According to 10x Research: 2024 has been a landmark year for Bitcoin and the broader cryptocurrency market, with significant inflows into Bitcoin ETFs, regulatory milestones, and influential endorsements shaping the landscape. Below, we recap the 10 pivotal events that have driven Bitcoin's remarkable 57% year-to-date gain and the overall momentum in the crypto market.
1. BlackRock's Bitcoin ETF Inflows
BlackRock's iShares Bitcoin Trust (IBIT) has attracted $19.0 billion in inflows year-to-date, making it one of the most successful ETFs in 2024, trailing only behind major stock ETFs like Vanguard's SP500 and Total Stock Market ETFs.
2. Launch of 11 Spot Bitcoin ETFs
On January 11, 2024, the SEC approved 11 spot Bitcoin ETFs simultaneously. This historic event saw trading volumes surpass $1.2 billion within the first 30 minutes, signaling strong institutional demand and boosting Bitcoin's mainstream acceptance.
3. SMOG Token Surge
The issuance of the SMOG token on February 7, 2024, marked a significant event, with the token's price surging over 1,000% in its initial days. This success spotlighted the profitability of meme coins and Solana's capacity to handle large-scale token trading.
4. Bitcoin Reaches New High
Bitcoin hit a new high of $64,000 on February 29, 2024, driven by record inflows into spot Bitcoin ETFs. BlackRock's IBIT led with $612 million in inflows, highlighting strong institutional interest. Despite subsequent volatility, Bitcoin closed February with a 43.8% gain.
5. Altcoin Rally
On March 4, 2024, altcoins saw significant gains, buoyed by Bitcoin's surge above $70,000 and the entry of large brokerage firms into the ETF market. Meme coins like PEPE, SHIB, FLOKI, and BONK experienced dramatic price increases.
6. Bitcoin Price Correction
On March 19, 2024, Bitcoin's price fell by 10% from its all-time high, leading to over $1 billion in crypto liquidations. Analysts cited expected increases in mining costs and pre-halving volatility as contributing factors.
7. Bitcoin Halving Event
The Bitcoin halving on April 20, 2024, was anticipated as a highly bullish event. Historical patterns suggest significant price increases post-halving, with some analysts predicting new all-time highs within 518 to 546 days.
8. Trump's Pro-Bitcoin Stance
On May 5, 2024, former President Donald Trump advocated for all remaining Bitcoin to be mined in the United States, aiming to bolster energy dominance and counteract influences from other nations. This statement impacted the SEC’s stance on Ethereum ETF approvals.
9. SEC Moves on Ethereum ETFs
On May 20, 2024, the SEC requested updates to 19b-4 filings related to Ethereum ETFs, signalling progress in the approval process. By May 23, the SEC approved applications for spot Ether ETFs, clearing a major regulatory hurdle.
10. Launch of Spot Ethereum ETFs
On July 23, 2024, five spot Ethereum ETFs were launched, marking a significant milestone. The Chicago Board Options Exchange (CBOE) confirmed their listing, expanding investment opportunities in the crypto market.
Looking Ahead
On July 27, 2024, former President and Republican presidential candidate Donald Trump is scheduled to deliver a keynote speech at the Bitcoin 2024 Conference in Nashville. He is expected to advocate for Bitcoin mining in the U.S., potentially influencing future regulatory and market developments. This will be the first time a former U.S. President addresses a Bitcoin conference, underscoring the growing significance of cryptocurrency in mainstream discourse.
As these events unfold, they are poised to further integrate Bitcoin and other cryptocurrencies into the global financial system, driving continued growth and innovation in the sector.
