Bitcoin set several new records in 2024 and eclipsed the six-digit threshold for the first time, leading the rate amid a broader crypto rally after Donald Trump’s election victory; However, its rise to $100,000 wasn’t even the most impressive outperformance in the market. in 2024, thanks to several altcoins and coins that also emerge spectacularly.
Bitcoin—surging by 47% since Election Day—has added about $1.2 trillion to its market capitalization this year as of Dec. 19, surging by 130% to just over $102,000.
But it is Pepe, a token named after the frog meme connected to far-right groups, that has the most productive performance among coins with a market cap above $5 billion, gaining around 1,570%. according to CoinMarketCap.
SUI, the local token of the Sui blockchain network, is the second most productive player with a gain of 509%, while dogecoin, a cryptocurrency promoted by Elon Musk in recent years, has surpassed bitcoin with a gain of 333%. The meme currency also did not reach new heights. noticed since the pandemic.
The token used by Ripple, a digital asset firm cofounded by billionaires Chris Larsen and Jed McCaleb, similarly outpaced bitcoin this year as XRP jumped nearly 304%.
Stellar, used through the Stellar blockchain network, and Toncoin, the local cryptocurrency of a blockchain evolved through Telegram, rose 233% and 155%, respectively, the Hedera network token, which rose around 248%. %.
Another Shiba Inu-inspired token, Shiba Inu, and Tronix’s Tronix cryptocurrency just outperformed Bitcoin this year by 150% and 155%, respectively.
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Around $1. 8 trillion was added to the overall global crypto market price in 2024, rising from just under $1. 8 trillion to $3. 6 trillion as of Dec. 18, according to CoinGecko. Bitcoin owns more than the majority of the market with 56. 8% and accounts. approximately two-thirds of the overall market growth.
Meme coins are a form of cryptocurrency related to a viral joke on the internet, and their value is more volatile than any other token because they react to pop culture moments. Dogecoin surged in November after Trump announced that Musk and Republican presidential candidate Vivek Ramaswamy would head the Department of Government Effectiveness, whose acronym stands for the coin’s name. Musk then posted photographs of a “DOGE” logo and a Shiba Inu that appear to refer to dogecoin, which represents the dog face. He had already adopted dogecoin on social media in 2021, sending the token to a high of about $0. 70, before Musk’s comment on “Saturday Night Live” that the coin was a “stampede” caused its value to fall back to just over $0. 05. Altcoins, or cryptocurrencies considered an alternative to Bitcoin, also tend to be more volatile, as some analysts argue that the market has become oversaturated.
Trump received support from several billionaires connected to the cryptocurrency industry, including Gemini co-founders Tyler Winklevoss and Cameron Winklevoss, as well as Ripple’s Larsen. Trump has stated that he wants the United States to be the “cryptocurrency capital of the world” and has supported Bitcoin mining. His election victory propelled Bitcoin to new all-time highs as the token eclipsed the $80,000, $90,000, and $100,000 thresholds in the month following Election Day. Ethereum, the second-largest cryptocurrency by market cap ($418 billion), surged 43% and added more than $118 billion to its capitalization. In total, the total value of the global cryptocurrency market has increased by more than $1 trillion since Election Day, according to CoinGecko.
The cryptocurrency market has reached new heights in 2024, starting with the Securities and Exchange Commission’s approval of the first Bitcoin exchange-traded budget in the United States in January. Bitcoin spot ETFs allow investors to invest in the cryptocurrency without paying premium fees associated with the purchase. the token directly from exchanges like Coinbase. The move generated about $15 billion in capital in the first five months, according to research by Bernstein. Since then, the crypto market has benefited from the fact that it has become a focal point of the recent presidential election, adding to Trump’s acceptance of the industry despite his previous criticism.
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