2024 has been nothing short of a rollercoaster ride for cryptocurrency enthusiasts, with significant milestones shaking the industry. The U.S. Securities and Exchange Commission (SEC) greenlit both spot bitcoin and ethereum exchange-traded funds (ETFs), Bitcoin experienced its fourth halving event, and this digital asset surpassed the $100,000 threshold. Buckle up as we recap the top five events of the year in this exciting summary.
Meme, AI, ETF, Trump's blessing, and Bitcoin soaring above $108,000
Over the past 365 days, the cryptocurrency world has grown tremendously in value, making 2024 a memorable year. From the end of 2023 to New Year’s Eve 2024, the industry achieved a series of remarkable milestones. Topping the list was bitcoin reaching an all-time high, soaring above $108,000 for the first time.
In addition to this significant value achievement, BTC has broken numerous personal records, while 2024 also proved to be a turning point for the broader cryptocurrency ecosystem. This article will walk you through five exciting and important events that created a wave within the community, each leaving its unique mark.
1—The U.S. Securities and Exchange Commission greenlights Bitcoin and Ether ETFs
Starting the new year in January 2024, the U.S. Securities and Exchange Commission (SEC) approved 11 spot bitcoin exchange-traded funds (ETFs), marking a regulatory milestone and attracting significant interest from institutional investors. As of today, a total of 12 spot bitcoin ETFs exist, collectively holding over 1 million bitcoin. This newfound accessibility has sparked a wave of institutional demand for bitcoin. For example, Blackrock's Ishares Bitcoin Trust (IBIT) has garnered the title of the "greatest" ETF launch in history due to its outstanding performance.
Not stopping there, the SEC surprised the market by approving spot ether ETFs. On July 23, 2024, nine ether ETFs launched, attracting $2.64 billion in positive cash flow since their inception. These funds are currently managing approximately $12.19 billion in ether value, accounting for 3% of the total market value of the asset, according to sosovalue.com. Meanwhile, the 12 bitcoin ETFs collectively hold $106.40 billion in BTC, equivalent to 5.69% of the total market capitalization of bitcoin.
2—Donald Trump blesses Bitcoin and cryptocurrency
Donald Trump, the soon-to-be 47th President of the United States, took a surprising turn in his stance on bitcoin and cryptocurrency. Speaking at the Bitcoin 2024 conference in Nashville, Trump declared ambition to turn the U.S. into a "bitcoin superpower" and the "cryptocurrency capital of the world."
His re-election in November brought about what many are calling the "Trump Pump," driving bitcoin prices to new heights. The surge, marked by huge "God's candles" on the price chart, occurred immediately following his victory. After bitcoin broke the $100,000 barrier, Trump wasted no time attributing this increase to his economic policies, congratulating bitcoin players and taking credit for the rally.
3—The fourth Bitcoin halving event
On April 19, 2024, Bitcoin underwent its fourth halving, cutting the miner's reward from 6.25 BTC to 3.125 BTC. This significant event heightened the appeal of bitcoin's scarcity and launched the Runes protocol, providing a new way to create fungible tokens on the Bitcoin network, distinct from BRC20 tokens. While halving emphasizes bitcoin's deflationary design, it also reduces miners' revenue streams.
Before halving, the hashprice — the expected value of 1 petahash per second (PH/s) of computing power — peaked at $100. However, even as bitcoin soared above $100,000, the hashprice had yet to recover to pre-halving levels. To adapt, miners relied on advanced, energy-efficient machinery and shifted towards storing artificial intelligence (AI) data, finding creative ways to sustain operations in the post-halving era.
4—The rise of meme coins
Meme coins captured all the attention in 2024, igniting the imagination of cryptocurrency enthusiasts worldwide. Platforms like Pump.fun helped fuel the frenzy, allowing the creation of over 4 million meme coins and driving trading volumes beyond $2 billion. Since January, the meme coin economy has grown by over $80 billion, illustrating how humor and creativity can thrive in the digital asset space.
Driven by viral trends and a strong sense of community, meme coins have evolved from novelty tokens into notable financial players. This year, tokens like dogecoin (DOGE), Pepe, and other dog-themed projects have seen a resurgence in popularity. Combining humor with the cleverness of cryptocurrency, meme tokens have emerged as the surprise breakout stars of the year, drawing attention and, for some lucky investors, yielding significant returns.
5—The rise of AI-supported cryptocurrencies:
The rise of AI-driven cryptocurrencies in 2024 marks a significant moment for the blockchain industry, with initiatives like Virtuals Protocol (VIRTUAL), Bittensor (TAO), Artificial Superintelligence Alliance (FET), PAAL, PHA, GRT, and AI-generated tokens like goatseus maximus (GOAT) leading new trends. Built on the Solana blockchain, GOAT has leveraged an AI agent for its branding and advertising strategies, garnering widespread attention and pushing its market capitalization past $1 billion by year-end.
This achievement demonstrates how AI-enhanced narratives can influence investment patterns and shift market dynamics. Together, these developments highlight the profound impact of merging AI with cryptocurrency platforms, sparking new discoveries that test the boundaries of blockchain capabilities and enhance the decentralized physical infrastructure network.
2025—A New Frontier
Events in 2024 have demonstrated that the cryptocurrency landscape is evolving at an extraordinary pace. As new technologies and emerging fields, such as AI-driven cryptocurrencies, attract attention, the upcoming wave of innovation looks bright with increasingly exciting prospects. As we close out this pivotal year, the cryptocurrency sector finds itself at a new crossroads. The explosive popularity of meme coins, alongside the development of institution-backed ETFs, underscores the appeal and expanding potential of blockchain technologies. Looking ahead, it will be fascinating to observe how the cryptocurrency industry evolves in 2025.
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