These cryptocurrencies – from Dogecoin to XRP – will outperform Bitcoin in 2024
Top line
Bitcoin set several new records throughout 2024 and crossed the six-figure threshold for the first time, leading the charge amid a broader cryptocurrency rally following Donald Trump’s election win — but its notable rise to $100,000 wasn’t even the most impressive outperformance in Market. Through cryptocurrency in 2024, thanks to several altcoins and memecoins that have also skyrocketed.
Many altcoins and memecoins have outperformed Bitcoin this year, even as a cryptocurrency … [+]
Basic facts
Bitcoin — which is up 47% since Election Day — has added about $1.2 trillion to its market value this year as of Dec. 19, up 130% to just over $102,000.
But Pepe, a token named after the frog meme associated with far-right groups, was the best performer among coins with a market capitalization of more than $5 billion, gaining about 1,570%, according to CoinMarketCap.
SUI, the native token of Sui’s blockchain network, is the second best performer with a 509% gain, while dogecoin, a cryptocurrency promoted by Elon Musk in recent years, has outperformed Bitcoin with a 333% rise, with the meme coin reaching… The highest levels seen since the pandemic.
The token used by Ripple, a digital asset company co-founded by billionaires Chris Larsen and Good McCalebBitcoin has similarly outperformed this year with XRP jumping nearly 304%.
Stellar coin, used by the Stellar blockchain network, and Toncoin, the native cryptocurrency of the blockchain developed by Telegram, rose by 233% and 155% respectively, lagging behind the Hedera network token, which grew by about 248%.
Another Shiba Inu-inspired token, the Shiba Inu, and Tronix’s cryptocurrency TRON have outperformed Bitcoin this year by rising 150% and 155%, respectively.
Get text alerts for breaking Forbes news: We send out text message alerts so you can always know the top stories making up the day’s headlines. Text Alerts to (201) 335-0739 or sign up here.
Top 10 Performing Cryptocurrencies in 2024 (Market Cap over $5 Billion)
- Pepe: increased by 1,570.7%, and the market value is $9 billion
- SUI: up 509%, market capitalization $13.7 billion
- Dogecoin: up 333.1%, market capitalization $56.9 billion
- XRP: Up 303.9%, with a market cap of $142.3 billion
- Hadera: 247.7% increase, market value $11.5 billion
- Stellar: rose by 233.4%, with a market value of $12.9 billion
- Toncoin: up 155.6%, market capitalization $14.6 billion
- Tron: increased by 155.1%, market capitalization $23.7 billion
- Shiba Inu: increase by 150.1%, market value $15.2 billion
- Bitcoin: rose by 135.9%, with a market value of $2 trillion
How much will the cryptocurrency market grow in 2024?
About $1.8 trillion has been added to the total market capitalization of the global cryptocurrency market in 2024, rising from just under $1.8 trillion to $3.6 trillion as of December 18. According to To Quinn Gekko. Bitcoin holds more than the majority of the market at 56.8% and accounts for nearly two-thirds of the overall market growth.
What are meme currencies?
Meme coins are a form of cryptocurrency often associated with a viral internet joke, and their prices are often as well. More volatile than any other icon because they react to moments in popular culture. Dogecoin rose In November after Trump announced that Musk and former Republican presidential candidate Vivek Ramaswamy would lead the Government Efficiency Administration, whose acronym shares the name of the coin. Musk then posted images of the “DOGE” logo and a Shiba Inu logo that appears to reference Dogecoin, showing the dog’s face. He previously embraced Dogecoin on social media in 2021, sending the token to a peak of around $0.70, before Musk’s comment on “Saturday Night Live” that the coin was a “hustle” sent its price back down to just over About $0.05. Altcoins, or cryptocurrencies seen as an alternative to Bitcoin, also tend to be more volatile, with some analysts saying the market has become more volatile. Saturated.
How did the Trump election boost cryptocurrencies?
It was Trump Supported Several billionaires have ties to the cryptocurrency industry, including Gemini founders Tyler Winklevoss, Cameron Winklevoss, and Ripple’s Larsen. Trump has claimed that he wants the United States to become the “cryptocurrency capital of the planet” and support Bitcoin mining. His election victory sent Bitcoin to new highs as the token crossed the $80,000, $90,000, and $100,000 thresholds within a month of Election Day. Ethereum, the second-largest cryptocurrency by market cap ($418 billion), rose 43% while adding more than $118 billion to its market capitalization. In total, the total market capitalization of the global cryptocurrency market has increased by more than $1 trillion since Election Day, according to CoinGecko.
Main background
The cryptocurrency market is reaching new highs in 2024, starting with the SEC Approval The first Bitcoin ETFs hit the US in January. Spot Bitcoin ETFs allow investors to invest in the cryptocurrency without paying the higher fees associated with purchasing the token directly on exchanges like Coinbase. The decision brought in about $15 billion in capital during the first five months, according to an analysis from Bernstein. Since then, the cryptocurrency market has benefited from becoming a focus of the recent presidential election, including Trump’s embrace of the industry despite his past criticism.
Further reading
https://imageio.forbes.com/specials-images/imageserve/6765b8e03013d2fa685d1d6f/0x0.jpg?format=jpg&height=900&width=1600&fit=bounds
2024-12-28 14:30:00
