As a seasoned analyst with over two decades of experience in the financial markets, I’ve witnessed my fair share of bull runs and bear markets. The 2024 cryptocurrency market resurgence has been nothing short of captivating, with some projects displaying remarkable growth. Three tokens that have caught my attention are Hedera Hashgraph (HBAR), Ripple (XRP), and the stablecoin contender, USD Coin (USDC).
2024 saw a significant revival in the value of cryptocurrencies, with their market capitalization growing from an initial $1.8 trillion in January to an impressive $3.9 trillion by mid-December. A large portion of this growth can be attributed to Bitcoin’s phenomenal 160% increase in value over the year.
Yet, this remarkable comeback ignited a surge of optimistic sentiment throughout all sectors, notably boosting the altcoins. This resurgence brought fresh vigor to projects that were previously struggling or falling behind, as perceived by certain onlookers.
Here are some notable cryptocurrencies that made remarkable recoveries in the year 2024, according to analysts, who believe they could keep outshining others.
Dogecoin comes up “Trumps” again
2024 saw an extraordinary resurgence for the iconic meme currency, Dogecoin. Starting from its January low of $0.081, it surged an astounding 350% to reach $0.466. This remarkable rally was powered by a mix of political, technical, and cultural influences, placing Dogecoin once again at the heart of investor excitement.
It appears that the result of the 2024 U.S. presidential election significantly influenced the turnaround of the meme coin’s performance. The prospect of a future pro-cryptocurrency administration led by Donald Trump indicated a significant change in regulatory attitude, which could have been a major factor.
Trump’s endorsement of blockchain technology advancements, along with Elon Musk’s position as co-chair in a freshly created administrative group dubbed the “Efficiency in Government Department” (EID), generated considerable media buzz and stirred up enthusiasm among investors.
Elon Musk’s ongoing backing of Dogecoin (DOGE) served as a significant motivator for positive sentiment, while rumors of DOGE payment integration on his social platform X sparked enthusiasm among traders and financial experts about potential future returns.
Analysis based on technical techniques confirms the strength of the upward trend, as crucial signs such as the “golden cross” – where two longer-term average lines meet – suggest that there could be a substantial increase in value ahead.
Analyst Mikybull, writing under a pseudonym, drew a comparison to Dogecoin’s past bull market surge, where the token skyrocketed by nearly 7,000%. Likewise, crypto trader Javon Marks voiced a similar forecast, suggesting that DOGE could potentially soar to $3 or more if its current positive trend continues.
Ripple surfs the regulatory wave to register a 330% profit
2024 saw a surprising yet remarkable surge in Ripple’s XRP (XRP) token, with its value jumping over 350% from the November presidential election. This growth propelled XRP beyond Solana and Tether, establishing itself as the third-biggest cryptocurrency by market capitalization.
It appears that the increase in the value of XRP is primarily due to a mix of several influential elements, such as positive regulatory outlook, strategic product releases, and robust technological progression. This has resulted in XRP becoming a highly discussed asset within the financial market.
Following the decision made by U.S. District Judge Analisa Torres last year, categorizing XRP as not a security during public exchange transactions (but potentially so for institutional sales), this digital asset appears to be starting anew with renewed vigor.
This partial win for Ripple is viewed as a significant shift in the crypto world, suggesting that it may have weakened the U.S. Securities and Exchange Commission’s arguments against other decentralized tokens they deemed to be securities. Under the leadership of Chair Gary Gensler, the SEC had been quite assertive in taking legal action against crypto issuers and exchanges, claiming they were offering unregistered securities.
Yet, the pro-innovation position of Trump and the potential for a crypto-friendly SEC led by nominee Paul Atkins have ignited optimism that Ripple’s ongoing legal dispute might be resolved as early as 2025.
Confidence in Ripple was restored around the same time as the company introduced its eagerly awaited RLUSD stablecoin, a USD-backed asset that emphasizes compliance and transparency. On December 18, RLUSD was launched on platforms such as MoonPay, Uphold, and Bitso, signifying Ripple’s strategic move into the expanding market for stablecoins.
The launch enabled Ripple to take advantage of the increasing interest in reliable digital assets, solidifying its role as a significant contender in international transactions.
As an analyst, I’ve been closely monitoring the movements of XRP, and recent technical analysis has given me a bullish outlook. Notably, trader DonAlt – who accurately predicted XRP’s November rally – suggests that surpassing the $2.60 mark could trigger another surge of bullish energy, potentially doubling XRP’s price.
Hedera re-enters the top-25, re-establishing itself as a DeFi powerhouse
Hedera Hashgraph is frequently seen as a hidden gem in the cryptocurrency world. However, its recent surge and expanding influence within the Decentralized Finance (DeFi) sector have brought it into sharper focus. In just two months between November and December last year, Hedera’s value increased by over 800%. Remarkably, this rapid growth is not a new trend for Hedera in 2024; it has consistently shown strong growth throughout the entire year.
One of the most exciting developments for Hedera was the possibility of a spot HBAR ETF going live, with Valour Funds filing for a physical staking product with the European Euronext exchange.
In addition, the application by Canary Capital for a U.S. Exchange-Traded Fund (ETF) focused on HBAR has heightened expectations among investors. They are keeping a close eye on regulatory changes in the post-election climate, as these developments could impact the fund’s progress.
Under the possibility of a change in U.S. cryptocurrency policies with the new administration, it’s plausible that the institutional adoption of HBAR could significantly grow in the short to medium term.
In summary, Hedera’s growing influence in Decentralized Finance (DeFi) has significantly contributed to its success. The total value locked (TVL) within the ecosystem has skyrocketed from $53 million in January to approximately $200 million by December, an astounding growth largely attributed to platforms such as Stader, SaucerSwap, and Bonzo Finance.
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2024-12-26 04:22