As a seasoned observer and participant in the ever-evolving world of cryptocurrencies, I must admit that 2024 has been nothing short of remarkable. The year has showcased the industry’s resurgence in terms of valuations and mainstream trust, as evidenced by Ripple’s legal victory, the growing interest in memecoins, and the promising future of real-world asset (RWA) tokenization.
In the past year, Bitcoin’s impressive surge to reach $100,000 has taken place alongside numerous other notable cryptocurrency success stories, strengthening the credibility and validating the standing of the crypto industry.
As a crypto investor, I’ve witnessed an exciting comeback for several prominent projects that had been struggling this year. Ripple Labs, for one, achieved a substantial legal triumph against the U.S. securities regulator, which undeniably boosted my confidence in their potential. Furthermore, the memecoin and asset tokenization sectors have seen renewed life, primarily fueled by heightened retail interest and optimistic growth forecasts.
2024 witnessed a resurgence of institutional involvement in blockchain technology from prominent global entities like BlackRock, who introduced several cryptocurrency-focused products to the market.
Additionally, the win of President-elect Donald Trump in the 2024 elections fueled investors’ enthusiasm for high-risk investments, including digital currencies. This optimism stems from anticipation that a more favorable climate will bring increased regulatory transparency, particularly for assets like XRP (XRP).
Ripple Labs and XRP token emerge victorious in 2024
Regardless of the prolonged, over four-year legal dispute between Ripple and the Securities and Exchange Commission (SEC), the XRP token has demonstrated its strength, thriving under the support of a strong community of owners.
Over the past year, the value of the XRP token increased by a substantial 251%, which is over twice as much as Bitcoin’s (BTC) growth of 117%. As per the statistics provided by CryptoMoon and Cryptobubbles, this places XRP as the second-highest performing cryptocurrency among the top ten, trailing only behind the top performer.
According to Alvin Kan, chief operating officer of Bitget Wallet, aside from the financial gains associated with the XRP token, Ripple Labs experienced a notable improvement or turnaround in the last year.
He told CryptoMoon:
“In 2024, Ripple and XRP stand out as a significant redemption arc in the crypto space. After navigating legal challenges, Ripple has solidified its position in cross-border payments, partnering with over 300 financial institutions and achieving a market cap exceeding $30 billion.”
In July 2023, Ripple achieved a notable court triumph as a federal judge decided that XRP does not fall under the category of securities, specifically concerning automated sales on cryptocurrency trading platforms.
This victory for Ripple is noteworthy because the Securities and Exchange Commission (SEC) had been trying to force Ripple to cease selling its XRP token based on the argument that it qualified as a security, necessitating extra oversight.
Nevertheless, the Securities and Exchange Commission (SEC) was able to secure a win for itself, with the federal judge determining that XRP qualifies as a security when sold to institutional investors. This classification is based on XRP meeting the criteria outlined in the Howey test.
Back in December 2020, the Securities and Exchange Commission (SEC) took legal action against Ripple. In August 2024, a court decision declared Ripple guilty of owing a $125 million fine as a civil penalty. The SEC then decided to contest this verdict, while Ripple countered with its own appeal. As a result, the ongoing legal case between the two parties remains unresolved at the time of this writing.
On October 16th, the Securities and Exchange Commission (SEC) submitted a request for a judicial review of their decisions concerning Ripple’s XRP transactions, which include sales on exchanges as well as personal XRP sales by Ripple’s CEO Brad Garlinghouse and co-founder Chris Larsen, through a Form C civil appeal.
As a cryptocurrency investor, I’m excited about the approaching presidency of Donald Trump and his selection of Paul Atkins as the new SEC chair. The prospect of these developments has rekindled my hope that the SEC might dismiss its legal action against Ripple Labs. With more crypto-friendly regulations on the horizon, I see this as a positive step towards fostering innovation in our digital asset space.
Memecoin resurgence: 1,600% PEPE and 1,400% WIF rally attract more retail investors
2021 has witnessed a remarkable resurgence for memecoins, with many of them turning out to be top performers among this year’s cryptocurrencies. This surge in value has even spawned new crypto-millionaires!
So far this year, Dogwifhat (WIF) – a token built on the Solana platform – has skyrocketed by more than 1,273%. This puts it in the second spot among the top 100 cryptocurrencies with the highest gains. Right behind it is Pepe (PEPE), which has also seen impressive growth, increasing by over 1,229%.
As a seasoned memecoin investor, I capitalized significantly on Pepe’s market surge. Starting with an initial investment of just $27, I patiently held onto my coins for approximately 600 days. The results were nothing short of astounding: the value skyrocketed to an impressive $52 million, as reported by CryptoMoon on December 14.
2024 marked a transformative period across the entire cryptocurrency sector, but one particularly noteworthy development is the resurgence of memecoins, as noted by Anndy Lian, an author and expert in intergovernmental blockchain matters.
He told CryptoMoon:
“Memecoins, often dismissed as speculative and frivolous, found new relevance in 2024 by integrating humor, culture, and financial innovation. Tokens like Dogecoin, Shiba Inu, and Neiro gained traction, with Dogecoin even influencing U.S. politics through Elon Musk’s appointment to the Department of Government Efficiency (D.O.G.E.).”
The redemption arc behind memecoins is a testament to community-driven projects, added Lian.
According to Bitget Research’s chief analyst, Ryan Lee, some cryptocurrency investors view Pepe as the Dogecoin of this cycle, a digital coin that has been garnering attention due to Elon Musk’s persistent social media activity.
“Dogecoin may be poised for a breakout as Elon Musk’s continued influence keeps DOGE in the spotlight, often triggering price surges. The positive sentiment in the broader crypto market, especially among meme coins, provides additional momentum.”
On November 27th, the market value of Dogecoin surpassed that of Porsche, a shift primarily driven by Elon Musk’s engagement in shaping the emerging Department of Government Efficiency, which in turn fueled increased curiosity.
RWA tokenization poised for trillion-dollar growth leading into 2030
As a researcher delving into the world of blockchain technology, I’ve observed an impressive surge in the redemption of Real-World Asset (RWA) tokenization. This sector is gaining traction due to its potential to bridge the gap between traditional finance and on-chain transactions, thereby increasing liquidity and making investment products more accessible.
Tokenization through RWA (Real-World Asset) involves creating digital representations of financial and physical assets that can be stored securely on a blockchain ledger. This process enhances investors’ access to these assets and expands trading possibilities for them.
The launch of BlackRock’s Institutional Digital Liquidity Fund (BUIDL) was a pivotal moment for the RWA tokenization sector, according to Edwin Mata, co-founder and CEO of Brickken, who told CryptoMoon:
“BlackRock’s launch of BUIDL on Ethereum was a defining moment, demonstrating how blockchain could deliver real, tangible value to the financial world. It was more than a technological experiment — it restored credibility and trust in the blockchain ecosystem.”
In July 2024, BlackRock’s digital fund, based on treasury securities, exceeded a market value of half a billion dollars, making it the initial tokenized fund to achieve this significant milestone.
In late April, BlackRock’s BUIDL took over as the globe’s largest tokenized treasury fund from Franklin OnChain US Government Money Fund (BENJI), just five and a half weeks after its launch on March 15th. Since then, BUIDL has maintained this leading position.
The value of BUIDL remains consistent with the U.S. dollar, and it distributes the accumulated dividends to shareholders on a monthly basis, facilitated by its collaboration with the Securitize asset tokenization platform.
According to Mata, the tokenized fund increased the transparency, ease of trading, and availability of established financial goods.
“The crypto industry has faced criticism for its speculative nature and lack of integration with traditional financial systems. BlackRock, the largest asset manager in the world, proved that blockchain could enhance, not replace, traditional finance.”
Notably, Tezos has pioneered the creation of the first global Uranium marketplace on a blockchain platform. This groundbreaking development provides retail investors with an unprecedented opportunity to invest in tokenized Uranium.
Furthermore, Registered Warranty Assets (RWAs) are opening up fresh avenues for investment in the $700 billion reinsurance industry due to the introduction of Nayms, a digital insurance marketplace designed specifically for cryptocurrencies. By utilizing RWA tokenization, Nayms provides investors with tokenized access to various insurance risks through this innovative platform.
According to reports from major financial institutions and business consultancies gathered by Tren Finance, it’s anticipated that the RWA sector could witness over 50 times its current size by the year 2030.
Many companies anticipate that the Real Asset & Wealth Management (RWA) sector could potentially expand its market value to lie anywhere between 4,000 billion dollars and 30,000 billion dollars.
Should the sector reach the anticipated median worth of approximately $10 trillion, this would signify a significant expansion over 54-fold compared to its present worth.
2024 saw a substantial comeback for the cryptocurrency sector, with an uptick in appraisals and increased credibility among both everyday users and global regulatory bodies. Ripple‘s court victory and the rising popularity of memecoins and RWAs are indicative of the expanding legitimacy that this industry is gaining.
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2024-12-26 00:42