What a Year in Crypto: 2024 in Review

2024 has been a remarkable year for cryptocurrency. From the advent of Bitcoin exchange-traded funds (ETFs) to the explosion of memecoins and Bitcoin’s historic surge past $100,000, investors experienced a multitude of bullish scenarios. Below are five highlights from Kaiko analysts’ “monumental year” analysis, backed by 10 critical charts.

Bitcoin Hits $100,000

The launch of spot Bitcoin ETFs was a watershed moment, signaling Bitcoin’s evolution into a mainstream asset. By year’s end, these ETFs collectively held over $105 billion in Bitcoin for clients, contributing to Bitcoin’s record-breaking $106,000 all-time high and a 120% annual price increase.

Crypto Shapes the 2024 Election

The 2024 election cycle brought unprecedented attention to crypto, culminating in the victory of pro-crypto Donald Trump. This so-called “Trump trade” saw investors pour billions into the market, pushing Bitcoin to a record $75,000 just days after the election. The momentum has since continued unabated.

Ethereum on the Rise

Ethereum stands poised for growth in 2025, buoyed by regulatory clarity and bullish sentiment. Despite hitting an annual low in the Ether-to-Bitcoin ratio earlier this year, Ethereum stabilized post-election. In the last 30 days, Ethereum ETFs recorded only three days of outflows, while inflows exceeded $12 billion.

MicroStrategy’s Big Bet

Michael Saylor’s bold decision to allocate billions in Bitcoin for MicroStrategy’s treasury paid off handsomely in 2024, as Bitcoin soared. The company now holds over 444,000 Bitcoin worth $42 billion. However, concerns remain about the sustainability of this strategy, and shareholder activism is expected to intensify in 2025.

Memecoin Mania

Memecoins, from PEANUT to DogWifHat, captured public interest, initially offering light-hearted financial gains. Platforms like Pump.Fun enabled rapid memecoin creation, but the trend also turned dark, with some traders creating offensive tokens and faking deaths to manipulate markets.

Looking Ahead to 2025

Kaiko analysts believe the events of 2024 mark a unique rally in crypto history. While 2025 promises new opportunities, the market’s inherent volatility ensures more surprises lie ahead.

BitGalactic’s Perspective
BitGalactic sees 2024 as a pivotal year for crypto, but the road ahead remains uncertain. The mainstream adoption of Bitcoin ETFs and pro-crypto regulatory shifts are encouraging, yet the market’s unpredictability persists. While the bullish momentum is undeniable, we urge investors to stay vigilant and diversified as they navigate the evolving crypto landscape.