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.
Despite these remarkable achievements, Bitcoin has been outperformed by a variety of altcoins and meme coins, which have attracted attention with even more spectacular gains.
Altcoins steal the show
Among cryptocurrencies with a market capitalization exceeding $5 billion, Pepea token inspired by the frog meme often associated with internet culture, has become the most successful. Pepe soared 1,570.7%, reaching a market capitalization of $9 billion.
In the same way, ISUthe native token of the Sui blockchain, recorded a remarkable gain of 509%, while Dogecoina favorite among coin enthusiasts and promoted by Elon Musk, soared 333.1%, according to a Forbes report.
Other notable altcoin artists include:
- XRP: The Ripple-related token surged 303.9%, buoyed by wider adoption and legal victories.
- Hedera: Gained 247.7%, driven by its enterprise applications.
- Stellaire and Toncoin: Increased by 233.4% and 155.6% respectively.
- Shiba Inu and TRON: Posted gains of 150.1% and 155.1%, respectively, barely outpacing Bitcoin.
The rise of these cryptocurrencies highlights market diversification, as investors increasingly explore alternatives beyond Bitcoin.
Meme coins and their volatility
Meme coins like Dogecoin and Shiba Inu have contributed significantly to the expansion of the crypto market in 2024.
These tokens, often linked to viral internet phenomena, have experienced highly volatile price movements due to social media trends and pop culture moments.
For example, the value of Dogecoin increased following Elon Musk’s social media posts and political connections, including a humorous reference to DOGE by former President Trump’s administration.
Although meme coins offer the 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
The election of Donald Trump as President of the United States has significantly boosted 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 have boosted investor optimism.
Trump’s pledge to make the United States a “crypto capital” coincided with Bitcoin’s rapid rise past $80,000, $90,000 and $100,000, while Ethereum gained 43%. adding $118 billion to its market capitalization.
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 buy just a fraction of a Bitcoin on any exchange.
Does Elon own Bitcoin?
The Tesla Inc. co-founder revealed on Twitter that he only owns a small fraction of a single Bitcoin.
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