Key Takeaways
- The SEC approved a Bitcoin spot ETF, signaling mainstream acceptance of cryptocurrencies and expanding access for traditional investors.
- Memecoins, led by Dogecoin and Shiba Inu, surged in popularity, while Solana emerged as the preferred blockchain for launches.
- Bitcoin surpassed $100,000, driven by institutional investments, favorable regulations, and rising demand as a digital asset.
- Ripple won a pivotal legal battle against the SEC, setting a potential precedent for other cryptocurrencies under regulatory scrutiny.
Crypto started quietly in 2024, with steady growth, as seen in various charts, but no major surprises. By the end of the year, though, it had transformed into a defining chapter. Unforgettable events, innovative milestones, and surging global interest made 2024 the most pivotal year for crypto yet. Let’s take a look at the moments that reshaped the industry and captured the spotlight in 2024.
Crypto Highlights 2024
In a year packed with drama, controversy and surprising events that energized the markets, it was hard to narrow things down. But a few highlights really captured the zeitgeist of 2024:
Bitcoin ETF Approval
In 2024, the SEC finally gave the green light to spot Bitcoin ETFs in the US – a move eagerly awaited by many crypto enthusiasts. Unlike older Bitcoin ETFs tied to futures contracts, these new ones directly follow Bitcoin’s price. For traditional investors, Bitcoin ETFs simplified the Bitcoin investment route. They could easily invest in Bitcoin without actually buying or figuring out how to store BTC. Big names like BlackRock and Fidelity quickly launched these funds, attracting much attention from the market.
The market is considering Solana ETFs, showing that more cryptocurrencies are entering mainstream finance.
But what’s the big picture here?
Crypto ETFs show how far digital assets have come. The mainstream market has accepted that cryptocurrencies are no longer an experiment but are part of the global transaction ecosystem.
Altcoin Season – Memecoin Frenzy
Memecoins started as a joke, but in 2024, they became serious business. Internet culture gave us the first memecoins, such as Dogecoin and Shiba Inu, which gained attention for their quirky community appeal rather than groundbreaking technology. Memecoins continued having their moment in the spotlight, driven by platforms like Pump.fun and the rise of Solana as the go-to blockchain for new launches because of its fast and affordable transactions, perfect for memecoins.
Let’s explore a few major meme coins and the stories behind their success:
Dogecoin (DOGE): Started in 2013, featuring the Shiba Inu dog meme. It gained popularity through social media, mainly Reddit and Elon Musk’s tweets. DOGE’s community-driven nature and focus on fun have made it a symbol of defiance against traditional finance.
Shiba Inu (SHIB): Launched in 2020 as a Dogecoin killer, SHIB also uses the Shiba Inu meme. Its popularity grew thanks to its Woof community and its burn mechanism, steadily decreasing the token supply.
Pepe (PEPE): This frog-themed meme coin emerged in April 2023 and quickly gained popularity due to its association with internet memes and its low initial price.
Bonk (BONK): The Solana-based meme coin gained popularity in December 2022 due to its airdrop to Solana NFT holders and its community-driven development.
Tap to Earn Blows up
In 2024, a new wave of gaming emerged in crypto: Tap to Earn (T2E). These games are super easy to play – all you do is tap, swipe, or solve simple puzzles. Here’s the best part: you earn real cryptocurrency while you play!
Telegram and TON: The Perfect Pair
Many T2E games call Telegram home. These games use Telegram bots and groups to connect players and keep the fun going. TON blockchain powers many of these games, making transactions fast and cheap. This winning combination makes T2E gaming more accessible and rewarding than ever.
A notable game from the T2E era in 2024 is Hamster Kombat. Hamster Kombat, a P2E Telegram bot, combines gaming with crypto education. Players manage virtual exchanges, progressing through 10 increasingly challenging levels. Rewards include HMSTR tokens, TON blockchain’s native currency, earned by completing tasks, mining, and collecting tokens.
Bitcoin Cracks 100k
In December 2024, Bitcoin soared past $100,000, achieving a historic milestone!
So, what fueled this incredible surge? Well,it started with Trump’s win and his promises to the crypto industry. Then, big-name firms like BlackRock and Microstrategy bought more Bitcoin, showing the world that it’s a serious investment.
With the world’s economy feeling shaky, more people are turning to Bitcoin as a store of value.
Ripple Celebrates
Ripple, the company behind the XRP cryptocurrency, celebrated a huge victory in its legal battle with the SEC). In a significant win for the cryptocurrency industry, a court delivered a favorable ruling for Ripple, decisively clarifying a key legal issue concerning the classification of XRP as a security.
This is a major deal for the entire crypto industry. It could set a precedent for other cryptocurrencies facing similar regulatory hurdles.
Ripple’s co-founder, Chris Larsen, was thrilled with the decision, calling it a step towards ending the war on crypto. While the legal fight isn’t entirely over, this win gives Ripple a strong boost as it continues to push forward in the crypto world.
NFTs Make a Comeback
The NFT market showed signs of revival, driven by weekly sales jumping 28% to $103 million in November 2024. This surge reflects growing interest from casual collectors and institutional investors. A significant shift is occurring in how NFTs are perceived.
Rather than quick trades for profit, there’s a stronger focus on creating sustainable value through long-term projects and meaningful utility. The future of NFTs hinges on their ability to deliver enduring value. As adoption expands, their potential to improve digital ownership continues to grow, making them a space worth watching.
Crypto Pardons Looming?
As we wind down 2024, there’s a lot of buzz around potential pardons for two big names in the crypto world: Ross Ulbricht and Changpeng Zhao (CZ).
Ross Ulbricht, the founder of the Silk Road, is serving a life sentence. Some people think he deserves a second chance, especially since the President-elect expressed some sympathy for him. With a shift towards crypto-friendly policies, there’s hope that Ulbricht’s case could be revisited.
Meanwhile, CZ, the founder of Binance, recently finished a brief prison sentence. Since then, he’s been pretty vocal about wanting a pardon. With his ties to Elon Musk and a potential connection to a certain former president, there’s speculation that a pardon could be on the cards.
While some might dismiss this as wishful thinking, it’s clear that crypto and politics are becoming intertwined. These cases are just a taste of crypto politics’ exciting and sometimes controversial world. Stay tuned!
Closing Thoughts
2024 proved that crypto is here to stay. With major milestones, growing mainstream acceptance, and new opportunities for innovation, the industry continues to capture global attention. As we look ahead, one thing is clear: crypto has firmly established itself in global finance. The journey is far from over; there’s more for the crypto industry to explore and achieve in the coming years.
