Cryptocurrency Bitcoin’s (Crypto: BTC) price first surpassed $100,000 on December 4th. That capped off an election-related rally that caused Bitcoin’s value to surge by almost 40% in an astonishingly short time. Crypto market volatility notwithstanding, Bitcoin is still up over 110% in 2024.
Keep in mind that the Crypto market as a whole is important. A wide-ranging post-election rally has seen numerous cryptocurrencies rising recently. Plus, there are instances where they are far outperforming Bitcoin. Let’s examine the three main types of cryptocurrencies currently experiencing a price boom.
XRP’s Surge and the Spot ETF Race in 2025
Potentially approved spot exchange-traded funds (ETFs) comprise the first group. If the Securities and Exchange Commission approved any cryptocurrency in 2025, it would be one of these. Bitcoin (BTC) Solana and Ethereum Rivals (ETH) are now available as spot ETFs. Therefore, the question of which cryptocurrency will emerge next has been the subject of ceaseless conjecture.
With its meteoric rise after the election, XRP (Crypto: XRP) has emerged as one of the front-runners. Despite a recent decline, it has gained about 250% for the year. The Trump administration’s generally upbeat attitude about cryptocurrency is likely contributing to this upsurge.
XRP’s ETF Prospects and Solana’s Growth
The rising hope that XRP may acquire a spot ETF in early 2025 is another important factor in this price spike. At least four separate financial institutions have requested authorization to sell spot XRP ETFs.
In addition to this outstanding ETF candidate, others are doing well. For example, Solana (Crypto: SOL) has had a year-to-date increase of about 70%. Though it lags behind Bitcoin’s triple-digit percentage growth, it outperforms Ethereum’s 43% year-to-date gain.
Sui and the Rise of Ethereum Challengers
The next group of high achievers follows from there. These are the Ethereum challengers. These digital currencies have the most shot at unseating Solana and Ethereum Rivals as the leading Layer 1 blockchain, at least in the short term. That is a tremendous potential, considering that Ethereum’s market worth is above $400 billion.
Launched in May 2023, Sui (Crypto: SUI) is a fascinating opportunity. Its market cap is almost $13 billion, although it has only been around for 18 months. To date, Sui has had a 380% increase. Sui, like Bitcoin, has experienced a remarkable post-election surge as we approach 2025.
Two main kinds of Layer 1 blockchains should be considered while looking for Ethereum rivals with future upside potential. Solana, Cardano, and Avalanche are just a few of the Layer 1 blockchains that saw explosive growth during the 2020–2021 Crypto bull market.
FAQs
What is a spot ETF and why is it important for cryptocurrencies like XRP?
A spot ETF allows investors to directly buy and sell cryptocurrencies like XRP without having to own the digital asset. A spot XRP ETF could significantly boost its market value and mainstream adoption if approved.
Why has XRP gained 250% in 2024?
XRP's 250% gain is driven by investor optimism, particularly the hope that it may secure a spot ETF in early 2025 and the overall positive crypto market sentiment following the election.
What is the significance of Solana's growth in 2024?
Solana has seen a 70% increase in 2024, outperforming Ethereum's 43% gain, as it continues to gain traction as a strong alternative blockchain to Ethereum.
What is the potential for Sui in the cryptocurrency market?
Launched in May 2023, Sui has seen a remarkable 380% increase and is positioning itself as a strong contender to disrupt Ethereum's dominance in the Layer 1 blockchain space.
