Bitcoin’s rally was further fueled by renewed investor confidence following Donald Trump’s election victory, during which the cryptocurrency saw a 47% increase since Election Day.
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Despite these remarkable achievements, Bitcoin was outperformed by a variety of altcoins and meme coins, which seized the spotlight with even more dramatic gains.
Altcoins Steal the Show
Among cryptocurrencies with a market capitalization exceeding $5 billion, Pepe, a token inspired by the meme frog often associated with internet culture, emerged as the top performer. Pepe soared by a staggering 1,570.7%, reaching a market cap of $9 billion.
Similarly, SUI, the native token for the Sui blockchain, posted a remarkable 509% gain, while Dogecoin, a favorite among meme coin enthusiasts and promoted by Elon Musk, climbed 333.1%, as per a report by Forbes.
Other notable altcoin performers included:
- XRP: The Ripple-associated token jumped 303.9%, buoyed by broader adoption and legal victories.
- Hedera: Gained 247.7%, driven by its enterprise applications.
- Stellar and Toncoin: Rose by 233.4% and 155.6%, respectively.
- Shiba Inu and TRON: Posted gains of 150.1% and 155.1%, respectively, barely outpacing Bitcoin.
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The surge in these cryptocurrencies underscores the diversification of the market, as investors increasingly explored alternatives beyond Bitcoin.
Meme Coins and Their Volatility
Meme coins like Dogecoin and Shiba Inu were significant contributors to the crypto market’s expansion in 2024.
These tokens, often tied to viral internet phenomena, experienced highly volatile price movements driven by social media trends and pop culture moments.
For instance, Dogecoin’s value spiked following Elon Musk’s social media posts and political connections, including a humorous reference to DOGE by former President Trump’s administration.
While meme coins offer potential for substantial short-term gains, they remain riskier than more established tokens like Bitcoin and Ethereum due to their sensitivity to market sentiment.
Trump’s Role in the Crypto Boom
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The election of Donald Trump as U.S. President provided a significant boost to the cryptocurrency market.
Backed by prominent crypto billionaires such as the Winklevoss twins and Ripple co-founder Chris Larsen, Trump’s pro-crypto policies and rhetoric spurred investor optimism.
Trump’s commitment to making the U.S. a “crypto capital” coincided with Bitcoin’s rapid ascent past $80,000, $90,000, and $100,000, while Ethereum gained 43%, adding $118 billion to its market cap.
FAQs
Can I buy 1 Bitcoin?
You don’t need thousands of dollars to invest in Bitcoin. Each Bitcoin is divided into 100 million smaller units called satoshis, allowing you to purchase just a fraction of a Bitcoin on any exchange.
Does Elon own Bitcoin?
The co-founder of Tesla Inc. disclosed on Twitter that he holds only a small fraction of a single Bitcoin.
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