Bitcoin achieved several records throughout 2024 and exceeded the threshold of $100,000 for the first time, topping the sector amid a broader rise in cryptocurrencies after Donald Trump won the US presidential elections, according to the American Forbes magazine website.
But its historic rise to $100,000 wasn’t the best market performance by a cryptocurrency last year, thanks to several altcoins and meme coins (influenced by social media mentions) that rose significantly as well.
Bitcoin, which has risen 47% since Election Day, had added about $1.2 trillion to its market value this year by December 19, rising 130% to just over $102,000.
But Pepe, a coin named after the frog meme associated with far-right groups, was the best performer among currencies with a market capitalization of more than $5 billion, rising by about 1,570%, according to data from the CoinMarketCap platform.
The symbol SUI had the second best performance, with an increase of 509%, while Dogecoin – the cryptocurrency promoted by Elon Musk in recent years – outperformed Bitcoin with an increase of 333%, as the meme currency reached high levels not seen since the Corona epidemic.
XPR surpassed Bitcoin in 2024, jumping by about 304%.
The value of Stellar, used by the Stellar blockchain network, and Toncoin, the cryptocurrency developed by Telegram, increased by 233% and 155%, respectively.
Shiba Inu and TRON also outperformed Bitcoin in 2024, rising by 150% and 155%, respectively.
Top 10 performing cryptocurrencies in 2024
1- Baby: It rose 1570%.
Market value: $9 billion.
2- Swee: It rose 509%.
Market value: $13.7 billion.
3- Dogecoin: It rose 333.1%.
Market value: $56.9 billion.
4- XPR: It rose 303.9%.
Market value: $142.3 billion.
5- Hedera: It rose 247.7%.
Market value: $11.5 billion.
6- Stellar: It rose 233.4%.
Market value: $12.9 billion.
7- Tonquin: It rose 155.6%.
Market value: $14.6 billion.
8- You can see: It rose 155.1%.
Market value: $23.7 billion.
9- Shiba Inu: It rose 150.1%.
Market value: $15.2 billion.
10- Bitcoin: It rose 135.9%.
Market capitalization of two trillion dollars.
How much did the cryptocurrency market grow in 2024?
About $1.8 trillion was added to the total market value of the global cryptocurrency market in 2024, rising from less than $1.8 trillion to $3.6 trillion by December 18, according to CoinGecko data.
Bitcoin controls more than the majority of the market at 56.8%, and represents nearly two-thirds of the overall market growth.
What are meme currencies?
A form of cryptocurrency often associated with a populist buying trend via a social media signal or the like.
Dogecoin rose in November after Trump announced that Musk (the coin’s backer) and former Republican presidential candidate Vivek Ramaswamy would lead the Department of Government Efficiency.
Musk then posted images of the Dogecoin logo and the Shiba Inu, which features a dog’s face.
It is noteworthy that Musk previously adopted Dogecoin on social media in 2021, which led to the value of the symbol rising to approximately $0.70, before Musk commented during a television entertainment program that the currency was a “hoax,” which led to its price falling again to more than A little over $0.05.
Altcoins, or cryptocurrencies that are seen as an alternative to Bitcoin, also tend to be more volatile as some analysts say the market has become over-saturated.
Trump’s election
Trump has been supported by several billionaires connected to the cryptocurrency industry, and the presidential winner said he wants the United States to become the “cryptocurrency capital of the planet” and support Bitcoin mining.
His election victory raised Bitcoin to new record levels, exceeding $80,90,000 and $100,000 within a month of Election Day.
Ethereum, the second largest cryptocurrency by market capitalization ($418 billion), rose by 43%, adding more than $118 billion to its market value. In total, the total market capitalization of the global cryptocurrency market has increased by more than $1 trillion since Election Day, according to CoinGecko.
