Over the past year, the cryptocurrency market has undergone significant changes, accelerating the recovery from the stagnation period of 2022-2023. Bitcoin (BTC) remains the market focus, with its price even surpassing optimistic predictions. Although some expectations were not realized, the cryptocurrency market overall is bullish for 2024, with BTC breaking $80,000 and reaching a new all-time high. Bitwise predicts that BTC will rise to $200,000 in 2025, and Ethereum (ETH) and Solana (SOL) will also set new records.
BTC's influence extends across the entire market, and ETH has failed to become the number one asset. The price of BTC and the U.S. election have driven the development of the prediction market. VanEck was overly optimistic about the NFT market in its early stages, but emerging projects like Miladies and Pudgy Penguins have found new opportunities in meme tokens and Solana. Meanwhile, Binance has solidified its position as a top trading center, with registered users surging to 2.4 million.
Although the altcoin market has not prospered as expected in the long term, the DeFi space has brought diversity to the market. BTC successfully traded over $108,000 by the end of the year, driven by factors such as the increase in stablecoin supply. The stablecoin market has also become one of VanEck's successful predictions, expecting the supply to double to $400 billion.
Prominent leaders have varying predictions for BTC's price, ranging from $70,000 to $1 million, with Adam Back's $100,000 prediction being the closest to reality. Institutions like JPMorgan, Pantera Capital, and Standard Chartered have made more optimistic predictions, which, although not fully realized, boosted market confidence. BTC quickly rebounded after experiencing volatility, with a maximum decline of only 32%.
Halving events typically drive prices up, and the cryptocurrency fear and greed index is mostly in the greed range. VanEck is optimistic about DeFi and BTC L2 in 2025, expecting the locked value in DeFi to exceed $200 billion, and BTC DeFi and L2 will also grow. Although NFT predictions did not meet expectations, VanEck anticipates a return of speculation and cultural relevance.
dApp tokens are generated based on actual activity and fees, and their performance will surpass that of L1 and L2 tokens. Bitwise predicts that the BTC bull market will drive new trends, with increased institutional adoption and cryptocurrency IPOs returning to mainstream financing. AI agents are becoming a major trend, integrating social media AI bots, SocialFi, and Web3 applications.
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