As 2024 draws to a close, the cryptocurrency market has shown remarkable performance, posting astounding gains despite the volatility. These top-performing coins have led notable price increases, thanks to strategic development, adoption milestones, and surging buying pressure.
In this analysis, BeInCrypto reveals the top 5 cryptocurrencies of 2024 and the factors behind their success. The article also examines whether these assets can maintain their momentum and deliver similar performance in 2025.
Mantra (OM)
The native token OM of the layer-1 blockchain Mantra is at the peak of the top-performing altcoins in 2024. This year, Mantra's price increased by 9,445%. This tremendous price surge may be related to the increased demand for coins associated with the real-world asset (RWA) narrative.
For many, RWAs have the potential to unlock wealth for global investors. As a result, Mantra has participated in several collaborations, increasing the demand for OM. OM's price was around $0.040 at the beginning of the year.
However, it reached an all-time high of $4.60 on December 11th. Currently, OM is trading at $3.58, down 22.25% from its peak. On the daily chart, OM has recorded a new all-time high almost every time it breaks out of a descending triangle.
As seen above, this occurred in June. A similar event happened between November and December as well. As the token forms a similar trend, it has the potential to surge again. If this happens, the price could spike to $5.50 within the first few weeks of 2025.
However, if the demand for RWA tokens decreases, this may not occur. Instead, the value could drop below $2.50.
Mog Coin (MOG)
The second top-performing coin in 2024 is Mog Coin. MOG is an Ethereum-based meme coin, with its price increasing by 5,337% this year. It's worth noting that the Ethereum blockchain did not host many breakout meme coins this year.
However, MOG stood out, reaching an all-time high of $0.0000040 on December 6th. Currently, the token is trading at $0.0000022, down 47.70% from its peak.
From a technical perspective, the daily chart shows that the Awesome Oscillator (AO) has fallen into negative territory. AO measures momentum using recent and past price movements.
When the reading is positive, the momentum is bullish. However, since it is negative, the momentum around MOG is bearish. If this persists, the value of the meme coin could drop to $0.0000016. However, if buying pressure increases, the forecast could be invalidated in the short term.
Popcat (POPCAT)
Another meme coin on the list of top-performing coins in 2024 is POPCAT. As the name suggests, POPCAT is a cat-themed meme coin, but unlike MOG, it is built on Solana.
This year, POPCAT's value increased by 3169%. However, this was higher, particularly in the first and second quarters.
Nevertheless, notable selling pressure has dragged the meme coin's price down to $0.73.
From $0.73, POPCAT has fallen 64% from its all-time high of $2.05. On the daily chart, the token appears to be nearing oversold territory, with the Relative Strength Index (RSI), a momentum indicator, dropping to 32.20.
For reference, cryptocurrencies are considered overbought when the RSI is above 70.00 and oversold when it falls below 30.00. Therefore, the Solana meme coin seems to be near the end of a correction.
If confirmed, the coin's value could rebound to $1.28 as buying pressure comes in. Next year, the value of the meme coin could rise further if demand continues to surge. However, this may not be the case if the broader market falls into a bearish cycle.
Aerodrome Finance (AERO)
AERO, the governance token of Aerodrome Finance, has emerged as one of the top-performing cryptocurrencies in 2024, serving as an automated market maker (AMM) and decentralized exchange (DEX).
Built on the Base network, AERO has garnered significant attention due to the widespread adoption of the Coinbase layer-2 solution.
Additionally, Binance's indefinite market listing of AERO further strengthened the token's uptrend. This listing significantly increased liquidity and accessibility, contributing to a 1,981% annual price increase.
Currently, AERO's price is $1.47, and the daily chart shows substantial support around $1.05. However, the Moving Average Convergence Divergence (MACD) has fallen into negative territory.
This decline indicates weak momentum around the token. If the momentum remains bearish, AERO's price could drop to $1.07 in the short term. If it fails to defend the $1.05 support, the situation could worsen, and the value could decline to $0.89.
On the other hand, if it defends the $1.05 support, the trend could reverse, and the altcoin could rise towards $3.
AIOZ Network (AIOZ)
AIOZ is the fifth on the list of top-performing coins in 2024. AIOZ's price has increased by 624.40% year-to-date (YTD). This price surge may be related to the project's core elements associated with artificial intelligence (AI) and decentralized physical infrastructure networks (DePIN).
AI and DePIN have become one of the firm narratives of 2024. As a result, the combination of the two sectors has ensured that the price of AIOZ reached an annual high of $1.20.
Despite being one of the best performing cryptocurrencies this year, the daily chart shows that AIOZ has fallen below the blue 20-period exponential moving average (EMA) and is in danger of slipping below the yellow 50 EMA.
If the altcoin's price falls below the 50 EMA, AIOZ may face a long-term correction to $0.58. However, if it rises above these indicators, this hypothesis may be invalidated, and the price could rise towards $2.
