2024 has been a landmark year for the crypto market. The market has shown unprecedented growth, noting the all-time high of Bitcoin at $108,000, a record volume of assets in ETFs, and a recovery from the FTX crash. In this article, we will look at the main events of the year, their impact on the market, and the outlook for cryptocurrencies in 2025.

1. Bitcoin's Record Price: How BTC Reached $108,000

2024 has been a successful year for the first cryptocurrency. With growing interest from institutional investors, support from the US President-elect, and the fourth halving in April, Bitcoin has shown fantastic growth.

  • US presidential election. Donald Trump, the newly elected president, supported the cryptocurrency market, and his ally Kamala Harris became vice president. Their policies had a positive impact on the market, pushing Bitcoin from $74,000 in November to $108,000 by December.

  • Tickers: BTC, MSTR

2. Halving and increase in fees

Bitcoin's fourth halving in April 2024 was a turning point. By reducing the reward to miners to 3.125 BTC per block, the supply decreased, causing the price to rise. However, it also led to an unprecedented increase in fees:

  • The average fee reached a record $146 per transaction, comparable to the peaks of 2021. Before the halving, the fee was $2–3.

  • Tickers: BTC, ETH

3. Bitcoin and Ethereum-based ETFs

Cryptocurrency-based exchange-traded funds have reached a new record, with total assets under management (AUM) exceeding $100 billion. Among the market leaders:

  • BlackRock: $54 billion

  • Grayscale: $20 billion

  • Fidelity: $20 billion

Also in July 2024, the first Ethereum-based ETFs were launched. Capital inflows into these funds were moderate until November, when significant investment began. By the end of the year, 9 ETH-based funds had $12.3 billion under management.

  • Tickers: BTC, ETH, GBTC

4. ETH/BTC Ratio: Pressure on Ethereum

The Ethereum to Bitcoin (ETH/BTC) price ratio hit a three-year low of 0.033 in November 2024. Reasons include:

  • Solana (SOL) has grown in popularity due to its low fees and memecoin support.

  • Regulatory pressure on Ethereum staking initiated by the SEC.

  • Tickers: ETH, SOL

5. MicroStrategy and Corporate BTC Purchases

MicroStrategy (MSTR), the largest corporate holder of Bitcoin, increased its holdings to 444,262 BTC, equivalent to $43 billion. The rise in BTC price sent MSTR shares to a 24-year high in November.

  • The average purchase price for the company was $62,257 per coin.

  • Tickers: MSTR, BTC

6. Recovering from the FTX Crash

After the FTX crash in 2022, the market gradually recovered, and by 2024, the Bitcoin market depth exceeded the pre-crisis level of $120 million. This indicates the return of liquidity and investor confidence.

7. The Memcoin Boom and the Role of Solana

Solana (SOL) has seen a boom thanks to tokens that users can spin up for a few dollars via the Pump.fun platform. Trading volumes for meme coins like Dogecoin (DOGE) have also increased following Donald Trump's announcement of a "Department of Efficiency" (D.O.G.E.) led by Elon Musk.

  • Tickers: DOGE, SOL

8. Regulation: New EU rules

The European Union has implemented MiCA regulations, which have significantly changed the stablecoin market. By November 2024, new MiCA-compliant stablecoins had captured 91% of the market. Cryptocurrency trading against euros has also increased compared to 2023.

  • Tickers: USDT, EURS

Conclusions and Prospects for 2025

2024 has been a breakout year for the crypto market. Bitcoin, institutional investment, and new regulations are creating a strong base for growth. However, 2025 could be the year Ethereum strengthens its position thanks to policy changes and new investment opportunities.