Messari calls 2024 the “climbing wall of worry” as investors grappled with inflation fears and recession risks. However, the year ended with Bitcoin surpassing $100K. Another notable growth is seen with Solana, which drove the meme coin market.
Messari data analysts compiled a two-part report on the trends and narratives in the crypto industry in 2024. The report, authored by Messari’s enterprise analysts and experts, explored various themes, including the rise of artificial intelligence in the crypto sector.
Messari analysts reflect on 2024 inflationary worries
Messari calls 2024 the “climbing wall of worry” because inflation uncertainty left investors wondering if the Fed’s monetary policies would trigger a recession. However, 2024 concludes with Bitcoin surpassing $100K after the crypto market overcame the macro obstacles of a weakening labor market.
Along with the approval of Bitcoin and Ethereum ETFs, the report underlines AI as the 2024 highlight. The report read in part;
“The market is beginning to price in the potential for AI-driven productivity boosts.”
Messari also calls 2024 the year of Solana. The report underlined advancements in Solana’s technology and adoption, making it a hub for memecoin trading. In the year, memecoins themselves remained wildly popular, capturing retail interest.
Notably, user adoption surged globally, with apps like Phantom and Polymarket onboarding millions. The analysts also discovered that stablecoins have also become essential in emerging markets. Meanwhile, decentralized infrastructure (DePIN) gained traction in industries like energy and telecommunications.
The report also touched on regulatory challenges and market volatility. However, the report revealed that the industry showed resilience and innovation. In the macro context, the analysts noted that crypto market trends faced challenges such as lawsuits against Binance and Coinbase. They added that government asset sales and Mt.Gox repayments also played a part in the volatility experienced in 2024.
Messari highlighted the pressures eased after Donald Trump was elected president of the United States. The analysts added the president pledged to protect innovation, self-custody, and Bitcoin mining. According to the researchers, these policies signalled a friendly environment for cryptocurrency that emphasized Bitcoin as an innovation driver and strategic asset.
Messari analysts discuss crypto sectorial highlights in 2024
The researchers highlighted some sectorial advancements, including the intersection of artificial intelligence and the crypto ecosystem. The analysts reported the intersection exposed the crypto ecosystem to content creation and gaming frontiers.
Messari analysts also confirmed that NFTs gained popularity in 2024, especially in enhancing monetization and digital ownership. The analysts predicted that these trends would drive the adoption of cryptocurrencies in the years ahead.
Messari also commented on the introduction of Bitcoin stalking in 2024. They added that Babylon, BTC’s first stalking protocol, enabled holders to stake their assets and earn rewards without giving up control of their assets.
In the report, Messari predicted that even as the BTC network changes, BTC programmability and stalking remain nascent. The analysts highlighted the path worth monitoring as layers on BTC and AVSs.They predicted these could unlock the utmost levels of economic security and decentralization.
However, the analysts disclosed that in 2024, users often preferred the performance capabilities of networks such as Base and Solana. They added that users overlooked decentralization and security. The researchers warned BTC builders could have difficulty competing against other networks if the trend continued.
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