With political changes, optimistic sentiment towards regulation, and growing institutional interest, these three Altcoins have seen massive growth over the past year.
Author: Shiraz Jagati
Source: Cointelegraph
Translated by: Ada, MetaEra
In 2024, the Bit market experienced a significant recovery, rising from a market cap of $1.8 trillion in January to $3.9 trillion in mid-December. This surge was largely led by Bitcoin's 160% rally so far this year.
This dramatic recovery has also sparked a bullish sentiment across the entire industry - particularly for some Altcoins - injecting new life into projects that were previously stagnant or underperforming, at least in the eyes of some observers.
Here are some of the standout Bits that made a comeback in 2024 and that analysts say could continue to perform well in 2025.
Doge Wins Again
As a quintessential meme token, Doge made a strong comeback in 2024, with its price surging over 350% from its January low of $0.081 to $0.466. This rebound was driven by a combination of political, technological, and cultural factors that have once again thrust Doge into the spotlight of investor attention.
The outcome of the 2024 US presidential election appears to have played a crucial role in the reversal of fortunes for the meme Bit, with a Trump-led pro-Bit government signaling a major shift in regulatory attitudes.
Trump's embrace of Blockchain, as well as Elon Musk's appointment as co-chair of the newly formed government agency "Department of Government Efficiency (DOGE)", generated significant media attention and fueled investor optimism.
Musk's continued support for Doge has also been a powerful sentiment driver, and speculation about Musk integrating Doge payments on the social platform X has excited traders and analysts about its further upside.
Technical analysis has validated the bullish momentum, with key indicators like the "Golden Cross" (two long-term moving averages crossing) suggesting it has massive upside potential.
Anonymous analyst Mikybull has drawn parallels between the current trend and Doge's previous bull cycle, where the token saw nearly 7,000% gains. Similarly, renowned Bit trader Javon Marks has expressed a similar view, predicting that if the momentum continues, Doge's price could reach $3 or higher.
Ripple Rides the Regulatory Wave to 330% Gains
Ripple's XRP token has been one of the most unexpected and impressive comebacks of 2024, soaring over 350% since the November presidential election. This surge has propelled XRP past Solana and Tether, solidifying its position as the third-largest Bit by market cap.
The XRP price surge has been driven by a combination of factors, including optimistic sentiment towards regulation, the launch of strategic products, and strong technical momentum, making it one of the most closely watched assets in the market.
Last year, US Judge Analisa Torres ruled that XRP is not a security when sold on public exchanges (although it can be classified as a security in institutional sales), a partial victory that has been seen as a turning point for Ripple and the broader Bit industry, weakening the SEC's allegations against other decentralized tokens labeled as securities. Under the leadership of the outgoing chairman Gary Gensler, the SEC has been aggressively pursuing Bit issuers and exchanges, accusing them of offering unregistered securities.
However, with Trump's support for innovation and the new SEC chairman nominee Paul Atkins' Bit-friendly stance, there is hope that Ripple's long-running legal battle could come to an end in 2025.
Amid the renewed confidence in Ripple, the company has also launched the highly anticipated RLUSD stablecoin, a US dollar-backed asset designed with compliance and transparency at its core. RLUSD made its debut on platforms like MoonPay, Uphold, and Bitso on December 18th, marking a strategic move by Ripple into the growing stablecoin market.
The stablecoin launch allows Ripple to capitalize on the growing investor demand for stable digital assets and solidify its position as a key player in the cross-border payments space.
Finally, technical analysis has also provided bullish signals for XRP, with renowned trader DonAlt (who accurately charted XRP's November rebound) stating that a breakout above $2.60 could trigger a new wave of bullishness that could potentially double its price.
Analyst EGRAG's outlook is even more ambitious, predicting that if Ripple achieves its long-term goals, the XRP price could soar to between $8.77 and $17.54.
Hedera Re-enters the Top 25, Reaffirms its DeFi Heavyweight Status
Hedera Hashgraph has been viewed as a dark horse in the Bit space, and its recent recovery and growing prominence in the DeFi market have made it even more prominent. In just the November to December period, Hedera's price surged over 800%, and it maintained an impressive growth trajectory throughout 2024.
One of the most exciting developments for Hedera is the potential listing of a physical HBAR ETF, with Valour Funds having submitted an application for a physically-backed product to the Euronext exchange in Europe.
Meanwhile, investors are also closely watching the evolution of the regulatory environment under the new government, with Canary Capital applying for a physical HBAR ETF listing in the US, further fueling expectations.
With the potential shift in US Bit policy under the new government leadership, HBAR's institutional adoption rate could see a significant increase in the short to medium term.
Finally, Hedera's growing influence in the DeFi space has been a key driver of its success. The ecosystem's total value locked (TVL) has soared from $53 million in January to nearly $200 million in December, driven by platforms like Stader, SaucerSwap, and Bonzo Finance.
