If the crypto market in 2024 were a movie, it would be an epic blockbuster—full of thrilling highs, nerve-wracking lows, and most likely unexpected plot twists.
From never-seen-before product approvals to Bitcoin smashing six-digit barriers for the first time, and celebrity token chaos to groundbreaking technical upgrades and launches, this year has been nothing short of cinematic-–no doubt.
Because of that, the whole team at Blocmates has decided the year is news recap-worthy.
So buckle up as we revisit the highlights, the drama, and the game-changing moments that defined crypto in the year 2024.
Starting from Spot Bitcoin and Ethereum ETF Approval
2024 kicked off with a historic milestone as Spot Bitcoin and Ethereum ETFs received regulatory approval. The Bitcoin ETF was approved in January, followed closely by Ethereum in March.
Trading volumes surged post-approval, reinforcing confidence in the market.
Additionally, global financial giants like BlackRock and Fidelity expanded their crypto portfolios, signaling long-term institutional confidence.
Australian and Asian markets also followed suit, with Hong Kong approving its spot ETFs, adding a global dimension to this financial evolution.
The Downturn and Recovery
The crypto market experienced extreme volatility this year, (unsurprising but notable).
After reaching a total market cap of $2.7 trillion in March, the market faced a significant downturn, dropping to $1.7 trillion by August.
However, a strong recovery followed, led by Bitcoin's historic rally.
In October, Bitcoin broke the six-digit milestone, surpassing $100,000 for the first time. Its current all-time high stands at $108,135, achieved on December 17.
Ethereum on the other hand has continued to be an underperformer against Bitcoin yet to record a new high.
Meanwhile, Solana registered a new all-time high of $263.21 on November 2, proving that some altcoins were riding the bullish wave along with BTC in 2024.
Key Technical Upgrades
This year saw significant technical advancements across major blockchain networks. Ethereum's subsequent Shanghai upgrade like the Dencun upgrade happened in March 2024.
This upgrade introduced proto-danksharding to reduce the costs of second-layer rollups
Avalanche introduced the 9000 upgrade, improving scalability and reducing transaction fees. Cardano launched its long-awaited Midnight Protocol, focusing on privacy and secure transactions.
Meanwhile, Polkadot advanced its cross-chain communication protocol, strengthening interoperability among blockchains.
Major Launches
The year 2024 also witnessed notable project launches. Fantom for instance revamped to Sonic unveiling its new architecture aimed at high-speed transactions.
Morpho, another project on Ethereum and Base, brought innovative lending solutions, while Pump.fun emerged as a trendsetter in decentralized engagement protocols.
Additionally, EigenLayer introduced restaking mechanisms, allowing users to maximize returns on their staked assets.
LayerZero's new protocol streamlined cross-chain liquidity and zkSync Era gained massive traction for zero-knowledge rollups, cementing itself as a leader in scalability solutions.
Trump's Victory and Its Impact
Donald Trump's re-election in the US has so far significantly influenced the crypto market.
His rising administration has demonstrated pro-crypto sentiment, appointing Paul Atkins as SEC Chair and David Sacks as Crypto and AI Czar. These moves boosted investor confidence and played a role in Bitcoin's rally.
Additionally, pro-crypto legislation gained momentum in Congress, with key bills focused on regulatory clarity and stablecoin frameworks advancing swiftly.
Trump's vocal support for blockchain innovation also appears to have now been attracting institutional investments in American crypto infrastructure.
Tether's Growing Treasury and Corporate BTC Stashes
Tether continued to dominate stablecoin markets, amassing a massive treasury stash. Meanwhile, companies like MetaPlanet expanded their Bitcoin holdings.
MicroStrategy also maintained its aggressive BTC acquisition strategy, further cementing corporate adoption.
Additionally, BlackRock, Fidelity, and other corporate giants joined the crypto treasury bandwagon.
The narrative of Bitcoin as digital gold became stronger as more corporations treated it as a hedge against inflation.
Celebrity Coin Frenzy
2024 saw a surge in celebrity coin launches.
Figures like Iggy Azalea with her $MOTHER token, Andrew Tate with $DADDY, Hailey Welch with her Hawk Tuah token, and Caitlyn Jenner with $JENNER all entered the fray.
However, many of these tokens experienced pump-and-dump cycles, leaving mixed outcomes for investors.
Although some projects faded into obscurity, others managed to still sustain active communities.
DeFi and Emerging Sectors Growth
Decentralized Finance (DeFi) thrived this year, with platforms like Maple Finance reporting record loan originations. Innovations from Morpho Labs and Fluid DEX attracted attention.
Additionally, emerging sectors like Decentralized Physical Infrastructure Networks (DePIN) and Decentralized Science (DeSci) gained significant traction.
Projects like Akash Network revolutionized cloud computing, while DeSci platforms like Molecule enabled decentralized funding for scientific research.
Real-world asset tokenization also emerged as a hot trend, bridging traditional finance with blockchain technology.
Wrapping Up
And there you have it—2024 in crypto was a whirlwind of all of the aforementioned.
If this year were a trading chart, it would be a trendy chart pattern with several higher highs, higher lows, lower highs, and lower lows—in essence, it would be one with a thrilling finish.
If you are an OG in the space or a curious newcomer, well done and welcome, one thing's clear: the crypto world isn't slowing down anytime soon.
So grab whatever you can because 2025 is already shaping up to be another wild ride.
See you on the blockchain!
