As 2024 draws to a close, it's worth pausing to reflect on what has been a tumultuous year for the cryptocurrency market.
The total market capitalization of all digital assets hit $1.7 trillion in January — and has now doubled.
Bitcoin also continues to make remarkable progress, going from being considered a niche asset to being praised and coveted by Wall Street.
So without further ado, let’s bask in the glory of the eight best crypto stories of the past 12 months. There’s a lot to talk about.
1. ETFs Have a Huge Impact
For years, the prospect of exchange-traded funds based on Bitcoin's spot price has been a pipe dream in the U.S.
The Securities and Exchange Commission has said "no" to every license application — or delayed its response for long periods.
Everything changed in January, when BTC ETFs were finally given the green light, led by BlackRock and Fidelity Investments. ETH ETFs followed in July.
These products have been wildly successful, with initial assets under management reaching around $28 billion after a strong launch.
But as the year went on, institutions continued to buy. By December, that number had grown to $120.8 billion: nearly 6% of BTC's market capitalization.
Wall Street now owns more Bitcoin than anyone else, surpassing the 1.1 million coins from Satoshi Nakamoto's treasure trove that remain untouched.
Finally, institutions have access to BTC price movements without owning them directly — an attractive alternative to proxy shares like MicroStrategy and Coinbase.
And with BlackRock now recommending investors put 1% or 2% of their portfolios into the world's largest cryptocurrency, the momentum shows no signs of slowing.
2. Bitcoin Hits $100,000
Early optimists have long predicted that BTC would eventually reach six figures.
There was excitement as prices first surged to a new record high above $69,000 in March, surpassing levels last recorded in November 2021.
But this was just the beginning. As the fall began, $80,000 and $90,000 were broken without much resistance.
And after some concerted effort, Bitcoin hit $100,000 in December — taking Bitcoin to new heights.
Why the spike at the end of the year? Well…
3. Changing America's Attitude
While not to everyone's political liking, Donald Trump's re-election as president played a major role in Bitcoin's surge.
The 78-year-old also cheerfully admitted as much, posting the words "nothing" on his Truth Social page.
He made a series of pro-crypto promises on the campaign trail — and even appeared at the Bitcoin 2024 conference in Nashville.
These include ensuring that any remaining BTC is mined in the US, turning $20 billion in crypto seized from criminals into a strategic reserve, and deregulating the SEC.
At the same time, the crypto industry is pouring money into politicians who are losing their seats for expressing skepticism about digital assets.
On Wall Street…
4. Michael Saylor's Incredible Year
When MicroStrategy began adding Bitcoin to its balance sheet in August 2020, few on Wall Street paid attention.
Current CEO Michael Saylor has ignored the criticism and remained steadfast throughout the brutal bear market of 2022.
The company's aggressive borrowing approach to buy more BTC has been controversial, with some claiming that an "infinite money bug" is looming and will soon collapse.
MSTR currently holds over 439,000 BTC — 2% of the total amount that will ever exist — with a paper value of as much as $20 billion at one point.
Shares of the publicly traded company have also surged more than 500% over the past 12 months — and to cap it all off, it was confirmed that MicroStrategy will join the tech-heavy Nasdaq 100 index.
Why does this matter? Because millions of investors around the world will now see MSTR stock added to their portfolios.
5. Adoption Is Growing
While the cryptocurrency market renaissance is certainly led by institutions, ordinary consumers are also getting in on the action.
A recent Consensys report revealed that 84% of Nigerians now own a cryptocurrency wallet. Adoption is also high in Vietnam, the Philippines, India, and the United States.
Meanwhile, the Financial Conduct Authority says there are now seven million people in the UK holding digital assets – a figure that is growing every year.
Key themes include fast and cheap cross-border money transfers via stablecoins, growing distrust of Web2 giants, and the belief that the current financial system needs improvement.
6. Meme Coin Fever
Every year brings a new crypto craze. We've had initial coin offerings, DeFi, and non-fungible tokens.
The winner of 2024 is clear: meme money.
Driven by the growth of Solana-based platforms like pump.fun, the reality is that anyone can create their own cryptocurrency with just a few clicks.
Australian rapper Iggy Azalea launched MOTHER, while another token created in honor of Peanut the Squirrel has reached a market capitalization of $2.5 billion.
Yes, there are problems in the meme money market — and yes, participating in this market is extremely risky.
But it's also worth adding that meme money helps degenerates express themselves, build community, and learn more about crypto.
7. Legal Victory For Tornado Cash
In a landmark court ruling, a three-judge panel found that the United States had overstepped its bounds by sanctioning Tornado Cash in 2022.
This cryptocurrency mixer, which conducts anonymous transactions, has been banned in the US over concerns that North Korean hackers are using it to launder stolen money.
Coinbase helped fund the legal battle, with chief legal officer Paul Grewal declaring “privacy has won” — and US citizens will once again be free to use Tornado Cash, he wrote on X:
“No one wants criminals to use encryption protocols, but completely blocking open source technology just because a small fraction of users are bad guys is not something Congress should allow.”
8. Polymarket's Boom Year
Last but not least, 2024 is a big year for crypto betting site Polymarket.
It allows users to bet on a range of outcomes — from where Bitcoin will end the year to whether the Fed will cut interest rates.
But it was the US election that brought Polymarket into wider awareness when Bloomberg began using the company's data.
While polls consistently put the race in a neck-and-neck position (even on Election Day), Polymarket consistently predicted that Trump was in the lead.
Billions of dollars in bets were placed on Polymarket before November 5 — and while trading volume has dried up since then, proponents say the site has only scratched the surface of what prediction markets can achieve.
But with France moving to ban its citizens from participating, world domination may not be achievable anytime soon.
DYOR! #Write2Win #Write&Earn $BTC