The year 2024 ended on a positive note for the crypto community, with Bitcoin surpassing the $100K milestone and even reaching $108K before retracing to $95K. In addition, the approval of Bitcoin and Ethereum exchange traded funds (ETFs) by U.S. authorities fueled a resurgence in the crypto market. Meme coins, RWA projects, ADA, and XRP also made impressive comebacks in recent times.
Notably, XRP saw a resurgence following Ripple Labs’ partial victory against the U.S. Securities and Exchange Commission (SEC) in 2023. Speculations suggest that the pro-crypto stance of Trump’s administration may have contributed to XRP’s rally, with the digital asset reaching $2.86 recently. XRP, which was on the verge of dropping out of the top 10, now boasts a market cap of $128 billion, making it the fourth-largest digital asset globally.
Similarly, Cardano (ADA) signaled a bullish momentum, climbing from a low of $0.2799 to a yearly high of $1.32 during the last quarter rally. Currently priced at $0.8957, ADA has reclaimed its position in the top 10 digital assets by market capitalization, ranking ninth in the list.
The surge in meme coins, particularly on platforms like Solana (SOL) and Tron (TRX), can be attributed to the launch of Pump.fun platform and the Department of Government Efficiency (D.O.G.E.) under the Trump administration. Notably, meme coins like Dogecoin (DOGE), Pepe (PEPE), and dogwifhat (WIF) witnessed significant rallies, with capital flowing from altcoins to meme coins.
Moreover, the RWA sector experienced a significant rally, driven by the increasing demand for tokenization of natural resources and traditional investment avenues. By combining DeFi and TradFi, RWA tokens saw substantial price surges, with Mantra (OM) recording an impressive 8984.65% increase in its price.
In conclusion, the crypto market in 2024 saw numerous developments and positive trends, with Bitcoin hitting new highs, ETF approvals, and the resurgence of various altcoins including XRP, ADA, and meme coins. The future outlook appears optimistic, with continued growth expected in the RWA sector and further advancements in the crypto space. As always, investors are advised to conduct thorough research and exercise caution before making any investment decisions.
