The year 2024 is a milestone year for the cryptocurrency market. Bitcoin soared to a historic high of $103,992 (as of the time of writing, up 141.72% year-to-date), primarily due to the record issuance of the U.S. spot Bitcoin ETF, which attracted $33.56 billion in assets. Other major crypto assets also saw huge gains: Solana rose by 127.71%, XRP increased by 285.23%, and Ethereum climbed by 75.77%. Meanwhile, crypto-related stocks like MicroStrategy and Coinbase surged by 525.39% and 97.57%, respectively.
Record prices are not the only notable development. Cryptocurrency has taken a significant lead in the 2024 U.S. elections, making the regulatory outlook for cryptocurrency in the U.S. much brighter. President-elect Trump has supported cryptocurrency during his campaign, promising to establish a Bitcoin strategic reserve and restructure the SEC (which has historically been hostile to cryptocurrency). He also nominated Scott Bessent as Treasury Secretary, who has stated that "cryptocurrency represents freedom, and the crypto economy will be here for the long term." As we enter 2024, Congress is also showing a clear inclination to support cryptocurrency, with pro-crypto candidates defeating their opponents in several key elections. Supportive legislation for cryptocurrency is expected to be seen in the coming months.
With global stimulus policies from China and other major central banks, increasing institutional adoption rates, and rapid advancements in blockchain technology, the outlook for 2025 appears quite bright.
