What Happened?
In 2024, the cryptocurrency market experienced a comprehensive rebound, with the total market capitalization soaring from $1.8 trillion to $3.9 trillion by mid-December, and Bitcoin recording an increase of 160% year-to-date.
However, some previously sluggish altcoins also stood out during this bull market. The foreign media outlet Cointelegraph compiled a list of three cryptocurrencies that performed exceptionally well in 2024 and are expected to continue their upward momentum in 2025.
1. Dogecoin (DOGE): Fueled by political support from figures like Trump and Musk, as well as favorable technological developments, Dogecoin’s price surged by 350% in 2024.
2. Ripple (XRP): Legal victories and stablecoin promotional strategies helped Ripple achieve a 330% increase.
3. Hedera (HBAR): The dark horse of the cryptocurrency market made a comeback, with an annual increase of over 800%.
Additionally, the editors of WEB3+ consulted ChatGPT regarding which tokens to watch in 2025, and it recommended the following three cryptocurrencies:
– Solana (SOL): Technological innovations driving price recovery and strong ecosystem growth.
– Avalanche (AVAX): Breakthroughs in the cross-chain ecosystem, accelerating the expansion of DeFi projects.
– Polkadot (DOT): Promoting applications and interactivity, further expanding the Web3 landscape.
Dogecoin (DOGE): Political Support and Technological Advantages Drive 350% Surge
When it comes to meme coins, the most iconic is undoubtedly Dogecoin, favored by Tesla CEO Elon Musk.
This year, Dogecoin hit a low of $0.081 in January and has become one of the most dazzling cryptocurrencies of 2024, soaring over 350% to reach $0.466 by the end of the year. The “awakening power” of Dogecoin is influenced by several factors, including changes in the U.S. political environment, technological benefits, and ongoing community cultural support.
Following the 2024 U.S. presidential election, Trump’s new administration showed a strong pro-crypto stance, particularly in collaboration with Musk to promote blockchain innovation and establish the “Department of Government Efficiency (DOGE),” further igniting market enthusiasm for Dogecoin. Additionally, rumors suggest that Musk plans to use DOGE as a payment method on his social platform X, accelerating the adoption of Dogecoin.
Technical analysis also supports the bullish trend for DOGE, with key indicators such as the “golden cross” emerging, signaling long-term positive momentum. Furthermore, renowned analysts Mikybull and JavonMarks predict that if this momentum continues, DOGE could even break the $3 barrier.
Ripple (XRP): Legal Victories and Stablecoin Strategy Fuel 330% Increase
Ripple (XRP) also welcomed a strong rebound in 2024, with its value increasing by over 350%, surpassing Solana and stablecoin Tether (USDT) to reclaim the third spot in cryptocurrency market capitalization.
This surge was primarily driven by a ruling from a U.S. district court last year, which determined that XRP sales on exchanges do not constitute securities transactions.
Trump’s new policies are expected to bring further benefits to Ripple’s legal challenges, especially with the new SEC’s pro-crypto stance, instilling more confidence in XRP’s long-term development. Additionally, Ripple announced the launch of its RLUSD stablecoin in December, further solidifying its position in the cross-border payment market.
From a technical standpoint, XRP is also showing bullish signals. Analyst DonAlt forecasts that if XRP breaks through $2.6, it could trigger a new wave of price increases, with the potential for the price to double. Analyst EGRAG has a long-term target price ranging from $8.77 to $17.54, indicating growing market confidence in Ripple.
Hedera (HBAR): Making a Comeback in DeFi, Annual Increase Exceeds 800%
Hedera Hashgraph (HBAR), dubbed the “dark horse of the cryptocurrency market,” experienced a staggering increase in 2024, with over 800% growth from November to December alone.
The driving forces behind this surge are twofold: the potential approval of a physical HBAR ETF and the rapid growth of its DeFi ecosystem.
Hedera Hashgraph is an innovative distributed ledger technology that aims to provide faster, more secure, and more efficient solutions than traditional blockchains. Invented in 2016 by Swirlds founder Leemon Baird, its core technology is based on the Hashgraph consensus algorithm, which is considered a more advanced form of blockchain.
Investment firms ValourFunds and CanaryCapital have applied for HBAR spot ETFs in Europe and the United States, respectively, increasing market expectations for institutional demand for HBAR. Meanwhile, Hedera’s DeFi ecosystem has grown from a total value locked (TVL) of $53 million at the beginning of the year to nearly $200 million, reflecting the platform’s successful promotion.
Solana (SOL): Technological Innovations Drive Price Recovery, Strong Ecosystem Growth
Solana (SOL) suffered a significant decline in market capitalization due to the bankruptcy of FTX in 2022 and 2023.
However, despite facing major setbacks and hitting rock bottom, Solana has persevered and continued to cultivate its ecosystem. Coupled with its rapid transaction processing capabilities, Solana has successfully attracted a large number of developers and investors back, reviving its standing in the meme coin ecosystem, with trading volumes significantly rebounding. Several key meme coin projects have garnered global user attention.
Avalanche (AVAX): Breakthroughs in Ecosystem, Accelerating Expansion of DeFi Projects
On May 21, 2024, Avalanche’s price surged by 12% to reach $41.02, marking an important milestone for the coin in the recent market.
One of the catalysts for this price increase was Avalanche’s successful assistance in tokenizing the closed-end private equity fund Wine Capital Fund on its Contract Chain (C-Chain) in May 2024, going live on the Oasis Pro platform, showcasing its leadership in the asset tokenization market and attracting more traditional investors and projects.
Additionally, Avalanche’s infrastructure is well-suited for the fusion of gaming and decentralized finance (DeFi) applications, attracting numerous emerging projects. The total market capitalization of the cryptocurrency market reached $2.62 trillion in May 2024, with the growth of Bitcoin and Ethereum driving the value increase of other altcoins, making AVAX one of the beneficiaries.
Polkadot (DOT): Iterating Parallel Chain Technology, Expanding Web3 Landscape
Polkadot (DOT) is renowned for its unique parallel chain technology, allowing users to send any type of data or assets across parallel chains.
In 2024, Polkadot shifted its focus from achieving limited product goals outlined in its white paper to improving stability and fine-tuning products to better meet market demands.
Polkadot’s founder, Gavin Wood, has emphasized that Polkadot’s parallel chain architecture enables interoperability with multiple blockchain ecosystems, which is crucial for the development of Web3, making it a key player in the next generation of the internet.
Moreover, with the rapid development of Web3 applications, Polkadot’s infrastructure provides a stable and efficient environment for emerging projects, further consolidating its position in the market. If it can maintain its technological edge, DOT is likely to attract more users and developers in 2025, significantly increasing the probability of price appreciation.
Reference: Cointelegraph