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These crypto altcoins are soaring even higher than Bitcoin. What to recognize about the top 3


Cryptocurrency

These crypto altcoins are soaring even higher than Bitcoin. What to recognize about the top 3

Dominic Basulto
The Motley Fool
Representation of the bitcoin cryptocurrency and a price chart are seen in this illustration taken October 24, 2023.

Make no mistake about it, Bitcoin has been the narrative of the year in the crypto economy. Thanks to the launch of the recent spot Bitcoin trade-traded funds (ETFs) in January, it has hit one all-period high after another, and it currently trades for just under $100,000. For the year, it’s up 125% on December 3.

But a surprising number of cryptocurrencies are performing just as well. In truth, 12 of the top 20 cryptocurrencies, as ranked by economy cap, are either keeping pace with Bitcoin or far surpassing it in overall returns. The three that are on my radar correct now are XRP (CRYPTO: XRP), Dogecoin (CRYPTO: DOGE), and Sui (CRYPTO: SUI).

1. XRP

The one altcoin that is absolutely on fire correct now is XRP. It’s up 440% over the history 30 days and is on the cusp of breaking through the $3 mark. It might not sound that impressive, given that Bitcoin is on the cusp of $100,000, but just a month ago, XRP was buying and selling for only $0.50.

So what changed? The pro-crypto optimism surrounding the incoming Trump administration has worked wonders for XRP. The growing consensus now is that all the regulatory concerns that have swirled around Ripple (the corporation behind the XRP token) for the history few years should disappear soon, freeing it up to get back to business as usual.

Surprised investor looking at mobile phone.

Add in the truth that XRP could get a spot ETF next year, and it’s straightforward to view why investors are enthusiastic. At least four different fund firms have now filed for a spot XRP ETF, including a recent filing from WisdomTree on Dec. 2. As seen with the spot Bitcoin ETFs, the launch of recent XRP ETFs could outcome in a tsunami of recent money flowing into the crypto in 2025.

2. Dogecoin

Dogecoin is still just a dog-themed meme coin that trades purely based on hype and investing. But it deserves special consideration because it is the one meme coin that seems to be benefiting the most from the recent Trump presidency. Over the history 30 days, Dogecoin is up 180%, and for the year, it’s up 366%.

You can thank billionaire Elon Musk for that. Ever since he proposed the creation of a Department of Government Efficiency (DOGE), Dogecoin has taken off.

Any excellent information surrounding DOGE (the government entity) is now showing up in the worth of the crypto. For example, when Sen. Bernie Sanders, the Vermont independent, recently said that he would back DOGE’s efforts to reduce wasteful spending, the worth of Dogecoin spiked by nearly 10%.

The agency name can’t be an accident, but there is no official link between Dogecoin and DOGE. While Musk has been a powerful supporter of Dogecoin in the history, he has advanced no official way for including Dogecoin as part of a recent Department of Government Efficiency. So invest at your own peril.

3. Sui

Sui is a Layer 1 blockchain network, similar to Ethereum and Solana, that had its official launch in May 2023. It stands out for its particularly quick deal processing speeds.

At one period, Solana was generally acknowledged as the fastest blockchain in the globe, but Sui has now surpassed it. As a outcome, Sui is commonly referred to as “the next Solana.”

For the year, Sui is now up 371%, making it one of the top performers in the entire crypto economy, beating out even XRP (up 340% for the year). A lot of that rise has to do with the rapid surge of Sui projects this year.

As long as it can snatch economy distribute away from the likes of Solana and Ethereum, it should continue to attract the attention of investors. Given that it’s currently just 1/40 the size of Ethereum in terms of economy cap, the upside could be tremendous if Sui’s achievement narrative has legs.

Looking ahead to 2025, the one advancement to watch is the planned introduction of a Sui-based handheld gaming console. That’s because blockchain gaming could be the killer app to bring recent users onto the Sui blockchain.

According to Sui, the gaming encounter will be completely seamless, and users won’t require to recognize anything about blockchain or crypto to get started. That’s a large plus if the objective is mainstream adoption.

Buy, sell or hold?

Of the three cryptos mentioned above, Sui is a powerful buy, XRP is a hold and Dogecoin is a sell. Admittedly, XRP has been a rocket ship of late, and Dogecoin is showing signs of life for the first period in a long period. But these two cryptos, in my view, are just short-term momentum plays.

In contrast, Sui appears to have real legs for long-term sustained growth. Conceptually, it’s straightforward to comprehend what it is, and what worth it provides. If you comprehend Ethereum or Solana, then you comprehend Sui. And, with the planned introduction of a gaming console in 2025, it will have a recent path to mainstream adoption.

But just keep in mind: Anytime you’re venturing into the globe of altcoins, the level of hazard is highly elevated. All three of these cryptos are highly speculative plays. All of them are far outperforming Bitcoin this year, but the circumstance could transformation dramatically heading into 2025.

Dominic Basulto has positions in Bitcoin, Ethereum, SUI and Solana. The Motley Fool has positions in and recommends Bitcoin, Ethereum, SUI, Solana and XRP. The Motley Fool recommends WisdomTree. The Motley Fool has a disclosure policy.

The Motley Fool is a USA TODAY content associate offering monetary information, analysis and commentary designed to assist people receive control of their monetary lives. Its content is produced independently of USA TODAY.

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