2024 was a landmark year for the cryptocurrency industry, marked by mainstream adoption, regulatory milestones, and unprecedented price movements. Bitcoin reached new heights, while Ethereum and other altcoins carved their niches. Here's a comprehensive look at the defining moments of 2024 and what they mean for the future.
January: Bitcoin Spot ETF Approval
The year began with a historic milestone: Bitcoin spot ETFs gained approval from the U.S. SEC on January 10. Eleven ETFs, including those from Grayscale, Fidelity, and BlackRock, were greenlit, signaling institutional acceptance of cryptocurrencies. By year-end, these ETFs had attracted $352.7 billion** in inflows, with total assets under management exceeding **$1 trillion.
👉 Why Bitcoin ETFs Matter for Institutional Investors
March: Ethereum’s Dencun Upgrade
Ethereum’s Dencun Upgrade went live on March 13, introducing Blob transactions to reduce Layer-2 gas fees. By December, over 4.9 million Blobs had saved 3,008 ETH in fees. However, the upgrade also intensified competition between Ethereum and its Layer-2 solutions.
April: Bitcoin Halving & Hong Kong ETFs
- Bitcoin Halving: On April 20, mining rewards dropped from 6.25 BTC to 3.125 BTC per block, triggering consolidation among mining firms.
- Hong Kong ETFs: Six spot crypto ETFs launched on April 30, though high fees and limited capital access hindered growth (AUM: $409 million by December).
May: Ethereum ETF Surprise & CZ’s Sentencing
- Ethereum ETFs: Initially deemed unlikely, ETH spot ETFs were approved on May 24, amassing $26.8 billion in inflows by year-end.
- CZ’s Outcome: Binance’s former CEO received a 4-month sentence after community support, sparing him from severe penalties.
June: Airdrop Controversies
Projects like LayerZero and ZKsync faced backlash over airdrop policies, raising the bar for participant eligibility. Meanwhile, a market correction on June 18 saw Bitcoin drop below $65,000.
July: Market Turbulence & Political Shifts
- July 5 Crash: Bitcoin fell under $60,000 due to Mt. Gox repayments and German sell-offs.
- Trump’s Momentum: His pro-crypto stance gained traction after a strategic photo op on July 16.
August: Telegram’s Crisis
Telegram CEO Pavel Durov’s arrest on August 24 briefly tanked TON’s price (-11%), though the ecosystem recovered swiftly.
September: Fed Rate Cuts Begin
The Federal Reserve cut rates by 50 bps on September 18—the first reduction in four years—kickstarting a looser monetary cycle (total cuts: 100 bps by December).
October–November: U.S. Election & Crypto Rally
- Trump’s Victory: Elected on November 5, the "Bitcoin President" pledged pro-crypto policies, fueling a market surge.
- Bitcoin Milestone: Hit $90,000 in November, surpassing silver as the 8th-largest asset by market cap.
December: Bitcoin Hits $100K & SEC Leadership Change
- Bitcoin’s Peak: Crossed $100,000 on December 5 amid regulatory optimism.
- SEC Shakeup: Chair Gary Gensler announced resignation, replaced by Trump-appointee Paul Atkins.
- MicroStrategy: Added to Nasdaq-100, a first for a crypto-heavy firm.
FAQ Section
Q: Will Ethereum ETFs match Bitcoin’s success?
A: Unlikely soon—ETH ETFs drew $26.8B** vs. Bitcoin’s **$352.7B, reflecting lower institutional demand.
Q: How did Hong Kong’s crypto ETFs perform?
A: Disappointingly (AUM: $409M), hindered by high fees and capital controls.
Q: What’s next for Bitcoin in 2025?
A: With Trump’s policies and macro tailwinds, $150K+ is plausible.
👉 Explore Crypto Trends for 2025
2024 set the stage—2025 could be crypto’s breakout year.
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