Year-ender 2024: Bitcoin and altcoins break records, leaving stocks and gold behind

As 2024 is about to conclude, cryptocurrency investors are celebrating significant gains, with Bitcoin outperforming traditional investments like stocks, bonds, and gold, just as it did in 2023.

Bitcoin was the best-performing investment of 2024, rising by 140% in just 12 months. Starting the year at around $42,000-$43,000, it skyrocketed to a record $1,08,000 by December. This return far surpassed the Nifty50 index, which gained about 10%, and gold, which rose by over 20%.Several big events helped Bitcoin soar this year. In January, the SEC approved the first Bitcoin ETF, which made it easier for people to invest in Bitcoin. Then, in July, Donald Trump spoke at a Bitcoin conference, and in November, his win in the US presidential election gave Bitcoin another big boost.

Adding to this momentum, Trump appointed Paul Atkins, a known crypto advocate, as SEC Chair. This move signaled the possibility of favourable regulations, increasing investor optimism.

Another big factor was the US Federal Reserve cutting interest rates. In September, the Fed lowered rates by 50 basis points for the first time in four years. Then, in November and December, it cut rates by another 25 basis points each time. Lowered interest rates typically drive investors to redirect capital to riskier assets like bitcoin

World politics also played a role in crypto’s success. Russian President Vladimir Putin criticized how the US uses its dollar as a global currency. He said this forced other countries to look for alternatives like Bitcoin. “For example, Bitcoin—who can prohibit it? No one,” Putin said recently, showing his support for cryptocurrencies.App

Europe also softened its stance on cryptocurrencies, with Poland and Italy revisiting crypto tax policies and the EU making strides in regulatory frameworks like MiCA. Even China, previously critical of crypto, showed signs of a more open approach.#BTCNextMove #CorePCESignalsShift #ElSalvadorBTCReserve #USJoblessClaimsFall #BinanceAlphaAlert $BTC $XRP