It was a historic year for the cryptocurrency industry. With many industry-defining moments throughout 2024, we’ve identified five of the most influential events that pushed the cryptocurrency market to an all-time high.
From the SEC’s approval of Bitcoin ETFs to the crazy rise of meme coins, here are the top five events that shaped the crypto market in 2024.
SEC Approves Bitcoin ETFs
In Q4 2023, Grayscale won a surprise legal victory against the SEC over the conversion of its Bitcoin fund into an exchange-traded fund (ETF). This created exciting anticipation for asset management firms to take Bitcoin to institutional markets, which will happen in January 2024.
This year began with the SEC approving 12 Bitcoin exchange-traded funds, marking Bitcoin’s first entry into the U.S. retail investment landscape. The impact was immediate, with retail investors pouring millions into these funds. In fact, Bitcoin ETFs have seen the fastest growth of any ETF in history.
As a result, Bitcoin broke its 2021 high in less than two months after approval, crossing the $70,000 mark in March. This success also influenced other global markets such as the UK to introduce Bitcoin-based exchange-traded products (ETPs).
Weekly net flows into Bitcoin ETFs throughout the year.
By Christmas 2024, the 12 Bitcoin ETFs in the United States had a combined net asset value of over $105 billion, representing roughly 5.7% of the BTC supply. More importantly, these funds now hold more assets under management (AUM) than the gold ETFs.
The incredible success of Bitcoin ETFs in the US opened the door to institutional adoption of cryptocurrencies. Shortly thereafter, Ethereum ETFs were also approved, and several other altcoins have similar applications with the SEC.
“This year’s market momentum has shown us the significant role regulated financial products play in driving adoption. The large inflows into existing ETFs highlight the strong demand for regulated crypto investment vehicles. Financial institutions are incentivized to expand offerings if market performance supports additional assets. Looking ahead to 2025, we expect a diversified crypto funds to enter the market,” said Forrest Bai, co-founder of Foresight Ventures.
While Bitcoin ETFs have opened the floodgates, industry experts believe that 2025 will set a much bigger stage, with diversified crypto ETFs dominating the retail market. Kadan Stadelman, CTO of Komodo, believes that Solana ETFs have the upper hand as Donald Trump has previously launched his own set of non-fungible tokens on the network.
However, some industry experts are more cautious, expressing concerns that the increased influx of these funds could lead to liquidity challenges.
“Cryptocurrencies have their own cycles, and retail activity, the growth of DeFi, and global adoption also play a big role in price movements. However, there is a risk if too much liquidity in traditional markets is tied up through ETFs. For crypto to thrive in the long term, we need to focus on building decentralized solutions that don’t rely solely on external validation,” said John Patrick Mullen, CEO and co-founder of Mantra.
Meme Coins Rise on Solana
The crypto community will always remember 2024 as the year of Solana’s meme coin craze. While meme coins have been around on Solana for some time, platforms like Pump.fun have pushed their popularity.
This momentum has put meme coins on Solana in fourth place in terms of investor interest, accounting for 7.65% of cryptocurrency discussions, according to CoinGecko.
Also, the collective market cap of Solana-based meme coins has now surpassed $16 billion. In fact, three of the top five meme coins on the market, including Dogwifhat (WIF) and BONK, run on the Solana network. WIF is up 1,100% this year, while BONK has seen a staggering 38,000% growth over two years.
“While meme coins have been popular, I believe their dominance will fade as we move toward real utility and adoption,” said Jonathan Shimol, CEO of Aleph.im and major shareholder in LibertAI. “Emerging technologies like AI agents and confidential computing will drive attention to the most impactful blockchain use cases.”
At the same time, this surge in meme coin activity has also catapulted Solana into the second-largest blockchain, behind only Ethereum. The network’s total value locked (TVL) has surpassed $8.6 billion, with SOL hitting an all-time high of $263 in November.
So, what makes Solana so popular among meme coin creators in 2024? The answers are scalability and reach. Tools like Pump.fun have made the process of launching tokens easy, requiring minimal effort to create and deploy a meme coin.
“2024 cemented Solana’s dominance in the meme coin market, but 2025 could bring diversification as AI-powered meme coins gain momentum,” said Hisham Khan, CEO and co-founder of Atoma. “With companies like ai16z and Crew AI launching open-source frameworks for autonomous AI agents, creating AI-powered tokens is easier than ever. This could encourage projects to explore other blockchains, like Sui, which, with its fast transactions and low costs, is a natural fit for AI-powered meme coins.”
Additionally, Solana’s low transaction fees have helped foster widespread participation, blending humor with financial opportunities. These factors have contributed to the massive growth of meme coins on Solana throughout 2024.
However, the extreme volatility of these meme coins has been a concern for the market. Recent statistics have revealed that the majority of meme coin traders on Solana are actually losing money. Only a few are making big profits due to speculative trading.
“There’s a shift from memes to meaning, from quick rises and scams to projects that build for the future with real utility and real community adoption,” Legion co-founder Matt O’Connor said in an interview.
Donald Trump wins the election
While cryptocurrencies are all about decentralization, the political impact on the industry is undeniable due to the regulatory factor. Donald Trump’s victory in the 2024 election has had a major impact on the crypto industry, leading to a period of optimism and growth.
His administration’s pro-crypto stance has already led to several major developments even before his official presidency begins.
After Trump’s victory, the cryptocurrency market surged by nearly $1 trillion as investors felt the regulatory oversight was eased. Bitcoin subsequently surged to new highs, eventually reaching the $100,000 mark.
However, the most profound impact was on Ripple’s XRP, which has been locked in a nearly four-year SEC lawsuit. With Trump’s victory and his promise to restructure the SEC, XRP jumped to a six-year high.
“If the US continues to ease restrictions, it will create a global ripple effect,” said John Patrick Mullen, CEO and co-founder of MANTRA. “Countries like China and Russia may not jump on the crypto bandwagon right away, but they will certainly take notice, especially as tokenized assets and blockchain technology become a core part of global finance.”
The administration’s positive outlook has encouraged institutional investors to enter the market, further legitimizing digital assets. Trump’s appointment of crypto-friendly candidates like Paul Atkins, David Sachs, and Elon Musk signals a shift toward more crypto-friendly policies.
Additionally, Trump promised to work toward a national Bitcoin reserve during his campaign, and senators from his party are also supporting the idea. These discussions demonstrate a commitment to integrating cryptocurrencies into the national financial framework.
“The plan to create a strategic reserve of Bitcoin is perhaps the most daring on a macroeconomic level,” said Maxim Sakharov, co-founder of WeFi. “The incoming president has also confirmed plans to end the push toward a central bank digital currency while promising to support policies that will enhance the self-custody of cryptocurrency holders. Cryptocurrency pro-figures have a close relationship with the president, which could play a crucial role in helping the incoming administration deliver on its crypto promises.”
Pro-crypto policies have already spurred a global surge in crypto adoption. Notably, there was a 683% increase in users aged 18-25, indicating growing interest among younger age groups.
European markets also saw significant inflows into crypto-related exchange-traded products, reflecting broad optimism about the future of the industry.
“A shift in the US could boost legitimacy and institutional adoption globally, potentially setting a benchmark for other regions to follow,” said Forrest Bai, co-founder of Foresight Ventures. “One notable region is Hong Kong, which has emerged as a vital gateway to China’s crypto market and innovation. Hong Kong’s progressive stance towards crypto is clear – it launched Ethereum ETFs before the US, demonstrating its openness to digital assets.”
As the industry continues to evolve, this continued support from the highest levels of government is likely to play a crucial role in shaping its future path.
Bitcoin hits $100,000
Perhaps the biggest and most anticipated event of 2024 was Bitcoin hitting $100,000. This was a psychological milestone for Bitcoin and the broader crypto community. Reaching the six-figure mark reflects its maturity as a financial asset, boosting confidence in institutional and retail investing.
For companies like MicroStrategy, which has long championed a Bitcoin-focused strategy, this was a confirmation of their predictions. This is reflected in the performance of MSTR stock and its recent inclusion in the Nasdaq-100.
Additionally, since Bitcoin hit $100,000, more governments have begun to consider the idea of a Bitcoin reserve, recognizing its value as a means of storing value. This includes countries that had a pessimistic view of cryptocurrencies, such as Russia and Japan.
Companies like Amazon are reportedly exploring investments in Bitcoin, suggesting the potential for integrating cryptocurrencies into their business models. Such interest from large corporations could drive further adoption and innovation within the cryptocurrency ecosystem.
OKX Global CCO, Lynx Lai, said: “While this historic milestone demonstrated how policy changes spur institutional adoption, recent pullbacks remind us that even Trump’s pro-crypto stance was quickly priced in after the initial surge. Major financial centers around the world are already recalibrating their approach. However, market volatility is likely to persist amid macroeconomic uncertainty, especially given the unclear timeline for the Fed’s 2025 rate cut.”
In conclusion, Bitcoin reaching $100,000 has strengthened its legitimacy and encouraged wider adoption in both the public and private sectors. However, the risk of volatility remains high due to macroeconomic uncertainty.
Gary Gensler Resigns
Gary Gensler’s tenure at SEC was a challenge for the US cryptocurrency industry. However, with Trump’s re-election, SEC began to undergo major restructuring.
In November, Gary Gensler announced his resignation as chairman of the SEC. Gensler had been a controversial figure in the cryptocurrency industry due to his strict regulatory approach.
“Gensler’s policy was one extreme, but the question that remains is whether we will move to another extreme,” said Sander Görtes, CEO of HELLO Labs. “I think there is already progress in pushing for a neutral stance and regulation/adoption of sec.”
During his tenure, Gensler has asserted that most cryptocurrency tokens are unregistered securities, requiring compliance with existing securities laws. This perspective has led to enforcement actions against major cryptocurrency exchanges, including Binance and Coinbase, for operating without proper registration.
Experts criticize: They argue that Gensler’s “regulation through enforcement” strategy has created an environment of uncertainty and stifled innovation in the crypto space. Meanwhile, Trump has already appointed Paul Atkins, a longtime advocate for digital assets, as his replacement.
“The road to greater regulatory clarity in crypto needs a lot of pieces to fall into place: regulators around the world need to agree, markets need to mature, and institutions need to be ready,” said OKX Global CEO Lynx Lai. “More pro-crypto regulations could bring more institutional players to the table, but it’s worth remembering that crypto is inherently volatile. Those 10-15% swings in Bitcoin and even bigger moves in smaller tokens — they will persist regardless of the regulatory environment.”
The crypto community sees this transition as an opportunity for a more favorable regulatory environment, expecting the new administration to adopt policies that support the development of the industry.
“Gary Gensler is not the origin of the SEC’s crackdown on cryptocurrencies,” said WeFi co-founder Maxim Sakharov. “However, he has increased enforcement action compared to his predecessors. With Paul Atkins, market innovators may find it easier and more rewarding to engage with the regulator.”
Overall, Gensler's tenure at the SEC was marked by a tough stance toward cryptocurrency regulation, leading to significant friction with industry participants who saw his policies as obstacles to innovation and growth.