2024 has proven to be a landmark year for the cryptocurrency industry, marking significant milestones that reshaped the landscape.
From groundbreaking regulatory shifts to unprecedented market movements, this year saw crypto take major steps toward mainstream adoption. Institutional interest skyrocketed, governments revisited their stance on digital assets, and technological advancements pushed the boundaries of what blockchain can achieve. As we reflect on the year, here are the top 10 stories that defined the crypto world in 2024.
The SEC Approves Spot Bitcoin ETFs
By January 2024, the SEC had approved 12 Spot Bitcoin ETFs, ushering Bitcoin into the US retail investment landscape for the first time.
The launch of these ETFs sparked unprecedented interest, with retail investors pouring millions into the funds. Bitcoin ETFs became the fastest-growing ETFs in history, propelling Bitcoin to surpass its 2021 all-time high within two months of approval. By March, the cryptocurrency shattered the $70,000 barrier, setting off a ripple effect that prompted other markets, such as the UK, to introduce Bitcoin-based exchange-traded products (ETPs).
By the end of 2024, US Spot Bitcoin ETFs had amassed over $105 billion in net assets, accounting for nearly 5.7% of Bitcoin’s total supply. Notably, these ETFs surpassed Gold ETFs in assets under management (AUM), highlighting the rapid institutional embrace of crypto. Building on this momentum, Ethereum ETFs gained approval, with similar applications for other altcoins in progress, signaling a new era of mainstream adoption for digital assets.
The Surge of Solana Meme Coins
The year 2024 marked an extraordinary chapter for Solana, as its ecosystem became a hub for the meme coin phenomenon. While these playful tokens had already existed within the network, platforms like Pump.fun significantly boosted their visibility and appeal, turning them into a major trend.
Solana’s meme coins climbed to the fourth spot in investor interest, dominating 7.65% of discussions across crypto narratives, as noted by CoinGecko. Collectively, these tokens achieved a market cap surpassing $16 billion. Among the most prominent were Dogwifhat (WIF) and BONK, two of the top five meme coins globally. WIF experienced an astonishing 1,100% surge this year, while BONK’s growth skyrocketed by 38,000% over the past two years.
This surge in meme coin activity also propelled Solana to new heights, establishing it as the second-largest blockchain behind Ethereum. The network’s total value locked (TVL) exceeded $8.6 billion, and SOL itself hit a record-breaking price of $263 in November. With minimal transaction fees encouraging widespread participation, Solana seamlessly merged humor with financial opportunity, solidifying its place at the center of the meme coin boom in 2024.
Ethereum ETF approval
In a development that has caught many by surprise, the U.S. Securities and Exchange Commission (SEC) gave the green light for the launch of spot Ethereum Exchange-Traded Funds (ETFs) back in July. This decision followed a series of joint proposals from major exchanges, including Nasdaq, NYSE, and CBOE, which requested modifications to existing regulations to permit Ethereum-based Exchange-Traded Products (ETPs) and ETFs.
This move comes shortly after the SEC approved Bitcoin ETFs and ETPs in January, a decision that played a role in driving Bitcoin to reach new price heights. Now, with the approval of spot Ether ETFs, Ethereum’s market presence is expected to experience significant growth, similar to Bitcoin’s recent surge.
Donald Trump’s Election Victory
Donald Trump’s 2024 election victory has injected new optimism into the crypto industry. His pro-crypto stance has already triggered significant developments, including a $1 trillion market surge, Bitcoin reaching $100,000, and XRP hitting a six-year high amid promises to overhaul the SEC.
Trump’s appointments of crypto-friendly figures like Paul Atkins, David Sacks, and Elon Musk signal a shift towards supportive policies. Plans for a national Bitcoin reserve further highlight his administration’s commitment to digital assets.
Globally, crypto adoption is accelerating, with a 683% increase in users aged 18–25 and substantial inflows into European crypto exchange-traded products. These shifts indicate growing legitimacy and institutional interest worldwide.
Bitcoin Reached $100,000
One of the most defining moments of 2024 was Bitcoin crossing the $100,000 mark, a significant psychological threshold for both the cryptocurrency and its global community. This milestone highlighted Bitcoin’s evolution into a mature financial asset, inspiring greater confidence among institutional and retail investors alike. Bitcoin even managed to surpass silver’s market cap along the way.
For advocates like MicroStrategy, which adopted a Bitcoin-centric strategy early on, the achievement validated their vision. This confidence was mirrored in the surge of MSTR’s stock value and its recent inclusion in the Nasdaq-100 index.
The $100,000 breakthrough also spurred a shift in perception among governments, with some previously skeptical nations, including Russia and Japan, now exploring the possibility of adopting Bitcoin as a reserve asset. Meanwhile, corporate giants like Amazon are reportedly investigating Bitcoin investments, hinting at the growing integration of cryptocurrencies into mainstream business practices. Such developments are expected to accelerate adoption and fuel innovation across the crypto landscape.
Gary Genslar’s Resignation
Gary Gensler’s time as SEC Chair marked a turbulent period for the U.S. crypto industry, defined by strict oversight and enforcement actions. However, with Trump’s re-election, the SEC is now undergoing a major shift in leadership and direction.
In November, Gensler announced his resignation, leaving behind a legacy of controversy. Known for his tough stance, he maintained that most cryptocurrencies should be treated as unregistered securities, requiring adherence to securities laws. This viewpoint led to high-profile legal actions against major exchanges like Binance and Coinbase for failing to register their operations.
Critics argue that Gensler’s enforcement-driven approach stifled innovation and created widespread regulatory uncertainty. In a significant move, Trump has already tapped Paul Atkins, a well-known supporter of digital assets, to succeed him.
This leadership change has been welcomed by the crypto community, which hopes the new administration will foster a more supportive regulatory framework, encouraging growth and innovation in the sector.
Sam Bankman-Fried sentenced to 25 years in prison
In March, Sam Bankman-Fried, the former CEO of FTX, received a 25-year prison sentence and was ordered to pay $11 billion in restitution for his involvement in one of the most significant financial frauds in U.S. history.
By September, Bankman-Fried had filed an appeal, requesting a new trial and alleging misconduct in how Judge Lewis Kaplan presided over the proceedings.
Meanwhile, Ryan Salame, who served as co-CEO of FTX Digital Markets, began his seven-and-a-half-year prison term in October for his role in the collapse. In contrast, Caroline Ellison, the ex-CEO of Alameda Research, received a reduced sentence of two years. Nishad Singh, FTX’s former engineering director, and co-founder Gary Wang avoided prison altogether after cooperating extensively with investigators.
Bitcoin ushers in fourth halving
In April, Bitcoin underwent its fourth halving, an event that cut miners’ block rewards from 6.25 BTC to 3.125 BTC, ushering in a significant shift for the network.
Taking place at block 840,000, this halving reduced Bitcoin’s daily production to approximately 450 BTC, down from 900 BTC. These periodic reductions, which occur roughly every four years, will continue until the entire Bitcoin supply is mined—an event projected for 2140. At that point, miners will rely solely on transaction fees for earnings.
Mt. Gox Extends Repayment Timeline to 2025
October saw yet another delay in the long-awaited repayment process for creditors of the collapsed cryptocurrency exchange, Mt. Gox. The new deadline has been pushed to October 31, 2025, a year beyond the previously revised date of October 31, 2024.
This extension has temporarily alleviated fears of a sudden influx of selling pressure on Bitcoin. Earlier in the year, Mt. Gox transferred 47,229 BTC and completed other transactions with approved crypto exchanges as part of its plan to redistribute over $9 billion in Bitcoin, Bitcoin Cash, and fiat currency to creditors.
Established in 2010, Mt. Gox quickly rose to prominence as the largest Bitcoin trading platform. However, its dramatic downfall came in 2014 when the platform was hacked, resulting in the loss of 850,000 BTC and leaving creditors in limbo for nearly a decade.
MicroStrategy’s Year of Bitcoin Accumulation
Throughout 2024, MicroStrategy, the business intelligence firm that has embraced Bitcoin as its primary treasury reserve, continued its aggressive acquisition strategy. Between November 18 and 24, the company made its largest purchase yet, acquiring an additional 55,500 BTC for around $5.4 billion, averaging $97,862 per Bitcoin. On December 30 the company announced its last buy for the year – 2,000 BTC for around $209 million.
With this purchase, MicroStrategy’s total holdings in Bitcoin have surged to 446,400 BTC, curently valued at over $42.7 billion. The company has been steadily acquiring Bitcoin since 2020, with an average purchase price of $58,219 per Bitcoin, resulting in a total investment of approximately $27.7 billion, including transaction fees.
In October, the firm revealed plans to raise up to $42 billion through a mix of equity and debt offerings, aiming to expand its Bitcoin stash further. The long-term vision is for MicroStrategy to evolve into a leading “Bitcoin bank,” potentially reaching a trillion-dollar market valuation.
