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, marking a year-to-date increase of 160% for Bitcoin. However, some previously sluggish altcoins also stood out during this bull market. The foreign media outlet Cointelegraph compiled a list of the three most outstanding cryptocurrencies in 2024, which are expected to continue their upward momentum into 2025.
Dogecoin (DOGE) surged by 350% in 2024, driven by political support from figures like Trump and Musk, along with favorable technological developments.
Ripple (XRP) benefited from legal victories and stablecoin promotion strategies, which contributed to a 330% increase.
The dark horse of the crypto market, Hedera (HBAR), made a comeback with an annual increase of over 800%.
Additionally, the editor of WEB3+ consulted ChatGPT on which tokens are worth paying attention to in 2025, leading to the recommendation of the following three cryptocurrencies.
Solana (SOL) saw price recovery driven by technological innovation, with strong ecosystem growth.
Avalanche (AVAX) achieved breakthroughs in its cross-chain ecosystem, accelerating the expansion of DeFi projects.
Polkadot (DOT) promoted applications and interactivity, further expanding the Web3 landscape.
Dogecoin (DOGE): Political Support and Technological Favor Drive a 350% Surge
When it comes to meme coins, the most classic example is Dogecoin (DOGE), favored by Tesla CEO Elon Musk. This year, Dogecoin hit a low of $0.081 in January, and with an increase of over 350%, it became one of the most dazzling cryptocurrencies of 2024, ultimately soaring to $0.466.
The “awakening power” of Dogecoin has been influenced by various factors, including changes in the U.S. political landscape, technological benefits, and ongoing community cultural support. After the 2024 U.S. presidential election, Trump’s new administration demonstrated a strong pro-crypto stance, particularly in collaboration with Musk to promote blockchain innovation, establishing the “Department of Government Efficiency (DOGE),” which further ignited market enthusiasm for Dogecoin. Additionally, rumors suggested 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 trends. Moreover, well-known analysts Mikybull and JavonMarks predict that if this momentum continues, DOGE could even surpass the $3 mark.
Ripple (XRP): Legal Victories and Stablecoin Strategy Propel a 330% Increase
Ripple (XRP) also experienced a strong rebound in 2024, with its value increasing by over 350%, surpassing Solana and the stablecoin Tether (USDT) to reclaim the third spot in cryptocurrency market capitalization. This surge was primarily due to a partial ruling from a U.S. district court last year, which determined that XRP sales on exchanges were not securities transactions.
Trump’s new policies are also expected to bring more favorable developments for Ripple’s legal issues, especially with the new SEC chair’s pro-crypto stance, instilling greater confidence in XRP’s long-term development. Furthermore, Ripple announced the launch of the RLUSD stablecoin in December, further solidifying its position in the cross-border payment market.
From a technical perspective, XRP also exhibits bullish signals. Analyst DonAlt predicts that if XRP can break through $2.6, it could trigger a new wave of upward movement, with the price potentially doubling. Analyst EGRAG’s long-term target price even reaches $8.77 to $17.54, indicating a growing market confidence in Ripple.
Hedera (HBAR): Making a Comeback on the DeFi Stage with Over 800% Annual Growth
Hedera Hashgraph (HBAR), labeled as the “dark horse of the crypto market,” showed remarkable growth in 2024, with an increase of over 800% from November to December alone. The driving forces behind this surge were twofold: the potential approval of a spot HBAR ETF and the rapid growth of its DeFi ecosystem.
Hedera Hashgraph is an innovative decentralized ledger technology that aims to provide faster, safer, and more efficient solutions than traditional blockchains. Invented by Leemon Baird, founder of Swirlds, in 2016, its core technology is based on the Hashgraph consensus algorithm, considered a more advanced form of blockchain.
Investment firms Valour Funds and Canary Capital have applied for HBAR spot ETFs in Europe and the U.S., increasing market expectations for institutional demand for HBAR. Meanwhile, Hedera’s DeFi ecosystem grew 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 Innovation Drives Price Recovery and Strong Ecosystem Growth
Solana (SOL) experienced a significant market downturn due to the bankruptcy of the FTX exchange in 2022 and 2023. However, despite the severe impact, Solana continued its efforts and, combined with its rapid transaction processing capabilities, attracted a large number of developers and investors back to the platform. The meme coin ecosystem has made a resurgence, with trading volumes significantly increasing, drawing global user attention to several key meme coin projects.
Avalanche (AVAX): Ecosystem Breakthroughs and Accelerated 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 increase was the successful tokenization of the closed private equity investment fund, Wine Capital Fund, on Avalanche’s Contract Chain (C-Chain), launched on the Oasis Pro platform in May 2024, showcasing its leadership in the asset tokenization market and attracting more traditional investors and projects.
Additionally, Avalanche’s infrastructure is well-suited for the integration 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 upward trends of Bitcoin and Ethereum driving the value growth of other altcoins, making AVAX one of the beneficiaries.
Polkadot (DOT): Iteration of Parachain Technology Expands the Web3 Landscape
Polkadot (DOT) is renowned for its unique parachain technology, allowing users to send any type of data or asset between parachains. In 2024, Polkadot shifted its focus from achieving limited product goals outlined in its white paper to improving stability and refining products to better meet market demands.
Polkadot founder Gavin Wood emphasized that Polkadot’s parachain architecture enables interoperability with multiple blockchain ecosystems, which is crucial for the development of Web3. This characteristic also positions it as a key player in the next-generation internet.
Moreover, with the rapid growth of Web3 applications, Polkadot’s infrastructure provides a stable and efficient environment for emerging projects, further solidifying its position in the market. If it can maintain its technological advantage, DOT is likely to attract more users and developers in 2025, increasing the probability of price growth.
Reference: Cointelegraph