It has been a historic yr for the crypto {industry}. With so many industry-defining moments all through 2024, we now have pinpointed 5 of probably 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 surprising legal victory towards the SEC relating to changing its Bitcoin Belief to an exchange-traded fund (ETF). This created an thrilling anticipation for asset administration corporations to take Bitcoin into institutional markets, which materialized in January 2024.
This yr began with the SEC approving 12 Spot Bitcoin ETFs, marking Bitcoin’s first entry into the US retail funding scene. The impression was rapid, as retail traders poured hundreds of thousands into these funds. Actually, Bitcoin ETFs noticed the quickest progress than another 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 products (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 more assets under management (AUM) than Gold ETFs.
The staggering success of Bitcoin ETFs within the US opened doorways for crypto’s institutional adoption. Quickly after, Ethereum ETFs were also approved, and a number of other different altcoins have related purposes with the SEC.
“This yr’s market momentum has proven us the numerous function of regulated monetary merchandise in driving adoption. The numerous inflows into present ETFs spotlight a powerful demand for regulated crypto funding instruments. Monetary establishments are incentivized to broaden choices if market efficiency helps extra property. Waiting for 2025, we anticipate extra various crypto ETFs coming into the market,” Forest Bai, Co-founder of Foresight Ventures instructed BeInCrypto.
Whereas Bitcoin ETFs opened the doorways, {industry} specialists suppose 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.
Nonetheless, some {industry} specialists are extra cautious, displaying considerations that the growing influx of those funds may result in liquidity challenges.
“Crypto has its personal cycles, and retail exercise, DeFi progress, and world adoption play a giant function too in value actions. That stated, there’s a danger if an excessive amount of liquidity will get tied up in conventional markets by means of ETFs. For crypto to thrive long-term, we have to deal with 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 group will all the time keep in mind 2024 because the yr of the Solana meme coin craze. Whereas meme cash have existed on Solana for a while, platforms like Pump.enjoyable propelled their reputation.
This momentum positioned Solana’s meme cash within the 4th spot for investor curiosity, accounting for 7.65% of crypto narrative discussions, in accordance with CoinGecko.
Additionally, the collective market cap of Solana-based meme cash now exceeds $16 billion. Actually, three of the highest 5 meme cash out there, together with Dogwifhat (WIF) and BONK, function on the Solana community. WIF surged by 1,100% this year, whereas BONK recorded a staggering 38,000% progress over two years.
“Whereas meme cash have been in style, I imagine their dominance will fade as we shift in direction of significant utility and actual adoption. Rising applied sciences like AI brokers and confidential computing will drive consideration to extra impactful blockchain use instances,” stated 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 complete 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.fun streamlined the process 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 could carry 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 progress of meme cash on Solana all through 2024.
Nonetheless, the intense volatility of such meme cash has been a regarding issue for the market. Current stats revealed that almost all of the Solana meme coin merchants are literally shedding cash. Solely a handful are making the massive bugs as a result of speculative buying and selling.
“There’s a rotation from memes to that means, from fast pumps and rug-pulls to initiatives constructing for the longer term with actual utility, and actual group adoption,” stated 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 simple as a result of regulatory issue. Donald Trump’s election victory in 2024 has considerably impacted the cryptocurrency {industry}, ushering in a interval of optimism and progress.
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 traders sensed an ease in regulatory scrutiny. Consecutively, Bitcoin jumped to new peaks, in the end reaching the $100,000 milestone.
Nonetheless, probably the most profound impression 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 high.
“If the US continues to ease restrictions, it is going to create a ripple impact globally. International locations like China and Russia could not bounce on the crypto bandwagon immediately, however they’ll undoubtedly take discover, particularly as tokenized property and blockchain tech grow to be important to world finance,” stated John Patrick Mullin, CEO & Co-Founder MANTRA.
The administration’s favorable outlook has inspired institutional traders to enter the market, additional legitimizing digital property. Trump’s appointment of pro-crypto candidates corresponding to Paul Atkins, David Sacks, and Elon Should alerts a shift in direction of extra crypto-friendly insurance policies.
Moreover, Trump promised to work towards a national Bitcoin reserve throughout his marketing campaign, and his social gathering 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 probably probably 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 may increase self-custody for crypto holders. Professional-crypto figures have a detailed relationship with the president, which is likely to 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 users 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 better legitimacy and institutional adoption worldwide, probably setting a normal for different areas to comply with. One standout area is Hong Kong, which has emerged as a essential 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 property,” stated Forest Bai, Co-founder of Foresight Ventures.
Because the {industry} continues to evolve, such ongoing assist from the best ranges of presidency is prone to play a vital function 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 group. Reaching the six figures displays its maturation as a monetary asset, boosting each institutional and retail funding confidence.
For firms like MicroStrategy, which always championed a Bitcoin-first technique, this was an assertion of their projections. That is mirrored in MSTR’s inventory efficiency and its recent inclusion in the Nasdaq-100.
Moreover, for the reason that $100,000 milestone, extra governments have began contemplating the idea of a Bitcoin reserve, recognizing its retailer of worth. This contains international locations that after had a pessimistic perspective towards crypto, corresponding to Russia and Japan.
Companies like Amazon are also reportedly exploring Bitcoin investments, signaling the potential integration of cryptocurrencies into their enterprise fashions. Such curiosity from main companies may drive additional adoption and innovation throughout the crypto ecosystem.
“Whereas this historic milestone demonstrated how coverage shifts catalyze institutional adoption, latest pullbacks remind us that even Trump’s pro-crypto stance was shortly priced in after the preliminary rally. Key monetary hubs around the globe are already recalibrating their approaches. Nonetheless, market volatility will probably persist amid macro-economic uncertainty, notably given the Fed’s unclear charge minimize timeline for 2025,” OKX World 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. Nonetheless, the specter of volatility nonetheless stays excessive as a result of macroeconomic uncertainty.
Gary Genslar’s Resignation
Gary Gensler’s tenure on the SEC was difficult for the crypto {industry} within the US. Nonetheless, with Trump’s re-election, the SEC is beginning to bear important restructuring.
In November, Gary Gensler announced his resignation because the SEC chair. Gensler has been a contentious figure in the crypto industry as a result of his stringent regulatory method.
“Gensler’s coverage was one excessive, however the remaining query is that if we’ll 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 present securities legal guidelines. This attitude 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 area. In the meantime, Trump has already named Paul Atkins as his replacement, who has been a long-term advocate for digital property.
“The trail to additional regulatory readability in crypto wants much more items to fall into place: regulators worldwide have to get on the identical web page, markets have to mature, and establishments must be prepared. Extra pro-crypto rules may carry extra institutional gamers to the desk, nevertheless it’s price remembering that crypto’s innate volatility. These 10-15% Bitcoin swings and even larger strikes in smaller tokens – will persist whatever the regulatory surroundings,” stated OKX World CCO, Lennix Lai
The crypto group views this transition as a possibility for a extra favorable regulatory surroundings, anticipating that the brand new administration will undertake insurance policies that assist the {industry}’s improvement.
“Gary Gensler isn’t the origin of the crypto crackdown by the US SEC. Nonetheless, he amplified the enforcement actions past his predecessors. With Paul Atkins, innovators out there may discover it simpler and extra rewarding to narrate with the regulator,” WeFi Co-Founder Maksym Sakharov instructed BeInCrypto.
Total, Gensler’s tenure on the SEC was marked by a rigorous stance on cryptocurrency regulation, resulting in important friction with {industry} contributors who perceived his insurance policies as obstacles to innovation and progress.
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