bitcoin hits a record
This year, <a target="_blank" href="https://bitcoin.org/en/” target=”_blank”>bitcoin hit a record high, partly due to the US government's acceptance of spot ETFs and partly due to the election of Donald Trump. These elements increased confidence in bitcoin and strengthened its position as the largest cryptocurrency globally. Despite making headlines, bitcoin was outperformed by several other assets, signaling a busy year for cryptocurrency investors.
Source: bitcoin
Determine the best-performing digital currencies of the year using data from CoinGecko and Nasdaq. Assets had to start with a market value of at least $500 million on Jan. 1 and continue operating until Dec. 17 to be eligible. Both traders and investors were attracted.
Pepe: Meme Coin Champion
The best performing meme coin of the year was Pepe (PEPE). Based on the Internet cartoon Pepe the Frog, which later acquired controversial connotations, it was presented last year. Pepe's performance was extraordinary despite his history.
Pepe went from having a market value of just $590.8 million at the beginning of the year to $9.4 billion in December. Due to its notable 1,492% rise, it became one of the most talked about tokens in the entire cryptocurrency world. Not only was Pepe's ascension ridiculously quick, but it was also remarkably durable for a joke coin. It has consolidated itself in the market by rising to position 28 in terms of market capitalization.
Source: Pepe
Sui: Altcoin Rising Star
This year, sui (SUI) quickly rose to prominence as an altcoin. Created by former Meta programmers, the blockchain made its debut in May 2023. Its fast and efficient network, which has attracted both developers and users, gave rise to a thriving DeFi community.
By December, SUI's market value had increased by a staggering 1,193%, from over $925 million at the start to nearly $12 billion. It is now the 18th largest crypto by market capitalization as a result of its explosive rise. Sui's achievement is a reflection of his strong foundation and growing stature in the cutthroat cryptocurrency market.
MicroStrategy: Leader in bitcoin stocks
One of the best performing stocks linked to bitcoin was Microstrategy (MSTR). Michael Saylor's company, once a small software company, has grown to become a major bitcoin holder. The company doubled down on its investments in bitcoin this year, solidifying its position in the “bitcoin treasury company” category.
It was a really successful technique. MicroStrategy's stock price was below $70 per share at the beginning of the year. By December, its value had risen 464% to $386. Top Nasdaq companies such as computer giant Nvidia performed better. MicroStrategy attracted investors who wanted exposure to bitcoin without actually owning the cryptocurrency.
Dogecoin: the original meme currency
Dogecoin (DOGE) was leading the meme coin market. After starting small, DOGE has become a major player in the digital currency market. It is now worth $45.9 billion, 342% more than a year ago.
Source: Dogecoin
Dogecoin's current popularity was largely due to Elon Musk, the CEO of Tesla. His frequent allusions to DOGE and speculation about its possible integration into his platform, x (formerly twitter), fueled investor enthusiasm. Dogecoin has proven its resilience in the cryptocurrency space by rising to the seventh largest position in terms of market valuation.
XRP: a resilient comeback
Among the best performing assets, XRP I had an incredible year. After increasing by around $34 billion to $131.2 billion, its market value grew by 286%. XRP briefly surpassed Tether to become the third-largest digital currency, but ultimately took fourth place.
In a partial court victory against the SEC, Ripple, the company that created XRP, benefited. A significant victory for Ripple and the cryptocurrency industry came when a judge ruled that automated sales of XRP to private investors did not comply with regulations governing securities. Consequently, investor confidence increased and XRP began to gain traction once again.
BlackRock iShares bitcoin Trust
Praise is due to BlackRock's iShares bitcoin Trust (IBIT). By setting new benchmarks in the financial industry, the ETF made bitcoin accessible to mainstream investors. It attracted more than $50 billion in assets in December, setting records for both trading volume and inflows. In just 228 days this milestone was reached, faster than any other ETF in history.
BlackRock's success demonstrates how institutional interest in cryptocurrencies is increasing. Even if other asset managers also introduced bitcoin ETFs, IBIT's popularity and performance made it stand out. By making bitcoin more accessible to mainstream investors, the ETF has strengthened its position within the financial system.
This year demonstrated how digital assets can generate extraordinary rewards. The cryptocurrency sector showed its durability and diversity with everything from institutional products like the BlackRock ETF to meme coins like Pepe.
Each success story highlights a different facet of the cryptocurrency industry. Pepe and Dogecoin, two community-driven tokens, thrived thanks to their popularity and cultural importance. Sui and other technologically sophisticated projects attracted attention for their unique qualities. Meanwhile, institutional offerings like the BlackRock ETF and MicroStrategy showed how cryptocurrencies were becoming increasingly accepted in mainstream finance.
The post Pepe, Sui, Dogecoin, and More: Featured Cryptocurrencies of 2024 appeared first on nft Evening.
