As the end of 2024 hurtles into view, it’s worth taking a step back and reflecting on how it’s been a huge year for the crypto markets.
The total market capitalization of all digital assets stood at $1.7 trillion back in January — fast forward to now, it’s more than doubled.
Bitcoin’s continued to make huge progress too, moving away from being regarded as a niche asset to one praised and coveted by Wall Street.
So without further ado, let’s bask in the glow of the eight best crypto stories from the past 12 months. There’s a lot to talk about.
Bitcoin ETF inflows over time. Image: SoSoValue
1. ETFs Have a Huge Impact
For years, the prospect of exchange-traded funds based on Bitcoin’s spot price was a pipe dream in the U.S.
The Securities and Exchange Commission said “no” to each and every application — or imposed long delays on giving an answer.
All that changed back in January, when BTC ETFs were finally given the green light, led by the likes of BlackRock and Fidelity Investments. ETH ETFs followed in July.
These products have been a huge success. Net assets under management initially stood at about $28 billion after a strong debut.
But as the year progressed, institutions kept on buying. By December, this figure had swelled to $120.8 billion: almost 6% of BTC’s market cap.
Wall Street now owns more Bitcoin than anyone else, surpassing the 1.1 million coins from Satoshi Nakamoto’s stash that remain untouched.
At last, institutions have the ability to gain exposure to BTC’s price movements without owning it directly — a compelling alternative to proxy stocks such as MicroStrategy and Coinbase.
And with BlackRock now recommending investors pop 1% or 2% of their portfolios into the world’s biggest cryptocurrency, this momentum shows no signs of slowing down.
2. Bitcoin Hits $100,000
Bullish early adopters had long predicted that BTC would eventually smash into six figures.
There was euphoria when it first surged to a new record high above $69,000 in March, surpassing levels last seen in November 2021.
But this was only the beginning. As autumn began, $80,000 and $90,000 were torn down with little resistance.
And after a few concerted attempts, $100,000 followed in December — leaving Bitcoin in blue-sky territory.
Why the end-of-year surge? Well…
3. Changing U.S. Attitudes
While not to everyone’s political taste, Donald Trump’s re-election as president played an instrumental role in Bitcoin’s surge.
The 78-year-old was happy to admit it too, posting “you’re welcome” on his Truth Social page.
He made a raft of pro-crypto promises on the campaign trail — and even appeared at the Bitcoin 2024 conference in Nashville.
They included ensuring that every single remaining BTC is mined in America, turning $20 billion of crypto seized from criminals into a strategic reserve, and tearing down regulations at the SEC.
At the same time, the crypto industry was pouring cash into unseating politicians who had expressed skepticism about digital assets.
Over on Wall Street…
MicroStrategy’s BTC holdings over time. Image: SaylorTracker.com
4. Michael Saylor’s Incredible Year
When MicroStrategy started adding Bitcoin to its balance sheet in August 2020, few on Wall Street took notice.
CEO-turned-executive-chairman Michael Saylor shrugged off critics, and kept his resolve during a punishing bear market in 2022.
The company’s approach of borrowing aggressively to buy more BTC has proven controversial, with some claiming an “infinite money glitch” is emerging that will soon come crashing down.
MSTR is now sitting on more than 439,000 BTC — 2% of all coins that will ever exist — with paper gains hitting $20 billion at one point.
Shares in the publicly listed firm’s stock have raced by more than 500% over the past 12 months too — and to cap it all off, it’s been confirmed that MicroStrategy will be joining the tech-heavy Nasdaq 100 index.
Why does that matter? Because millions of investors around the world will now see MSTR stock added to their portfolio.
Crypto wallet use around the world. Image: Consensys
5. Adoption is Increasing
While the crypto market’s renaissance has undoubtedly been led by institutions, everyday consumers are also getting in on the action.
A staggering Consensys report recently revealed that 84% of Nigerians now own a crypto wallet. Adoption is also high in Vietnam, The Philippines, India, and the U.S.
Meanwhile, the Financial Conduct Authority says seven million people in the U.K. now hold digital assets — a figure that’s rising every year.
Key themes include cheap and fast cross-border transfers through stablecoins, a growing distrust of Web2 giants, and a belief that the existing financial system needs improvement.
Meme coins launched on pump.fun over time. Image: Dune Analytics
6. Meme Coin Mania
Every passing year brings a new crypto craze. We’ve already lived through initial coin offerings, DeFi and non-fungible tokens.
The winner for 2024 is clear: meme coins.
Led by the rise of Solana-based platforms such as pump.fun, practically anyone can create their own cryptocurrency in a few clicks.
Australian rapper Iggy Azalea launched MOTHER, while another token created in homage to Peanut the Squirrel hit a $2.5 billion market cap.
Yes, there are problems within the meme coin market — and yes, it’s exceedingly risky to get involved.
But there’s something to be said for how meme coins enable degens to express themselves, build communities, and learn more about crypto.
7. Legal Victory for Tornado Cash
In a significant court ruling, a three-judge panel found that the U.S. had overstepped the line when it sanctioned Tornado Cash in 2022.
This cryptocurrency mixer, which delivers anonymous transactions, was banned in America over fears that North Korean hackers were using it to launder stolen funds.
Coinbase had helped fund the court battle, with its chief legal officer Paul Grewal proclaiming “privacy wins” — and American citizens would once again be free to use Tornado Cash, writing on X:
“No one wants criminals to use crypto protocols, but blocking open source technology entirely because a small portion of users are bad actors is not what Congress authorized.”
8. Polymarket’s Blockbuster Year
Last but by no means least, 2024 was a huge deal for the crypto-powered betting site Polymarket.
It allows users to place wagers on a flurry of outcomes — from where Bitcoin’s price will end the year, to whether the Fed will cut rates.
But it was the U.S. election that propelled Polymarket into wider consciousness, with Bloomberg beginning to use its data.
And while opinion polls had repeatedly placed the race on a knife edge (even on election day) Polymarket had consistently predicted that Trump had a commanding lead.
Billions upon billions of dollars of bets were made on Polymarket in the run-up to November 5 — and while trading volumes have since dried up, supporters argue this website is barely scratching the surface of what prediction markets can achieve.
But with the likes of France moving to ban its citizens from getting involved, world domination might not be achieved quickly.
The post The 8 Best Crypto Stories of 2024 appeared first on Cryptonews.
