XRP, Cardano, Dogecoin, Hedera, and Litecoin defy 2024 crypto market odds to stage remarkable comebacks

The crypto market has seen dramatic reversals in 2024, with some tokens making unexpected recoveries. Several cryptocurrencies with turbulent performances throughout the year staged remarkable comebacks ahead of the year's close.

Some tokens made unexpected recoveries as the crypto market saw dramatic reversals in 2024. Several cryptocurrencies with turbulent performances throughout the year staged remarkable comebacks ahead of the year’s close. This analysis covers XRP, Cardano (ADA), Dogecoin (DOGE), Hedera (HBAR), and Litecoin (LTC), focusing on the fundamentals driving their resurgence.

XRP’s Price Surged 245.29% YTD, Backed by Hopes of Favorable Regulations

XRP’s price soared 245.29% year-to-date, largely driven by hopes of favorable regulatory developments and a broader market optimism. The token reached $2.50 in November, marking a dramatic recovery from earlier lows. This rally helped XRP overtake Solana, BNB, and Dogecoin in the crypto rankings, surging to over $130 billion in market capitalization.

The recovery can be attributed to a mix of both fundamental and speculative factors. Donald Trump’s victory in the U.S. presidential election contributed to the positive sentiment, with investors anticipating more crypto-friendly regulations under his administration.

Moreover, institutional interest played a role in the rally, with WisdomTree filing for a spot XRP exchange-traded fund (ETF) earlier this month. According to CryptoQuant CEO Ki Young Ju, whale activity also impacted XRP’s meteoric rise, particularly on Coinbase, where premiums surged to 3%-13%.

While South Korea’s Upbit exchange, known for its large XRP trading base, showed no similar premiums, the divergence highlights region-specific market dynamics.

Cardano Weathered a Tough 2024, but Managed to Recover 39.56% YTD

Cardano weathered a difficult 2024, but managed to bounce back with a 39.56% YTD gain. ADA hit $0.8681 in December, slowly recovering its losses as its ecosystem expanded.

The Hydra upgrade boosted the network’s performance, cutting transaction costs and increasing adoption in decentralized finance (DeFi). Cardano’s growing total value locked (TVL) reflected renewed interest, with developers launching key projects to draw users back to the platform.

There were also rumors of Charles Hoskinson joining the Trump administration, which sparked speculation, but the Cardano founder dismissed them as unfounded. Despite the market chatter, ADA’s recovery was primarily driven by tangible improvements to its network and broader optimism in the crypto space.

Dogecoin Rebounded Strongly in 2024, Gaining 239.34% YTD

Dogecoin made a strong comeback in 2024, year-to-date to reach $0.466, up from January lows of $0.081, marking a gain of 239.34%. A combination of political and cultural factors placed DOGE back in the spotlight.

Donald Trump’s victory in the U.S. presidential election boosted optimism, with his administration signaling a more crypto-friendly stance. Elon Musk, who was appointed co-chair of the “Department of Government Efficiency” (DOGE), added fuel to the momentum, amid speculation of integrating DOGE payments into his platform, X.

Technical signals also supported the rally. A “golden cross” on the charts confirmed bullish momentum, with pseudonymous analyst Mikybull comparing the setup to Dogecoin’s 2021 bull cycle. Crypto trader Javon Marks suggested the token could climb higher if momentum continues.

Dogecoin’s 2024 recovery demonstrated its resilience and ability to capitalize on shifting sentiment.

Hedera’s 2024 Surge: From DeFi Underdog to Top-25 Powerhouse

Hedera (HBAR) stormed back in 2024, climbing 217.75% YTD to $0.2879 and reclaiming a spot among the top 25 cryptocurrencies. Its DeFi ecosystem boomed, with total value locked (TVL) jumping from $53 million in January to nearly $200 million in December, largely driven by platforms like Stader and SaucerSwap.

Institutional interest also added fuel to the rally. Valour Funds filed for a spot HBAR ETF in Europe, while Canary Capital pushed for a U.S.-based product. Speculation about a policy shift under the new U.S. administration amplified momentum, bolstering Hedera’s appeal to enterprises and investors alike.

HBAR’s resurgence highlighted its growing role in DeFi and its potential for further adoption.

Litecoin’s Halving Event Reignited Interest, Contributed to 39.10% YTD Recovery

Litecoin recorded a 39.10% YTD recovery, largely spurred by its August halving event, which reduced miner rewards and tightened supply dynamics. The event reignited interest in LTC, which is viewed as a complementary asset