Introduction

The year 2024 has been another eventful chapter in the cryptocurrency saga. It has witnessed monumental highs for Bitcoin hodlers, crypto ETF issuers, and memecoin creators while exposing the vulnerabilities of the industry through high-profile hacks, scams, and failed ventures. This article delves into the biggest winners and losers of the crypto world in 2024.

Winners

Bitcoin Hodlers

Bitcoin’s long-anticipated rally past the $100,000 mark became a reality on December 5, marking a psychological and financial milestone. This surge was fueled by the election of numerous pro-crypto candidates to the U.S. Congress and optimism for the most crypto-friendly government in U.S. history. Bitcoin peaked at $108,000 on December 17 before stabilizing around $96,000 by year-end.

As of December 27, data from CryptoQuant reveals that 87% of Bitcoin holders are in profit. Notable beneficiaries include MicroStrategy, which holds Bitcoin worth $42 billion. El Salvador, a pioneer in adopting Bitcoin as legal tender, has seen its holdings grow to 5,942 BTC, valued at $576 million. Japanese firm Metaplanet and Rumble also joined the Bitcoin bandwagon, boosting their financial outlook and stock prices.

U.S. Crypto ETF Issuers

On January 10, the U.S. Securities and Exchange Commission (SEC) approved applications for spot Bitcoin exchange-traded funds (ETFs). By December 16, Bitcoin ETFs collectively managed assets worth $129 billion, surpassing gold funds for the first time. This milestone underscores the growing institutional adoption of cryptocurrency.

Memecoin Entrepreneurs

Memecoins continued to captivate investors, with the market cap soaring to $104 billion. Dogecoin and Shiba Inu led the pack, valued at $45 billion and $12 billion, respectively. Notably, Solana-based memecoin Dogwifhat (WIF) surged 879%, and Pepe (PEPE) rose by 1,205%. Solana’s Pump.fun memecoin launchpad generated $325 million in revenue, despite most tokens failing to launch successfully.

Crypto Lawyers

The legal sector emerged as a consistent winner, capitalizing on crypto litigation and bankruptcy cases. The SEC reported $8.2 billion in financial remedies for 2024, while law firms handling Chapter 11 bankruptcies amassed $751 million in fees. From bankruptcies to lawsuits, crypto lawyers have remained indispensable amid the industry's legal turbulence.

Losers

Scam, Hack, and Exploit Victims

Cybersecurity challenges plagued 2024, with scams, hacks, and exploits resulting in $2.2 billion in losses across 303 incidents. Three major cases accounted for $825 million of these losses:

  • Japanese Exchange DMM Hack: $300 million stolen via social engineering.

  • PlayDapp Exploit: $290 million in PLA tokens drained.

  • WazirX Hack: $235 million looted from its reserves.

Celebrity Crypto Ventures

Several celebrities faced backlash for failed token launches and controversial promotions. Haliey Welch’s memecoin, Hawk Tuah (HAWK), briefly peaked at $490 million before collapsing to $41.7 million, sparking allegations of insider trading. Disgruntled investors have since filed lawsuits, accusing Welch of selling unregistered securities.

Bitcoin Paper Hands and Nocoiners

Governments and individuals who sold Bitcoin prematurely found themselves in regret. Germany’s sale of 50,000 Bitcoin for $2.8 billion in mid-2024 would have been worth $4.7 billion by year-end. Similarly, the U.S. government’s sale of 19,800 Bitcoin drew criticism for missed profit potential.

Crypto Criminals

The legal crackdown on crypto criminals intensified in 2024. Former FTX CEO Sam Bankman-Fried received a 25-year prison sentence for his role in defrauding investors. U.S. regulators secured over $19 billion in settlements, a significant increase from the $10.87 billion collected in 2023.

Conclusion

The year 2024 has underscored the volatile nature of the cryptocurrency space. While Bitcoin’s historic highs and the growth of memecoins and ETFs showcased the sector’s potential, the prevalence of scams and regulatory crackdowns highlighted its inherent risks.

Note: This article is not financial advice. Before making any investments, conduct thorough market research and consult with financial professionals.

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