Bitcoin Hits $100,000 But Trails Behind Top-Performing Cryptocurrencies of 2024
Bitcoin had a remarkable year in 2024, breaching the $100,000 milestone and leading the crypto market to new heights. However, it wasn’t the best-performing cryptocurrency of the year, as several altcoins and meme coins posted even more impressive gains.
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Key Performers in 2024
Bitcoin surged by 130% in 2024, reaching $102,000 and adding $1.2 trillion to its market capitalization. Yet, it was outpaced by:
1. Pepe (1,570% Gain) – This meme-inspired token topped the charts, with a market cap of $9 billion.
2. SUI (509% Gain) – The native token of the Sui blockchain network followed closely behind.
3. Dogecoin (333% Gain) – Boosted by Elon Musk’s public support, Dogecoin reached heights not seen since 2021.
4. XRP (304% Gain) – Ripple’s native token benefited from increasing adoption.
5. Hedera (248% Gain) – The Hedera network's token showed strong growth amid rising blockchain interest.
Other notable performers included Stellar (233%), Toncoin (155%), TRON (155%), and Shiba Inu (150%), all outpacing Bitcoin's gains.
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Crypto Market Growth
The global cryptocurrency market value grew by $1.8 trillion in 2024, reaching $3.6 trillion by year-end. Bitcoin remained dominant, holding 56.8% of the market share and accounting for two-thirds of the overall market growth.
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Meme Coins and Altcoins Shine
Meme coins like Dogecoin and Pepe capitalized on pop culture and high-profile endorsements, demonstrating the volatile yet lucrative nature of the market. Altcoins also gained traction, offering investors alternatives to Bitcoin with high growth potential.
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Impact of Trump’s Election on Crypto
Donald Trump’s election victory in November significantly boosted the crypto market. Supported by cryptocurrency advocates, Trump declared his ambition to make the U.S. the "crypto capital of the planet," fueling Bitcoin’s rapid ascent past $100,000. Ethereum also surged by 43%, adding $118 billion to its market cap.
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Bitcoin ETFs and Market Catalysts
The Securities and Exchange Commission’s approval of the first Bitcoin ETFs in January 2024 brought legitimacy to the market and attracted $15 billion in capital within five months. This development, coupled with political and institutional interest, solidified 2024 as a milestone year for cryptocurrencies.
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Looking Ahead
As Bitcoin and the broader crypto market continue to evolve, altcoins and meme coins are proving to be formidable competitors. With regulatory developments and increased mainstream adoption on the horizon, 2025 could see even greater shifts in the cryptocurrency landscape.
