Donald Trump’s election victory boosted Bitcoin, but meme coins were the big winners of the year. Which ones stood out.
Bitcoin reached several new records in 2024, surpassing the six-digit barrier for the first time, driven by a general rally in the cryptocurrency market after the Donald Trump’s electoral victory. However, Bitcoin’s rise to $100,000 was not the biggest performance of the year, as various altcoins and meme coins experienced even greater increases.
What were the cryptocurrencies that rose the most in the year
Among the key data, Bitcoin rose 47% since the US electionsadding nearly US$1.2 trillion to its market capitalization until December 19, reaching US$102,000, which represents an increase of 130%. However, it was the Pepe token, linked to the frog meme associated with far-right groups, which recorded the highest performance, with an impressive gain of 1,570%according to CoinMarketCap.
Other featured tokens include SUI, from the Sui blockchain network, with a gain of 509%, Dogecoin, which rose 333%, and XRP, Ripple’s token, which rose 304%. Stellar, Toncoin, TRON, Shiba Inu and Hedera also outperformed Bitcoin with significant increases.
In total, the global cryptocurrency market saw an increase of US$1.8 trillion in 2024, reaching a value of US$3.6 billion in mid-December. Bitcoin represents more than half of this market at 56.8%, contributing greatly to global growth.
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The events that boosted altcoins
Meme coins, such as Dogecoin and Shiba Inu, were some of the most volatile assets, driven by events of pop culture and the support of figures like Elon Musk. Trump’s election had a positive impact on cryptocurrencies, as his support for the sector helped boost the price of Bitcoin, which reached new highs shortly after the election.
The cryptocurrency market also benefited from the approval of the first Bitcoin exchange-traded funds in the US in January 2024, which allowed investors to access cryptocurrency without the highest fees associated with your direct purchase. This change, along with the growing interest in cryptocurrencies during the presidential elections, contributed to the increase in its value in 2024.
Source: Ambito
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