2024 has been a landmark period for the crypto industry, with groundbreaking achievements and forward momentum. Bitcoin (BTC) reached unprecedented heights, institutional adoption surged, and the global regulatory landscape began aligning to support the innovation that digital assets bring. Despite challenges, including potential security threats, the resilience of the crypto ecosystem shone through, reinforcing its role as a transformative force in the global economy. As we close the book on a year of remarkable progress, the horizon for 2025 is full of promise. With new technologies, evolving regulatory frameworks, and expanding use cases, the crypto industry is poised for even greater strides. This year-ender takes a closer look at the key moments that defined 2024 and highlights the opportunities and advancements set to drive the future of digital assets.
Major Milestones
- Spot Bitcoin ETFs’ Approval: In January, the U.S. Securities and Exchange Commission (SEC) granted official approval for spot BTC exchange–traded funds (ETFs). As a result, approximately 11 spot BTC ETFs have since received authorisation, allowing investors to gain exposure to BTC without directly purchasing the crypto asset.
- BTC Halving: April witnessed the happening of the BTC Halving event, which also marked the fourth halving in Bitcoin’s history. The block reward was reduced from 6.25 BTC to 3.125 BTC per block, which is crucial for BTC’s controlled supply mechanism.
- Spot Ethereum (ETH) ETFs’ Approval: The U.S. SEC also approved the first batch of multiple spot ETH ETFs in May, with the first ETFs starting to trade in July. Reportedly, as many as 8 spot ETH ETFs were approved during that period.
- Ripple’s Legal Victory: Since 2020, Ripple has been engaged in a legal dispute with the U.S. SEC, over the SEC questioning XRP’s classification as a security and accusing Ripple of selling it without registration. However, in August, Ripple achieved a significant victory when a court determined that XRP isn’t considered a security when traded on public exchanges.
- Polygon 2.0 Upgrade: In September, the Polygon 2.0 upgrade happened. The upgrade introduced a new token called POL, which replaced MATIC as the native token of the Polygon network. POL has been designed to power the Polygon 2.0 ecosystem, serving as the governance token, gas token, and staking token.
- India Ranks First in Global Crypto Adoption: In September, Chainalysis, a blockchain analysis firm, released its 2024 Global Adoption Index report, which saw Central & Southern Asia and Oceania (CSAO) at the forefront of global crypto adoption. Notably, 7 out of the top 20 countries listed in the report were from this region, with India securing the top spot, ahead of 19 other nations.
- BTC Crosses the $100K Mark: Following Donald Trump’s victory in the U.S. Presidential election for a 2nd term, in December, BTC crossed the highly anticipated $100,000 mark, setting a record-high value of $108,364. Coincidentally, the development happened a day after Trump announced Paul Atkins as the new chairman of SEC, post Gary Gensler’s departure in January 2025.
- Jetking Infotrain Integrates BTC as a Treasury Asset: December also saw Jetking Infotrain, an IT company based in India, made BTC as part of its treasury reserve strategy, signalling a noteworthy move in corporate crypto adoption, particularly within the Indian context. As per an official announcement, the company purchased 12 BTC on December 9.
- MicroStrategy Increases its BTC Holdings: Talking about corporate crypto adoption, MicroStrategy continued with its BTC investments in 2024, which it started in 2020. As of December, MicroStrategy holds 444,262 BTC, acquired for approximately $27.7 billion.
- European Union’s (EU) Stance on Crypto Regulation: The EU unveiled its proposed regulatory framework, the Markets in Crypto-Assets Act (MiCA), in September 2020. In under three years, the framework was largely finalised, with the European Parliament approving it in April 2023. The act is set to be implemented in December.
Bitcoin, Ethereum, and Altcoins: Market Movements and Trends
- BTC’s Record-Breaking Rally: BTC hit historic highs, surpassing $100,000, fueled by institutional adoption, favourable developments, and macroeconomic factors.
- ETH’s Scalability Breakthrough: ETH saw the successful implementation of its next generation scaling solutions, reducing transaction costs and solidifying its position as the backbone of decentralised finance (DeFi).
- Altcoins Diversified and Gained Value: Prominent altcoins like Solana, Polygon, and Cardano gained traction due to their innovative features and growing ecosystems, while meme coins captured market attention with their rallies and engaged a wide audience.
- Rise of Utility Tokens: The market saw a shift towards tokens with real-world applications, signalling maturity and increased focus on long-term value.
The Growth of DeFi, Web3, and NFTs
- DeFi Expanded Beyond Finance: DeFi introduced innovative products such as decentralised insurance and prediction markets, attracting a broader user base.
- Web3 Applications Took Center Stage: Web3 projects, including decentralised identity platforms and blockchain-based social networks, showcased practical applications of blockchain technology.
- NFTs Entered the Mainstream: Beyond art and collectibles, NFTs were adopted for gaming, virtual real estate, and brand loyalty programs, with major companies integrating NFT strategies.
- Cross-Chain Interoperability Achieved: Advances in blockchain interoperability enabled seamless asset transfers between networks, enhancing the functionality of DeFi and NFT ecosystems.
What to Expect in 2025: Upcoming Trends and Technologies
- Greater Adoption of Layer 2 Solutions: Expect more activity on Layer 2 networks as scalability improvements continue to reduce costs and increase transaction speeds.
- Integration of AI and Blockchain: The increased convergence of artificial intelligence and blockchain technology should enable smarter contracts, predictive analytics, and decentralised decision-making systems.
- Emergence of Blockchain in Supply Chains: Blockchain technology is poised to transform supply chain management, ensuring transparency, efficiency, and traceability in global trade.
- Sustainability Focus in Crypto Mining: Continued innovation in green mining practices and renewable energy adoption is expected to address environmental concerns surrounding crypto assets.
- Rise of Gaming Tokens and Metaverse Projects: With advancements in immersive technologies, gaming tokens and blockchain-based virtual worlds are anticipated to attract a new wave of users and developers.
Conclusion
As 2024 comes to an end, the crypto industry’s resilience and innovation shine brighter than ever. This year was defined by groundbreaking milestones, from record-breaking market movements to significant regulatory progress and the widespread adoption of transformative technologies like DeFi, Web3, and NFTs. Despite challenges, the industry has demonstrated its ability to adapt and evolve, setting the stage for an exciting future. As we step into 2025, the focus shifts to building on these achievements, emerging trends, and continuing to drive innovation in a way that shapes the financial and technological landscape for years to come.
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