The close of 2024 brought cheer to the crypto community as Bitcoin not only crossed the $100K milestone but also soared to over $108K, before slightly dipping to $95K. The U.S. authorities further added to the celebratory atmosphere by approving Bitcoin and Ethereum exchange traded funds (ETFs), sparking a renaissance across the crypto space. Meme coins, RWA projects, Cardano (ADA), and Ripple (XRP) have also made impressive comebacks.
XRP, the digital currency offered by Ripple Labs, has been a topic of much discussion. The company secured a partial victory against the U.S. Securities and Exchange Commission (SEC) in 2023. Speculation was rampant that the pro-crypto momentum brought about by Trump’s appointment fueled XRP’s rally. With Trump’s endorsement of crypto, XRP broke into an uptrend, surging over $2.86 a few weeks ago.
Data from CoinMarketCap indicates that XRP, which was on the brink of falling out of the top 10, now boasts a market cap of $128 billion, securing its place as the fourth-largest digital asset globally. At the time of writing, XRP is trading at $2.18 with a market cap of $124.42B.
Cardano (ADA) has also shown signs of potential bullish momentum. After dropping out of the top 10 earlier this year, ADA turned bullish during the last quarter rally, surging to a yearly high of $1.32 from a low of $0.2799. Currently, it is priced at $0.8957 and ranks ninth in terms of valuation.
The year also witnessed significant growth in meme coins and the RWA sector. Meme coins on Solana (SOL) gained traction earlier this year following the launch of the Pump.fun platform, a trend echoed on the Tron (TRX) network. Dogecoin (DOGE), the largest meme coin by market cap, also turned bullish, hitting a yearly high of $0.4835 after bouncing back from $0.07497.
This surge can be associated with the creation of the Department of Government Efficiency (D.O.G.E.), under the Trump administration. The department is set to be led by Tesla CEO Elon Musk and Vivek Ramaswamy, a significant contender in the 2024 US elections. Following this development, key meme coins such as Pepe (PEPE) and dogwifhat (WIF) rallied over 1,200% earlier this year, as capital flowed from altcoins to meme coins.
The RWA sector also saw a massive rally, driven by the increasing demand for the tokenization of natural resources and traditional investment avenues. By merging DeFi and TradFi, RWA tokens saw a significant surge, with Mantra (OM) leading the pack with a staggering 8984.65% price increase.
Thus, 2024 has been a year of resurgence for the crypto space, with Bitcoin crossing significant milestones, regulatory approvals, and the impressive growth of altcoins. The focus now shifts to what 2025 holds for this dynamic and ever-evolving sector.
