2024 marks a historic turning point for the cryptocurrency industry, as bitcoin surpassed the symbolic threshold of $100,000 in December. Amid the resounding successes of Bitcoin ETFs and the colossal losses due to hackers, this year was a tumultuous one for the crypto sector.

A record year for holders and institutions

The cryptocurrency market underwent a significant transformation in 2024, driven by institutional acceptance and regulatory confirmation in the United States. On December 5, bitcoin surpassed the $100,000 mark for the first time, fueled by a favorable political backdrop and the historic approval of the SEC's spot Bitcoin ETF in January. This price surge peaked at $108,000 in mid-December, allowing 87% of holders to realize substantial profits.

MicroStrategy has become the perfect example of this institutional success, with bitcoin reserves reaching $42 billion by the end of December. El Salvador also witnessed the success of its strategy to adopt bitcoin as legal tender, with its 5,942 BTC now representing $576 million. Following them, many companies like Metaplanet and Rumble have integrated bitcoin into their treasuries.

Furthermore, Bitcoin ETFs achieved tremendous success, surpassing gold funds with $129 billion in assets under management as of December. Moreover, the memecoin sector did not lag behind, boasting a total market capitalization of $104 billion, driven by the impressive performance of Dogecoin and Shiba Inu.

Hacks and troubles, the dark side of cryptocurrency in 2024

This year also marked an increase in malicious activities, with total damages reaching $2.2 billion across 303 incidents. The largest theft occurred at the Japanese exchange DMM in May, with $300 million stolen by alleged North Korean hackers. PlayDapp and WazirX also suffered significant losses of $290 million and $235 million, respectively.

Cryptocurrency lawyers were the big winners in these troubles, raking in over $751 million in fees solely from Chapter 11 bankruptcies. The SEC maintained regulatory pressure, collecting $8.2 billion in financial compensation during the fiscal year.

The 'paper hands' and latecomers missed the opportunity of the century. Notably, Germany sold 50,000 seized BTC at $57,000, missing the rise to $100,000. The United States also liquidated 19,800 BTC to their detriment, although they still hold 183,850 BTC.

The year 2024 will be recorded in the annals as the year the cryptocurrency market matured, marked by the historic successes of institutions, but also by the persistent existence of inherent risks in this rapidly evolving industry.

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