Altcoins $HBAR, $SUI, $XRP Lead Crypto Market Gains Ahead Of Christmas Eve

The cryptocurrency market crashed ahead of the 2024 holidays, leaving even major coins in the red for over a week now, but on Monday, altcoins moved to log significant gains in the 24-hour crypto bounce that remains elusive for Bitcoin, the world's largest crypto coin by market value.

While BTC prices are down by over 1% in the last 24 hours, three altcoins are making a comeback, raising hopes for good gains ahead of Christmas Eve.

$HBAR Moves Closer to $SHIB

HBAR, the native cryptocurrency of the Hedera Network, is a few billions short of flipping Shiba Inu (SHIB), the world's second-largest memecoin by market value, and it continues to soar high even as the majority of crypto tokens are still in the deep red.

The Hedera token is up by over 11% in the last 24 hours, amid a weeklong rally above 7%. It is one of the few tokens that made a significant jump Monday and entered Dec. 24 in the green.

Many crypto users, especially long-time HBAR holders, are bullish of the project's future, which is now affecting the token's price positively.

For one, the Hedera Network is open source and prides itself in its "leaderless algorithm" that enables tokenization for real-world and digital assets with unmatched performance.

$SUI Breaks Out

SUI, the native token of the Sui network, a Layer 1 blockchain platform for global adoption, has largely been in the red, but on Monday, the crypto asset broke past the stagnant line and surged over 9% in the last 24 hours.

The significant jump in prices may be attributed to the Sui Network's 2024 highlights report, wherein it revealed that it logged much lower transaction fees than the Solana and Ethereum chains.

Peak daily transactions on the blockchain spiked above 58 million, and the network was able to facilitate a staggering 7.5 billion transactions throughout the year.

$XRP Begins Gradual Climb

XRP, which was among the leaders in the weeklong slump, began a slow but significant spike Monday, climbing by over 3% in the last 24 hours despite a 10% downtrend in the past week.

A few other coins on the list of top cryptocurrencies also managed to make 3% gains, but XRP's eventual trek out of the red line is massive for the XRP community, given the token's highly volatile action days after the release of Ripple's RLUSD stablecoin.

The token's surge came as the crypto community discussed long-time crypto exchange Bitstamp's statement over the weekend wherein it said, "XRP gonna make history next year."

Investment research firm Sistine Research started the conversation, revealing how Bitstamp is working on a derivatives exchange on the XRP Ledger. Notably, fintech giant Robinhood is set to close an acquisition deal of Bitstamp in the first half of 2025.

It remains to be seen whether this is the beginning of the crypto market's recovery after Bitcoin crashed below $100,000 just a few days after it surged to an all-time high above $108,000.