The year 2024 has been a tumultuous year for the cryptocurrency market, especially for Bitcoin. In December, Bitcoin surpassed the $100,000 mark, peaking at $108,000. Bitcoin holders reaped substantial profits, particularly companies like MicroStrategy and countries like El Salvador. The emergence of Bitcoin Spot ETF funds in the U.S. has led to asset management exceeding $129 billion, for the first time surpassing gold investment funds.
Beyond Bitcoin, memecoins also had a bright year with coins like Dogecoin and Shiba Inu leading the market. However, not everything went smoothly in the past year; scams and cyberattacks caused damages of up to 2.2 billion dollars, a 21% increase compared to the previous year. Many notable scams have taken away significant amounts from exchanges. Alongside this, several celebrities faced backlash and legal issues related to their memecoin projects, highlighting the risks in the cryptocurrency space.
However, there are also positive stories about cryptocurrency being used for good purposes. A notable example is the surge of the memecoin MIRA after Mr. Siqi Chen called for donations for his daughter Mira's rare brain cancer research on social media X. Although the value of MIRA later fell, the event raised over 1 million dollars for this research. This demonstrates the potential of memecoins not just as speculation but also as contributors to charitable activities.
The stories above have created a colorful overall picture for the cryptocurrency market in 2024, reflecting both resounding successes and memorable challenges.
