bitcoin has been outperformed by a variety of altcoins and memecoins, which have captured the spotlight with even more dramatic gains.

Altcoins steal the spotlight

Among the cryptocurrencies whose market value exceeds $5 billion, babya frog-inspired meme often associated with internet culture, emerged as the top performer. Pepe shares rose a staggering 1,570.7%, bringing its market cap to $9 billion.

Similarly, butthe native token of the Sui blockchain, achieved a remarkable gain of 509%, while Dogecoina favorite among meme enthusiasts and promoted by Elon Musk, its shares rose 333.1%, according to a report by Forbes.

Other notable altcoin artists include:

• Ripple: The token associated with Ripple jumped 303.9%, supported by broader adoption and legal victories.
• Hadera: It received 247.7% driven by its enterprise applications.
• Asterism and tonquin: They increased by 233.4% and 155.6%, respectively.
• Shiba Inu and Tron: It recorded gains of 150.1% and 155.1% respectively, barely surpassing Bitcoin.

The significant rise in these cryptocurrencies underscores the diversity of the market, as investors increasingly explore alternatives beyond Bitcoin.

Mimi coins and flips

Coins like Dogecoin and Shiba Inu were a big contributor to the expansion of the cryptocurrency market in 2024.

These currencies, often associated with viral internet phenomena, have seen highly volatile price movements driven by social media trends and pop culture moments.

For example, Dogecoin’s value rose following Elon Musk’s social media posts and political connections, including a humorous reference to DOGE by former President Trump’s administration.

While memecoins offer the potential for significant short-term gains, they remain riskier than more established currencies like Bitcoin and Ethereum due to their sensitivity to market sentiment.

Trump’s role in the cryptocurrency boom

The election of Donald Trump as President of the United States has provided a major boost to the cryptocurrency market.

Backed by prominent cryptocurrency billionaires such as the Winklevoss twins and Ripple co-founder Chris Larsen, Trump’s pro-crypto policies and rhetoric have spurred investor optimism.

Trump’s commitment to making the United States a “crypto capital” coincided with Bitcoin’s rapid rise, which exceeded $80,000, $90,000, and $100,000, while Ethereum gained 43%, adding $118 billion to its market value.

Frequently asked questions

Can I buy 1 Bitcoin?

You don’t need thousands of dollars to invest in Bitcoin. Each bitcoin is divided into 100 million smaller units called satoshis, allowing you to buy only a small fraction of a bitcoin on any exchange.

Does Elon own Bitcoin?

Tesla Inc co-founder revealed On Twitter, he only owns a small fraction of one bitcoin.