As the curtain falls on 2024, the crypto world has experienced a year marked by extraordinary growth, legal challenges, and transformative regulatory shifts. Here we describe the most memorable events that defined the year, from Bitcoin reaching new all-time highs to introducing landmark Bitcoin and Ethereum ETFs. We explore the impact of major legal cases involving industry giants, the role of regulatory frameworks, and technological advancements.
Let’s analyze the successes, controversies, and lessons learned in 2024, and try to predict how these developments are poised to influence the crypto market in the year to come.
12 Months of 2024 for Crypto
Bitcoin ETFs in the U.S.: In January, the SEC approved the first Bitcoin ETFs, facilitating secure and regulated Bitcoin investment, leading to increased institutional participation and mainstream adoption.
SBF’s Sentencing: Sam Bankman-Fried, former FTX CEO, was sentenced to 25 years for fraud, highlighting the need for accountability and stronger governance in the crypto industry.
Hong Kong’s Crypto ETFs: Asia’s first spot Bitcoin and Ether ETFs launched in Hong Kong, boosting confidence in digital assets and setting a regulatory example for other regions.
Bitcoin Halving: April saw Bitcoin’s fourth halving, reducing block rewards and reinforcing its deflationary nature, attracting institutional investors.
Post-Halving Volatility: The period after the halving was marked by significant price volatility, offering both opportunities and risks for traders.
Ethereum ETFs: In July, the SEC approved Ethereum ETFs, expanding investment opportunities and boosting Ethereum’s adoption.
Changpeng Zhao’s Release: Binance founder Changpeng Zhao was released from prison, marking a shift in leadership and regulatory adaptation for Binance.
Do Kwon’s Extradition: Legal complexities surrounding Do Kwon’s extradition highlighted challenges in international jurisdiction for crypto-related cases.
Federal Reserve Rate Cuts: Rate cuts in September and November fueled Bitcoin’s price surge, as investors sought alternatives to traditional savings.
FTX vs. Binance Legal Showdown: FTX sued Binance for $1.8 billion over alleged mishandling of funds, a case that could set important precedents for the industry.
Coinbase Stock Milestone: Coinbase’s stock surpassed $300, reflecting investor confidence and the exchange’s resilience amid regulatory challenges.
Bitcoin’s All-Time High: Bitcoin hit $93,450, driven by optimism around Donald Trump’s re-election and anticipated crypto-friendly policies.
Post-Election Rally: Bitcoin neared $90,000 post-election, with increased institutional investment and trading volumes.
Trump Media Group’s Interest in Bakkt: Trump Media and Technology Group considered acquiring crypto exchange Bakkt, aligning with Trump’s pro-crypto stance.
Bitcoin Reached 100k: On Dec 5th, BTC reached 100,000 driven by institutional support and regulatory optimism, though analysts warned of potential volatility.
Recent Market Fluctuations (Dec 30, 2024)
- Bitcoin: Experienced a significant drop of 1,825.40, settling at 93,988.95.
- Tronix: Minor dip of 0.0023, bringing its value to 0.2599.
- Ethereum: Rose by 3.12, now trading at 3,383.57, showing resilience.
- Decentraland: Price decreased by 0.0307, trading at 0.5026.
- True USD: Marginal loss of 0.0004, now at 1.0010.
- Litecoin: Decreased by 0.40, positioned at 99.83.
- Ethereum Classic: Reduced by 0.75, resting at 25.99.
- Ripple: Decreased by 0.0991, now valued at 2.13.
- Dogecoin: Slid by 0.00718, trading at 0.3199.
BTC and ETH in 2025
- For Bitcoin analysts predict continued volatility, with the potential to surpass previous highs or decline if global economic conditions worsen. Analysts at Bitwise predict Bitcoin could reach 200,000 by the end of 2025, while VanEck forecasts a slightly lower target of 180,000. These predictions are based on the current momentum and growing institutional interest.
- The steady performance of Ethereum suggests potential growth, supported by developments in smart contracts and DeFi. Ethereum is expected to maintain a floor price of 2,670, indicating strong support levels even in bearish market conditions. The average price for Ethereum in 2025 is forecasted to be around 4,330, reflecting steady growth and market confidence. Under favorable conditions, Ethereum could rise to 5,990. However, if institutional adoption accelerates, Ethereum might reach a more ambitious target of 6,660 to $7,770.
What to expect
The year 2024 has been a transformative period for the cryptocurrency market, characterized by significant volatility and notable milestones. Bitcoin’s journey to breaking the $95,000 mark underscored its continued dominance and the growing institutional interest, fueled by developments like BlackRock’s IBIT spot BTC ETF. This surge in Bitcoin’s value, coupled with strategic moves by major companies like MicroStrategy, highlights a burgeoning confidence in digital assets as viable investment vehicles.
The crypto regulation, hinted at by potential shifts in SEC leadership, suggests a more crypto-friendly environment on the horizon. This could pave the way for further integration of digital currencies into mainstream finance, boosting global crypto adoption.
Despite the rollercoaster nature of the market, with Bitcoin experiencing sharp fluctuations and altcoins facing mixed results, the overall crypto market cap reaching 3.11 trillion signifies robust growth. The anticipation of Bitcoin reaching 100,000 is a testament to the optimistic sentiment among analysts and traders, who view the current phase as the early stages of a potentially parabolic rise.
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