Topline Bitcoin set several new records throughout 2024 and eclipsed the six-digit threshold for the first time, leading the charge amid a broader crypto rally following Donald Trump’s election victory – but its milestone surge to $100,000 wasn’t even the most impressive market outperformance by a cryptocurrency in 2024, thanks to several altcoins and meme coins also surging dramatically.
Key facts
Bitcoin – up 47% since Election Day – has added nearly $1.2 trillion to its market capitalization this year through Dec. 19, rising 130% to just over $102,000.
But it was Pepe , a token named after the meme frog linked to far-right groups, that performed the most among coins with market caps above $5 billion , gaining 1,570%, according to CoinMarketCap.
SUI , the native token of the Sui blockchain network, is the next best performer, up 509%, while dogecoin , a cryptocurrency touted by Elon Musk in recent years, outperformed bitcoin with a 333% surge, during which the meme coin hit highs not seen since the pandemic.
The token used by Ripple , a digital asset company co-founded by billionaires Chris Larsen and Jed McCaleb , has also outperformed bitcoin this year as XRP surged nearly 304%.
Stellar , used by the Stellar blockchain network , and Toncoin , the native cryptocurrency for a blockchain developed by Telegram, rose 233% and 155% respectively, lagging behind the Hedera network token, which grew by nearly 248%.
Another Shiba Inu -inspired token , Shiba Inu, and Tronix’s TRON cryptocurrency have just outperformed bitcoin this year by rising 150% and 155%, respectively.
Top 10 Cryptocurrencies That Will Perform in 2024 (Market Cap Over $5 Billion)
- Pepe: up 1,570.7%, market cap $9 billionSUI: up 509%, market cap $13.7 billion
- Dogecoin: Up 333.1%, Market Cap at $56.9 Billion
- XRP: Up 303.9%, Market Cap at $142.3 Billion
- Hedera: +247.7%, market cap of $11.5 billion
- Stellar: +233.4%, market cap of $12.9 billion
- Toncoin: Up 155.6%, Market Cap $14.6 Billion
- TRON: +155.1%, market cap of $23.7 billion
- Shiba Inu: +150.1%, market cap $15.2 billion
- Bitcoin: +135.9%, market cap of $2 trillion
How much will the cryptocurrency market grow in 2024?
Around $1.8 trillion was added to the global cryptocurrency market cap in 2024, rising from just under $1.8 trillion to $3.6 trillion as of Dec. 18 , according to CoinGecko. Bitcoin holds more than a majority of the market at 56.8% and accounted for roughly two-thirds of the global market growth.
What are meme-coins?
Meme coins are a form of cryptocurrency often tied to a viral internet joke , and their prices are often more volatile than any other token because they react to moments in pop culture. Dogecoin surged in November after Trump announced that Musk and former Republican presidential candidate Vivek Ramaswamy would head the Department of Government Efficiency, whose acronym shares the coin’s name. Musk subsequently posted images of a “DOGE” logo and a Shiba Inu that appear to refer to dogecoin, which features the dog’s face. Earlier in 2021, Musk had endorsed dogecoin on social media, causing the coin to peak at nearly $0.70, before Musk’s comment on “Saturday Night Live” that the coin was a “scam” sent its price back to just over $0.05. Altcoins, or cryptocurrencies seen as an alternative to bitcoin, also tend to be more volatile, as some analysts say the market has become oversaturated.
How did cryptocurrencies boost Trump’s election?
Trump was backed by several billionaires with ties to the cryptocurrency industry, including Gemini co-founders Tyler Winklevoss and Cameron Winklevoss and Ripple’s Larsen. Trump claimed he wanted the US to become the “crypto capital of the planet” and has supported bitcoin mining. His election victory sent bitcoin to new all-time highs, as the token eclipsed the $ 80,000, $90,000 and $100,000 thresholds a month after Election Day. Ethereum, the second-largest cryptocurrency by market cap ($418 billion), surged 43% and added over $118 billion to its capitalization . In total, the aggregate market value of the global cryptocurrency market has increased by over $1 trillion since Election Day, according to CoinGecko.
Key Background
The cryptocurrency market hit new highs in 2024, starting with the Securities and Exchange Commission’s approval of the first bitcoin exchange-traded funds in the U.S. in January. Spot bitcoin ETFs allow investors to invest in the cryptocurrency without paying the higher fees associated with buying the token directly on exchanges like Coinbase. That move brought in about $15 billion in capital in the first five months , according to an analysis by Bernstein. The cryptocurrency market has since benefited from becoming a focus of the recent presidential election, including Trump’s embrace of the sector despite his past criticisms.
