In 2024, the cryptocurrency market underwent significant transformations, with major events reshaping the industry landscape. From the approval of Bitcoin spot ETFs by the U.S. Securities and Exchange Commission (SEC) to Bitcoin’s halving event, and the “Crypto Election,” each event had a profound impact on the market. This year, cryptocurrencies not only captured the attention of new investors but also gained significant interest from traditional investment institutions and the general public. Undoubtedly, 2024 was a year of transformation and growth for the crypto industry.

Bitcoin Spot ETF Approval: A New Chapter for Bitcoin

In January 2024, the U.S. SEC approved the launch of 11 Bitcoin spot ETFs, with participation from major institutions such as VanEck, Bitwise, Fidelity, and BlackRock. This historic event marked a milestone for the Bitcoin market, drawing in large amounts of capital and driving Bitcoin’s price up by more than 7%. The approval of the ETF not only laid the foundation for Bitcoin’s mainstream adoption but also signified that crypto assets were gaining more favor from traditional investors.
By December, the Bitcoin spot ETFs continued to attract substantial inflows, with over $36 billion invested in 2024, further increasing Bitcoin’s market capitalization. With this backdrop, Bitcoin’s long-term upward trajectory became clear, and many investors began eyeing the potential for Bitcoin’s price to continue rising into 2025.

Meme Coin Frenzy: FOMO Sweeps the Market

In February 2024, meme coins surged in popularity once again, with PEPE gaining more than 20% in a single day. Following this, other meme coins such as DOGE, SHIB, and MEME joined the rally, each taking turns to dominate the top gainers’ list on major exchanges.
On April 5, the first meme coin, TEST, was deployed on Pump.fun, attracting a flood of traders. This led to the rise of many new meme coins, and the “one-click token creation” craze spread from Solana to other blockchains.
As the year progressed, the meme coin sector continued to explode, with coins like NEIROCTO, SLERF, BRETT, MEW, CAT, PNUT, ACT, BOME, and MOODENG capturing the market’s attention. The meme coin wave has perhaps ushered in a new form of attention-based economy in the crypto market.

Bitcoin Halving: A New Bull Market Begins

On April 20, 2024, Bitcoin experienced its fourth halving event, reducing the block reward for miners from 6.25 BTC to 3.125 BTC. While the event did not immediately lead to dramatic price fluctuations, its long-term effects were significant. Historically, Bitcoin halvings have had a positive impact on the price, and as a result, market sentiment turned increasingly optimistic.

Notcoin Emerges: The Rise of Telegram/TON Games

In May 2024, Telegram’s game Notcoin quickly attracted over 35 million users and launched on May 16. This sparked the “tap-to-earn” game trend within the Telegram/TON ecosystem.
In July, DOGS made its debut, and its airdrop model quickly gained traction, with over 10 million users joining the community channel in less than 10 days. The TON ecosystem meme coin phenomenon began to capture wider attention.
On July 31, the game Hamster Kombat launched its native token, HMSTR, attracting over 250 million users and further fueling the gaming crypto trend.

German Government Sells Bitcoin: A Price Dip

In the months following Bitcoin’s halving, the market experienced several price fluctuations. In early May, Bitcoin’s price had surged past $60,000 but later dropped below $50,000. The primary cause for this downturn was the German government’s sale of Bitcoin. Between June 19 and July 12, the German government, via Frankfurt Bank, sold a total of 50,000 BTC, worth approximately $2.88 billion at an average price of $57,600. This caused Bitcoin’s price to fall by almost 17%. Additionally, the uncertain regulatory environment surrounding cryptocurrencies led to doubts about the sustainability of the bull market.

Mt. Gox Repayment Delayed: Market Relieved of Sell Pressure

On July 5, 2024, the now-defunct Mt. Gox exchange began compensating creditors with 142,000 BTC, 143,000 BCH, and 69 billion yen. Mt. Gox was hacked in 2013, losing 850,000 BTC, but managed to recover about 200,000 BTC, of which 140,000 BTC was allocated for compensation.
According to Arkham’s data, Mt. Gox has already moved over 100,000 BTC, leaving approximately 37,700 BTC to be repaid by October 2025. The delay in the repayment schedule eased concerns about immediate market sell pressure, which was seen as a short-term relief for Bitcoin.

Federal Reserve Cuts Interest Rates: A Global Monetary Shift

On September 18, 2024, the Federal Reserve (Fed) cut interest rates for the first time in four years, lowering the target range by 50 basis points to 4.75%-5.00%. This signaled the start of a global easing cycle, prompting central banks worldwide to follow suit and inject liquidity into the financial system.
While this decision temporarily weakened Bitcoin, leading to a 6% drop in BTC and a 10% drop in altcoins, it ultimately contributed to the financial market’s rebound. The rate cuts were seen as an indicator that Bitcoin was entering another upward cycle, driven by increased liquidity in the global market.

AI Bot Creates GOAT Coin: AI Meme Coin Mania

On October 12, 2024, an AI bot known as “Truth Terminal” coined the name “GOAT” for a new meme coin. It quickly gained traction, with Marc Andreessen of a16z backing the project with $50,000 worth of Bitcoin. This marked the birth of AI-driven meme coins.
As the AI meme coin trend took off, more projects followed suit, with coins like GOAT, AI16Z, ELIZA, VIRTUAL, and AIXBT making their mark in the crypto world. AI meme coins, a fusion of the cutting-edge AI and Web3 sectors, became one of the dominant narratives in crypto and are expected to continue growing in 2025.

Trump’s Election Victory: Policy Boost for Crypto

On November 6, 2024, Donald Trump won the U.S. presidential election, defeating Democratic candidate Kamala Harris. This event triggered a 9% surge in Bitcoin, as Trump’s victory broke an 8-month resistance barrier.
After his win, Trump appointed crypto supporters to key positions in his administration, including the heads of the Treasury Department, SEC, and the Office of Digital Assets. Trump also promoted Bitcoin as a strategic reserve asset across states, which boosted Bitcoin’s price and sparked renewed optimism in the market.

DeSci Surge: A New Narrative in Crypto

In November 2024, a new concept began to gain traction in the crypto community: DeSci (Decentralized Science). By leveraging blockchain technology, DeSci aims to address persistent issues in scientific research, such as lengthy monetization cycles, funding shortages, resource inequalities, and a lack of sharing of research outcomes.
Coins like RIF, URO, SCI, and VITA exploded in value, attracting the attention of the crypto community. DeSci is still in its early stages, but with increasing interest and momentum, it could become a leading narrative in the coming years.

Bitcoin Breaks $100k: Altcoins Explode

On December 5, 2024, Bitcoin broke the $100,000 mark, with a 40 million-fold increase in value since Bitcoin Pizza Day. Its market capitalization surpassed $2 trillion, exceeding silver’s market cap and reaching one-tenth of gold’s market value. Bitcoin was officially recognized and supported by several sovereign nations, including the U.S. and Japan. This marked another milestone in Bitcoin’s remarkable journey.
Simultaneously, many altcoins, including ADA, XLM, and XRP, saw over 100% gains in early December. Among the top 100 cryptocurrencies, more than half saw price increases of over 50%, outperforming Bitcoin during the same period.

MicroStrategy Continues Bitcoin Acquisitions: Nasdaq 100 Listing

Throughout 2024, MicroStrategy continued its aggressive Bitcoin acquisitions, spending approximately $5.4 billion between November 18-24 to acquire 55,500 BTC. The company’s transformation into a “Bitcoin finance company” was solidified when, in December, it was added to the Nasdaq 100 Index. This move symbolized the growing legitimacy of Bitcoin as a financial asset.

Conclusion

After several major events in 2024, the cryptocurrency market ended the year with an upward trajectory. The approval of Bitcoin ETFs, the halving event, Trump’s policy support, and the rise of AI meme coins have injected optimism into the market, attracting capital inflows and renewed confidence.
As 2025 approaches, the continuation of Trump’s pro-crypto policies and further institutional adoption is expected to drive the crypto industry forward, potentially cementing digital assets’ place in the global financial system.