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, during which Bitcoin’s year-to-date increase reached 160%.
However, several previously sluggish altcoins also emerged during this bull market. The foreign media outlet Cointelegraph summarized three cryptocurrencies that performed the best in 2024 and are expected to continue their upward momentum in 2025.
Dogecoin (DOGE) surged by 350% in 2024 due to political support from figures like Trump and Musk, along with favorable technological developments.
Ripple (XRP) gained 330% on the back of legal victories and stablecoin promotion strategies.
The dark horse of the crypto market, Hedera (HBAR), made a comeback, with an increase of over 800% within the year.
In addition, the editorial team of WEB3+ also consulted ChatGPT about which tokens to watch in 2025, and it recommended the following three cryptocurrencies.
Solana (SOL) experienced a price recovery driven by technological innovation, with strong ecosystem growth.
Avalanche (AVAX) achieved breakthroughs in its cross-chain ecosystem, with DeFi projects accelerating expansion.
Polkadot (DOT) promoted applications and interactivity, further expanding the Web3 landscape.
Dogecoin (DOGE): Political support and technological benefits drove a 350% surge
When it comes to meme coins, the most classic example is Dogecoin, favored by Tesla CEO Elon Musk.
This year, Dogecoin hit a low of $0.081 in January and became one of the most dazzling cryptocurrencies of 2024 with an increase of over 350%, ultimately soaring to $0.466.
The “awakening power” of Dogecoin is influenced by various factors, including changes in the U.S. political environment, technological benefits, and ongoing community cultural support.
After the 2024 U.S. presidential election, Trump’s new government expressed a strong crypto-friendly stance, especially in collaboration with Musk to promote blockchain innovation and establishing the “Department of Government Efficiency (DOGE),” further igniting market enthusiasm for Dogecoin. Additionally, there are rumors that Musk plans to use DOGE as a payment method on his social platform X, accelerating the adoption of Dogecoin.
Technical analysis also supports DOGE’s bullish trend, with key indicators like the “golden cross” appearing as positive signals for long-term moving averages. Moreover, well-known analysts Mikybull and JavonMarks predict that if this momentum continues, DOGE could even break the $3 mark.
Ripple (XRP): Legal victories and stablecoin strategies fueled a 330% increase
Ripple (XRP) also experienced a strong rebound in 2024, with its value increasing by over 350%, surpassing Solana and stablecoin Tether (USDT), reclaiming the third position in cryptocurrency market capitalization.
This surge is mainly attributed to a ruling from a U.S. district court last year that determined XRP sales on exchanges do not constitute securities transactions.
Trump’s new policies are also expected to bring more favorable conditions for Ripple’s legal issues, particularly with the new SEC’s pro-crypto stance injecting confidence in XRP’s long-term development. Additionally, Ripple’s announcement of the RLUSD stablecoin in December will further solidify its position in the cross-border payment market.
From a technical perspective, XRP is also showing bullish signals. Analyst DonAlt predicts that if XRP can break through $2.6, it may trigger a new wave of price increases, with the potential to double. Analyst EGRAG has set a long-term price target ranging from $8.77 to $17.54, indicating a continued strengthening of market confidence in Ripple.
Hedera (HBAR): Returning to the DeFi stage, with an increase of over 800% within the year
Hedera Hashgraph (HBAR) is referred to as the “dark horse of the crypto market,” with a remarkable increase in 2024, soaring over 800% from November to December alone.
The driving forces behind this growth are mainly twofold: the potential approval of a spot 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. It was invented by Leemon Baird, founder of Swirlds, in 2016, with its core technology based on the Hashgraph consensus algorithm, considered a more advanced form of blockchain.
Investment firms ValourFunds and CanaryCapital have applied for an HBAR spot ETF in Europe and the United States, respectively, increasing institutional demand expectations for HBAR. Concurrently, 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, with strong ecosystem growth
Solana (SOL) experienced a significant market cap drop due to the bankruptcy of FTX in the bear markets of 2022 and 2023.
However, even after suffering a major blow and hitting rock bottom, Solana continued its persistent efforts, and with its rapid transaction processing capabilities, it has successfully attracted a large number of developers and investors, making a comeback with its meme coin ecosystem and seeing a notable increase in trading volume, particularly for several key meme coin projects that garnered global user attention.
Avalanche (AVAX): Ecosystem breakthroughs accelerate DeFi project expansion
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-end private equity fund Wine Capital Fund by Avalanche’s Contract Chain (C-Chain) in May 2024, which went 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 integrating gaming and decentralized finance (DeFi) applications, drawing numerous emerging projects.
Polkadot (DOT): Parachain technology iteration expands the Web3 landscape
Polkadot (DOT) is known for its unique parachain technology, allowing users to send any type of data or asset across parachains.
In 2024, Polkadot shifted from focusing on achieving the limited scope of its white paper’s product goals to improving stability and refining products to better meet market demands.
Polkadot founder Gavin Wood has emphasized that Polkadot’s parachain 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 web.
Moreover, with the rapid development of Web3 applications, Polkadot’s infrastructure provides a stable and efficient environment for emerging projects, further solidifying its market position. If it can maintain its technological leadership, DOT is likely to attract more users and developers in 2025, increasing the likelihood of price appreciation.
Reference: Cointelegraph