2024 is a transformative year for the cryptocurrency market, experiencing the following significant events and developments:
1. Bitcoin ETF Approved
In January 2024, the U.S. Securities and Exchange Commission (SEC) approved 11 Bitcoin spot ETFs, marking a significant step for the cryptocurrency market into mainstream investment. This move attracted a large number of institutional investors, driving Bitcoin's price up substantially.
2. Bitcoin Halving and Bull Market Launch
On April 20, 2024, Bitcoin experienced its fourth halving, reducing the block reward from 6.25 BTC to 3.125 BTC. Halving events are typically seen as catalysts for Bitcoin price increases; although the market entered a period of adjustment after the halving, it eventually saw significant gains by the end of the year.
3. Bitcoin Price Hits Record High
On December 17, 2024, Bitcoin's price broke $100,000, setting a new historical high. This surge was primarily driven by the approval of Bitcoin ETFs, the results of the U.S. presidential election, and macroeconomic policy benefits such as interest rate cuts from the Federal Reserve.
4. Impact of the U.S. Election
In the 2024 U.S. presidential election, Trump's re-election was seen as favorable for the cryptocurrency industry. He expressed support for progressive regulation and engaged in open dialogue with the industry during his campaign. After the election results were announced, Bitcoin's price surged rapidly, significantly improving market sentiment.
5. Improvement of Regulatory Environment
In 2024, the cryptocurrency market welcomed a clearer regulatory environment. The approval of Bitcoin ETFs in the U.S., the introduction of friendly cryptocurrency regulatory policies in Hong Kong, and other measures provided more stable ground for the industry's development.
6. Market Diversification and Rise of New Narratives
• Meme Coins and AI Sector: In 2024, Meme coins and AI-related crypto assets performed exceptionally well, attracting a significant influx of capital.
• The Rise of Solana: Solana made significant progress in 2024, with its total locked value (TVL) surpassing $1 billion, becoming a strong competitor to Ethereum.
• Expansion of the Bitcoin Ecosystem: The DeFi ecosystem for Bitcoin (BTCFi) rapidly developed, with TVL growing from $300 million at the beginning of the year to $6.755 billion.
7. Market Performance
• In the fourth quarter of 2024, the total market capitalization of the cryptocurrency market grew by 45.7%, reaching $3.91 trillion, a year-on-year increase of 97.7%.
• Bitcoin's annual increase reached 131.83%, outperforming other major asset classes.
8. Other Important Events
• Samuel Bankman-Fried Sentenced: FTX founder Samuel Bankman-Fried was sentenced in 2024, marking a severe crackdown on fraud in the cryptocurrency industry.
• Global Regulatory Convergence: In 2024, several regions worldwide (such as Hong Kong and the U.S.) introduced clearer cryptocurrency regulatory policies, promoting compliance in the industry.
Overall, 2024 was a crucial year for the cryptocurrency market, leading it towards maturity, compliance, and mainstream acceptance. The groundbreaking performance of Bitcoin, the launch of ETFs, and the improvement of the regulatory environment laid the foundation for the future.
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