It has been a historic 12 months for the crypto {industry}. With so many industry-defining moments all through 2024, we’ve got pinpointed 5 of essentially the most influential occasions that drove the cryptocurrency market to its all-time excessive.
From the SEC’s approval of Bitcoin ETFs to the loopy meme coin rally, listed here are the highest 5 occasions that formed the crypto market in 2024.
The SEC Approves Spot Bitcoin ETFs
In This fall 2023, Grayscale achieved a stunning authorized victory towards the SEC relating to changing its Bitcoin Belief to an exchange-traded fund (ETF). This created an thrilling anticipation for asset administration companies to take Bitcoin into institutional markets, which materialized in January 2024.
This 12 months began with the SEC approving 12 Spot Bitcoin ETFs, marking Bitcoin’s first entry into the US retail funding scene. The affect was rapid, as retail buyers poured hundreds of thousands into these funds. Actually, Bitcoin ETFs noticed the quickest development than every other ETFs in historical past.
Consecutively, Bitcoin broke its 2021 all-time excessive in lower than two months of the approval, breaking the $70,000 barrier in March. This success additionally influenced different world markets just like the UK to introduce Bitcoin-based exchange-traded merchandise (ETPs).
As of Christmas 2024, the 12 US spot Bitcoin ETFs had a complete web asset of over $105 billion, representing practically 5.7% of the BTC provide. Most notably, these ETFs now maintain extra belongings beneath administration (AUM) than Gold ETFs.
The staggering success of Bitcoin ETFs within the US opened doorways for crypto’s institutional adoption. Quickly after, Ethereum ETFs have been additionally authorized, and a number of other different altcoins have related purposes with the SEC.
“This 12 months’s market momentum has proven us the numerous position of regulated monetary merchandise in driving adoption. The numerous inflows into current ETFs spotlight a robust demand for regulated crypto funding instruments. Monetary establishments are incentivized to broaden choices if market efficiency helps extra belongings. Waiting for 2025, we anticipate extra various crypto ETFs getting into the market,” Forest Bai, Co-founder of Foresight Ventures instructed BeInCrypto.
Whereas Bitcoin ETFs opened the doorways, {industry} consultants assume 2025 will set a a lot grander stage, and various crypto ETFs will dominate the retail market. Kadan Stadelmann, CTO at Komodo Platform, thinks Solana ETFs have the higher hand as Donald Trump beforehand launched his NFT assortment on the community.
Nevertheless, some {industry} consultants are extra cautious, displaying considerations that the rising influx of those funds may result in liquidity challenges.
“Crypto has its personal cycles, and retail exercise, DeFi development, and world adoption play a giant position too in worth actions. That mentioned, there’s a threat if an excessive amount of liquidity will get tied up in conventional markets by ETFs. For crypto to thrive long-term, we have to give attention to constructing decentralized options that don’t rely solely on exterior validation,” John Patrick Mullin, CEO & Co-Founding father of MANTRA instructed BeInCrypto.
The Surge of Solana Meme Cash
The crypto neighborhood will all the time bear in mind 2024 because the 12 months of the Solana meme coin craze. Whereas meme cash have existed on Solana for a while, platforms like Pump.enjoyable propelled their recognition.
This momentum positioned Solana’s meme cash within the 4th spot for investor curiosity, accounting for 7.65% of crypto narrative discussions, in keeping with CoinGecko.
Additionally, the collective market cap of Solana-based meme cash now exceeds $16 billion. Actually, three of the highest 5 meme cash available in the market, together with Dogwifhat (WIF) and BONK, function on the Solana community. WIF surged by 1,100% this 12 months, whereas BONK recorded a staggering 38,000% development over two years.
“Whereas meme cash have been in style, I consider their dominance will fade as we shift in the direction of significant utility and actual adoption. Rising applied sciences like AI brokers and confidential computing will drive consideration to extra impactful blockchain use circumstances,” mentioned Jonathan Schemoul, CEO of Aleph.im and lead contributor to LibertAI
In the meantime, this surge in meme coin exercise additionally elevated Solana to the place of the second-largest blockchain, trailing solely Ethereum. The community’s whole worth locked (TVL) surpassed $8.6 billion, as SOL reached an all-time excessive of $263 in November.
So, what made Solana so in style for meme coin creators in 2024? The solutions are scalability and accessibility. Instruments like Pump.enjoyable streamlined the method of launching tokens, requiring minimal effort to create and deploy a meme coin.
“2024 cemented Solana’s dominance within the meme coin market, however 2025 might convey diversification as AI meme cash acquire traction. With firms like ai16z and Crew AI launching open-source frameworks for autonomous AI brokers, creating AI-driven tokens is extra accessible than ever. This might encourage initiatives to discover different blockchains, corresponding to Sui, which, with its quick transactions and low prices, is of course well-suited for AI meme cash,” Hisham Khan, CEO & Co-founder of Atoma, instructed BeInCrypto.
Moreover, Solana’s low transaction charges have fostered widespread participation, mixing humor with monetary alternative. These elements contributed to the explosive development of meme cash on Solana all through 2024.
Nevertheless, the intense volatility of such meme cash has been a regarding issue for the market. Latest stats revealed that almost all of the Solana meme coin merchants are literally shedding cash. Solely a handful are making the large bugs as a consequence of speculative buying and selling.
“There’s a rotation from memes to which means, from fast pumps and rug-pulls to initiatives constructing for the longer term with actual utility, and actual neighborhood adoption,” mentioned Matt O’Connor, Co-founder of Legion, in an interview with BeInCrypto.
Donald Trump’s Election Victory
Whereas crypto is all about decentralization, the political affect within the {industry} is plain because of the regulatory issue. Donald Trump’s election victory in 2024 has considerably impacted the cryptocurrency {industry}, ushering in a interval of optimism and development.
His administration’s pro-crypto stance has already led to a number of key developments even earlier than his official presidency begins.
Following Trump’s win, the crypto market surged by practically $1 trillion as buyers sensed an ease in regulatory scrutiny. Consecutively, Bitcoin jumped to new peaks, in the end reaching the $100,000 milestone.
Nevertheless, essentially the most profound affect was on Ripple’s XRP, which was held again by the SEC’s lawsuit for practically 4 years. With Trump’s victory and his promise to restructure the SEC, XRP jumped to a six-year excessive.
“If the US continues to ease restrictions, it’s going to create a ripple impact globally. Nations like China and Russia might not bounce on the crypto bandwagon immediately, however they’ll undoubtedly take discover, particularly as tokenized belongings and blockchain tech turn out to be important to world finance,” mentioned John Patrick Mullin, CEO & Co-Founder MANTRA.
The administration’s favorable outlook has inspired institutional buyers to enter the market, additional legitimizing digital belongings. Trump’s appointment of pro-crypto candidates corresponding to Paul Atkins, David Sacks, and Elon Should alerts a shift in the direction of extra crypto-friendly insurance policies.
Moreover, Trump promised to work towards a nationwide Bitcoin reserve throughout his marketing campaign, and his get together senators are additionally onboard with the concept. These discussions present a dedication to integrating cryptocurrencies into the nationwide monetary framework.
“The plan for a strategic Bitcoin reserve is maybe essentially the most audacious on the macroeconomic degree. The incoming President has additionally confirmed plans to sundown the push for a CBDC whereas promising to assist insurance policies that can enhance self-custody for crypto holders. Professional-crypto figures have an in depth relationship with the president, which could be instrumental in serving to the incoming administration hold its crypto guarantees,” Maksym Sakharov, Co-Founding father of WeFi, instructed BeInCrypto.
The professional-crypto insurance policies have already spurred a world enhance in crypto adoption. Notably, there was a 683% rise in customers aged 18–25, indicating rising curiosity amongst youthful demographics.
European markets have additionally seen substantial inflows into crypto-related exchange-traded merchandise, reflecting widespread optimism in regards to the {industry}’s future.
“The US shift may set off higher legitimacy and institutional adoption worldwide, probably setting an ordinary for different areas to comply with. One standout area is Hong Kong, which has emerged as a important gateway for China’s crypto market and innovation. Hong Kong’s progressive stance on crypto is obvious—it launched Ethereum ETFs sooner than the US, demonstrating its openness to digital belongings,” mentioned Forest Bai, Co-founder of Foresight Ventures.
Because the {industry} continues to evolve, such ongoing assist from the best ranges of presidency is more likely to play a vital position in shaping its future trajectory.
Bitcoin Reached $100,000
Maybe the most important but most predicted occasion of 2024 was Bitcoin’s $100,000 milestone. This was a psychological milestone for Bitcoin and the general crypto neighborhood. Reaching the six figures displays its maturation as a monetary asset, boosting each institutional and retail funding confidence.
For firms like MicroStrategy, which all the time championed a Bitcoin-first technique, this was an assertion of their projections. That is mirrored in MSTR’s inventory efficiency and its current inclusion within the Nasdaq-100.
Moreover, because the $100,000 milestone, extra governments have began contemplating the concept of a Bitcoin reserve, recognizing its retailer of worth. This consists of nations that after had a pessimistic perspective towards crypto, corresponding to Russia and Japan.
Firms like Amazon are additionally reportedly exploring Bitcoin investments, signaling the potential integration of cryptocurrencies into their enterprise fashions. Such curiosity from main firms may drive additional adoption and innovation throughout the crypto ecosystem.
“Whereas this historic milestone demonstrated how coverage shifts catalyze institutional adoption, current pullbacks remind us that even Trump’s pro-crypto stance was rapidly priced in after the preliminary rally. Key monetary hubs all over the world are already recalibrating their approaches. Nevertheless, market volatility will probably persist amid macro-economic uncertainty, notably given the Fed’s unclear charge minimize timeline for 2025,” OKX International CCO, Lennix Lai instructed BeInCrypto.
In abstract, Bitcoin reaching $100,000 enhanced its legitimacy and inspired broader adoption throughout each private and non-private sectors. Nevertheless, the specter of volatility nonetheless stays excessive as a consequence of macroeconomic uncertainty.
Gary Genslar’s Resignation
Gary Gensler’s tenure on the SEC was difficult for the crypto {industry} within the US. Nevertheless, with Trump’s re-election, the SEC is beginning to endure important restructuring.
In November, Gary Gensler introduced his resignation because the SEC chair. Gensler has been a contentious determine within the crypto {industry} as a consequence of his stringent regulatory strategy.
“Gensler’s coverage was one excessive, however the remaining query is that if we are going to shift to a different excessive. I feel there may be already progress in pushing ahead a impartial stance and regulation/adoption from the SEC,” Sander Gortjes, CEO of HELLO Labs, instructed BeInCrypto.
Throughout his tenure, Gensler asserted that the majority crypto tokens qualify as unregistered securities, necessitating compliance with current securities legal guidelines. This angle led to enforcement actions towards main crypto exchanges, together with Binance and Coinbase, for working with out correct registration.
Critics argue that Gensler’s “regulation by enforcement” technique created an surroundings of uncertainty and hindered innovation throughout the crypto house. In the meantime, Trump has already named Paul Atkins as his alternative, who has been a long-term advocate for digital belongings.
“The trail to additional regulatory readability in crypto wants much more items to fall into place: regulators worldwide must get on the identical web page, markets must mature, and establishments should be prepared. Extra pro-crypto rules may convey extra institutional gamers to the desk, but it surely’s price remembering that crypto’s innate volatility. These 10-15% Bitcoin swings and even greater strikes in smaller tokens – will persist whatever the regulatory surroundings,” mentioned OKX International CCO, Lennix Lai
The crypto neighborhood views this transition as a chance for a extra favorable regulatory surroundings, anticipating that the brand new administration will undertake insurance policies that assist the {industry}’s improvement.
“Gary Gensler just isn’t the origin of the crypto crackdown by the US SEC. Nevertheless, he amplified the enforcement actions past his predecessors. With Paul Atkins, innovators available in the market would possibly discover it simpler and extra rewarding to narrate with the regulator,” WeFi Co-Founder Maksym Sakharov instructed BeInCrypto.
General, Gensler’s tenure on the SEC was marked by a rigorous stance on cryptocurrency regulation, resulting in important friction with {industry} members who perceived his insurance policies as obstacles to innovation and development.
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