Bitcoin Wasn’t Even The Best-Performing Cryptocurrency Of 2024—Despite Breaching $100,000
December 28, 2024
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 after Donald Trump’s election victory—but its milestone surge to $100,000 wasn’t even the most impressive outperformance of the market by a cryptocurrency in 2024, thanks to several altcoins and meme coins also rising dramatically.
Key Facts
Bitcoin—surging by 47% since Election Day—has added about $1.2 trillion to its market capitalization this year as of Dec. 19, surging by 130% to just over $102,000.
But it was Pepe, a token named for the meme frog linked to far-right groups, that was the top performer among coins with market capitalizations over $5 billion, gaining about 1,570%, according to CoinMarketCap.
SUI, the native token for Sui’s blockchain network, is the next best performer with a 509% gain, while dogecoin, a cryptocurrency touted by Elon Musk in recent years, outgained bitcoin with a 333% surge, during which the meme coin reached highs not seen since the pandemic.
The token used by Ripple, a digital asset firm cofounded by billionaires Chris Larsen and Jed McCaleb, similarly outpaced bitcoin this year as XRP jumped nearly 304%.
Stellar, used by the Stellar blockchain network, and Toncoin, the native cryptocurrency for a blockchain developed by Telegram, increased by 233% and 155%, respectively, trailing the Hedera network’s token, which grew about 248%.
Another Shiba Inu-inspired token, Shiba Inu, and Tronix’s cryptocurrency TRON just beat out bitcoin this year by climbing 150% and 155%, respectively.
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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?
About $1.8 trillion was added to the global crypto market’s aggregate market value in 2024, surging from just below $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 overall 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 rose in November after Trump announced Musk and former Republican presidential candidate Vivek Ramaswamy would lead the Department of Government Efficiency, whose acronymized name shares the name of the coin. Musk subsequently posted images of a “DOGE” logo and a Shiba Inu that appear to refer to dogecoin, which features the dog’s face. He previously embraced dogecoin on social media in 2021, sending the token to a peak of nearly $0.70, before Musk’s comment on “Saturday Night Live” that the coin was a “hustle” sent its price back down to just above $0.05. Altcoins, or cryptocurrencies viewed as an alternative to bitcoin, also tend to be more volatile as some analysts say the market has become oversaturated.
How Did Trump’s Election Boost Crypto?
Trump was backed by several billionaires with ties to the cryptocurrency industry, including Gemini cofounders Tyler Winklevoss and Cameron Winklevoss and Ripple’s Larsen. Trump claimed he wanted the U.S. to become the “crypto capital of the planet” and has supported bitcoin mining. His election win sent bitcoin to new record highs as the token eclipsed the $80,000, $90,000 and $100,000 thresholds 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 capitalization. In total, the global crypto market’s aggregate market value has increased by more than $1 trillion since Election Day, according to CoinGecko.
Key Background
The crypto market reached new highs in 2024, beginning with the Securities and Exchange Commission approving the first bitcoin exchange-traded funds in the U.S. in January. Spot bitcoin ETFs allow investors to invest in the cryptocurrency without paying higher fees associated with buying the token directly on exchanges like Coinbase. That decision brought in about $15 billion in capital within the first five months, according to an analysis from Bernstein. Since then, the crypto market benefitted from becoming a focus of the recent presidential election, including Trump’s embrace of the industry despite his earlier criticism.
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