That’s a wrap! Limitlex’s crypto highlights from 2024

2024 will go down in crypto history as one of the most transformative years for the industry and market so far. Numerous events, decisions, and milestones have led to an uptick in market sentiment, institutional and retail investment, as well as global adoption. Cryptocurrency is growing in utility across the world, from Nigeria to Indonesia and the United States; decentralized finance and crypto are helping to alleviate financial exclusion and present new opportunities for more democratic access to money and financial services. 

These developments have set the stage for a new era of growth, acceptance, and mainstream use of cryptocurrencies as we move into 2025. While the crypto market remains volatile, a more crypto-friendly future is on the horizon. Join us as we take a look back at this year’s most groundbreaking moments for crypto and how they’ve helped shape the current and future trajectory of this pumping asset class.                   

                  1. Shifting perceptions of cryptocurrency: The global perception of Bitcoin and the broader crypto market has undergone a dramatic transformation in 2024, driven by a chain of events that have reshaped public and institutional sentiment. 

                  2. Explosive growth for ETFs: Bitcoin and Ethereum ETFs have become a magnet for investment, capturing an impressive 3.5% of all U.S. ETF flows. This highlights how traditional investors are increasingly confident in allocating a portion of their portfolios to cryptocurrencies.

                  3. Crypto-friendly U.S. election results spark optimism: The re-election of Donald Trump in the U.S. triggered a wave of enthusiasm and pumped market sentiment to new highs, with promises of a national Bitcoin reserve, pro-crypto regulations, and making the U.S. the “crypto capital of the planet,” driving Bitcoin into a bull run since 5th November.

                  4. Bitcoin (BTC) hits unprecedented heights: Bitcoin rallied to over $100,000 to hit a new all-time high (ATH) of over $108,000 on 17th December, marking a monumental moment in crypto history. With a market cap of almost $2 trillion (at the time of writing), Bitcoin is cementing its position as a dominant asset in both the crypto space and the broader financial market.

                  5. Institutional investment drives momentum: Institutional investors continue to fuel Bitcoin's bull run, with MicroStrategy under Michael Saylor purchasing 21,550 BTC worth $2.1 billion in early December 2024. The firm now owns a staggering 423,650 BTC, valued at an estimated $41.5 billion.

                  6. Altcoin season takes center stage: Whilst they may have started as a joke, meme coins, such as Dogecoin and Shiba Inu, captured widespread attention and surged in popularity, while Solana solidified its position as the go-to blockchain for new launches.

                  7. The NFT market shows signs of revival: Weekly sales of NFTs surged by 28% to reach $103 million in November 2024, signaling renewed interest and activity in the digital collectibles market.

                  8. The MiCA Regulation and Travel Rule came into effect: 2024 marked the dawn of a new era of regulatory clarity across the EU crypto space. The introduction of MiCA will help create a safer environment for crypto merchants, consumers, and users in Europe. 

                  9. The fourth Bitcoin halving takes place on 19th April 2024: This year’s ‘halvening’ reduced Bitcoin miners’ reward from 6.25 BTC to 3.125 BTC. It mirrored previous halvings                                    in which Bitcoin’s value grew over several months, also rallied by institutional investment and enhanced regulatory clarity.

                  10. The total cryptocurrency market cap reaches $3.180 T: This colossal year-end total crypto market cap marks a year-to-date increase of over 97%, another indication that cryptocurrencies are becoming increasingly understood, widely used, and trusted. 

As we move into the new year, the strategic accumulation of Bitcoin reserves by both institutional and retail investors is expected to pave the way for even more all-time highs (ATH), greater acceptance, and utility in the crypto space. While in the past, Bitcoin halvings were seen as highly anticipated catalysts for a pumping market, it seems they may be less relevant as we continue to transition into a more mature industry. 

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