Despite surpassing the $100,000 mark, Bitcoin didn't claim the title of the top-performing cryptocurrency in 2024.
Headline
Despite surpassing the $100,000 mark, Bitcoin didn't claim the title of the top-performing cryptocurrency in 2024.
Bitcoin broke numerous records throughout 2024 and surpassed the six-digit figure for the first time, spearheading a broader crypto rally following Donald Trump's election victory—however, Bitcoin's remarkable surge to $100,000 wasn't the most remarkable market outperformance by a cryptocurrency in 2024. Several altcoins and meme coins also saw significant increases.
Details
Bitcoin, soaring by 47% since Election Day, has added approximately $1.2 trillion to its market capitalization as of Dec. 19, with a 130% increase to reach $102,000.
Yet, Pepe, a token bearing the name of the meme frog associated with far-right groups, was the top performer among coins with market capitalizations over $5 billion, boasting a staggering 1,570% increase, according to CoinMarketCap.
SUI, the native token for the Sui blockchain network, comes in second place with a 509% gain, while dogecoin, a cryptocurrency promoted by Elon Musk recently, outperformed Bitcoin by a margin with a 333% surge, even reaching heights last seen during the pandemic.
The token employed by Ripple, a digital asset firm co-founded by billionaires Chris Larsen and Jed McCaleb, similarly outpaced Bitcoin this year, as XRP skyrocketed nearly 304%.
Stellar, the token associated with the Stellar blockchain network, and Toncoin, the native cryptocurrency for a blockchain developed by Telegram, climbed by 233% and 155%, respectively, trailing just behind the Hedera network’s token that saw about a 248% increase.
An additional Shiba Inu-inspired token, Shiba Inu, and Tronix’s cryptocurrency TRON managed to outshine Bitcoin this year by rising 150% and 155%, respectively.
Very Important! Sign Up for Our Breaking News Text Alerts!: We’re launching text message alerts so you’ll always be in the know about the biggest stories shaping the day’s headlines. Text “Alerts” to (201) 335-0739 or sign up here.
The 10 Best Performing Cryptocurrencies in 2024 (market cap over $5 billion)
- Pepe: up 1,570.7%, market capitalization $9 billion
- SUI: up 509%, market cap $13.7 billion
- Dogecoin: up 333.1%, market cap $56.9 billion
- XRP: up 303.9%, market cap $142.3 billion
- Hedera: up 247.7%, market cap $11.5 billion
- Stellar: up 233.4%, market cap $12.9 billion
- Toncoin: up 155.6%, market cap $14.6 billion
- TRON: up 155.1%, market cap $23.7 billion
- Shiba Inu: up 150.1%, market cap $15.2 billion
- Bitcoin: up 135.9%, market cap $2 trillion
How Much Did the Crypto Market Grow in 2024?
Roughly $1.8 trillion was added to the overall crypto market’s aggregate value in 2024, rising from $1.8 trillion to $3.6 trillion as of Dec. 18, as reported by CoinGecko. Bitcoin owns more than half of the market with a 56.8% share and contributed roughly two-thirds of the overall market growth.
What are Meme Coins?
Meme coins are a type of cryptocurrency frequently connected to a popular internet joke and can be highly volatile due to their reaction to cultural trends. Dogecoin saw a surge in November after Trump announced Musk and former Republican presidential candidate Vivek Ramaswamy would lead the Department of Government Efficiency, whose acronym shares the name of the coin. Musk later shared images of a “DOGE” logo and a Shiba Inu that seem to reference dogecoin, a token that features the dog's face. Musk previously promoted dogecoin on social media in 2021, propelling the token to a peak of nearly $0.70, but then his comment on “Saturday Night Live” that the coin was a “hustle” caused its price to drop back down to just over $0.05. Altcoins, or cryptocurrencies viewed as an alternative to Bitcoin, are also often highly volatile, as some analysts contend that the market has become increasingly saturated.
How Did Trump’s Election Affect Crypto?
Trump was supported by several billionaires with links to the cryptocurrency industry, including Gemini cofounders Tyler Winklevoss and Cameron Winklevoss and Ripple’s Larsen. Trump expressed his desire for the U.S. to become the “crypto capital of the planet” and has supported Bitcoin mining. His election win sent Bitcoin to unprecedented highs, surpassing $80,000, $90,000, and $100,000 within a month of Election Day. Ethereum, the second-largest cryptocurrency by market cap ($418 billion), rose by 43% while adding more than $118 billion to its market capitalization. In total, the global crypto market’s aggregate value increased by over $1 trillion since Election Day, as reported by CoinGecko.
The crypto sphere saw unprecedented heights in 2024, commencing with the Securities and Exchange Commission giving its nod to the initial bitcoin exchange-traded funds in the United States back in January. These spot bitcoin ETFs enable investors to dive into the cryptocurrency without being saddled with the elevated charges inherent in purchasing the token directly from platforms such as Coinbase. This green light resulted in an influx of approximately $15 billion in investments during the initial five months, as per a study from Bernstein. Subsequently, the crypto market gained momentum due to its prominence in the recent presidential race, with Trump endorsing the sector despite his earlier skepticism.
Additional Resources
Source
Pepe's remarkable performance in 2024 saw the meme token increase by an impressive 1,570%, making it the top performer among coins with market capitalizations over $5 billion. Despite Bitcoin's significant growth, even surpassing $100,000, Donald Trump's election victory led to a broader crypto rally, with several altcoins and meme coins also experiencing significant increases. Elon Musk, who has recently promoted dogecoin, saw the cryptocurrency outperform Bitcoin with a 333% surge.