2024-12-26 09:31

Image source: Unblock Media
- Dogecoin rises by 350%, the role of the Government and the Innovation Department (NDID)
- Hedera, expected rise with ETF filing, XRP surges by 350%**
[Unblock Media]
In 2024, the cryptocurrency market experienced an unexpected resurgence. The market capitalization, which was $1.8 trillion in January, surged to $3.9 trillion by mid-December. This resurgence was primarily due to Bitcoin's annual increase of 160%.
Bitcoin's stable upward trend led to a bullish momentum for altcoins. Notably, Dogecoin showed the most impressive comeback in 2024, rising more than 350% from its January low of $0.081 to $0.466. Dogecoin's rally was driven by a combination of political, technical, and cultural factors that fueled investor enthusiasm.
Following President Trump's election, the U.S. government established a new agency to promote blockchain and cryptocurrency innovation, named the "National Digital Innovation Department (NDID)." This hinted at favorable policy changes for Dogecoin and other cryptocurrencies, boosting market confidence. These policy changes laid the groundwork for regulatory relaxation and cryptocurrency activation.
Elon Musk's continued support for Dogecoin also served as a strong driver of investor sentiment. Additionally, the potential integration of Dogecoin payments on Musk's social platform X excited traders and analysts.
The "Golden Cross" mentioned in technical analysis is a key indicator signaling upward momentum when a long-term moving average surpasses a short-term one. Analyst "Mikybull," who has an accuracy rate of over 85% in cryptocurrency market predictions over the past decade, has built significant trust among investors with his positive outlook on Dogecoin based on his remarkable accuracy in Bitcoin and Ethereum forecasts.
XRP showed an unexpected impressive rally in 2024, surging more than 350% since the November presidential election, surpassing Solana and Tether to become the third largest cryptocurrency. This rise was driven by regulatory optimism, strategic product launches, and strong technical momentum.
Last year, U.S. District Court Judge Analisa Torres ruled that XRP was not a security when sold on public exchanges. This was a turning point for Ripple, suggesting that the long legal battle could end by 2025.
Ripple is playing a crucial role in cross-border payments by leveraging the stable demand for digital assets. Technical analysis also provided positive signals for XRP, with popular trader DonAlt suggesting that another bullish momentum could occur if XRP's price surpasses $2.60.
Hedera Hashgraph, once considered a dark horse in the cryptocurrency space, has seen its significance rise with its recent resurgence and increasing role in the DeFi (Decentralized Finance) market. Hedera maintained an impressive growth trajectory throughout 2024.
The approval of Hedera's physical staking product launch on the Euronext exchange heightened expectations. Additionally, an HBAR ETF application was submitted to the U.S. Securities and Exchange Commission (SEC) and is currently under review. These moves raise the possibility of institutional adoption and, coupled with changes in cryptocurrency policy under the new regime, firmly ensure mid-term growth for HBAR.
Hedera's DeFi presence has significantly increased, with Total Value Locked (TVL) surging from $53 million in January to nearly $200 million in December. This growth was supported by platforms such as Stader, SaucerSwap, and Bonzo Finance.
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