Crypto Market: 2024 Has Been A Bullish Year for Crypto Investors So Far
Compared to 2022 and 2023, which were bearish years for crypto investors, 2024 feels like a home run. At the start of the year, there were speculations from experts that 2024 would be a good year for crypto. But as with anything related to cryptocurrencies, you can never be too sure. Markets get volatile, and prices drop.
Some experts were skeptical of the bullish remarks and thought otherwise, pointing to strict regulation as a potential setback for the crypto market. However, with one month to go until we say those three magic words, “Happy new year,” it’s safe to say that this has been a damn good year for crypto investors—with the possibility of getting even better.
It is undeniable that the US is one of the big players in the crypto space and any big news from the country shakes the market. Being a political year in the country, one of the big conversations centered around crypto. Former President Donald Trump is considered pro-crypto and a win from him could bring good tides to the crypto world.
Just a day after the US elections, Bitcoin hit its highest mark yet at $75,000, when the polls showed Trump leading in the race. If by any chance, Trump gets the top seat, he has promised to put in place favorable crypto policies and regulations which might give us another bullish year in 2025.
Beyond politics, other factors have played a key role in this year’s upward trend.
Crypto Events and Supportive Regulations
For the cryptocurrency market, Bitcoin has always been the bellwether leading the flock. Out of the over $2.4 trillion total market capitalization, Bitcoin contributes about half of it. So any news around Bitcoin can tilt the market in either way.
In January 2024, the US Securities and Exchange Commission (SEC) finally approved the first Bitcoin spot Exchange-Traded Funds (ETFs) in the country, which was a big win for crypto— given that the industry has been trying to launch such a product for over a decade without success. Six months later, Ethereum ETFs were launched in July, another big win for digital assets.
Another important event was Bitcoin Halving, which took place in April 2024. It was the fourth halving of the token and miners were now rewarded 3.125 BTC instead of 6.25 BTC for every new block mined. Over the past years, the halving events have been associated with a price increase in the token, and this year was no different.
Institutional Adoption
One of the biggest backlashes the crypto community faces is that cryptocurrencies aren’t mainstream. That’s why for the longest time there was no serious regulation around it and not many institutions or companies adopted cryptos as a form of currency.
Slowly, things started to change and it was undeniable that crypto was popular and had a huge following. Institutions began considering cryptocurrency as a payment or investment option, and its application extended across various industries.
In 2024, crypto and blockchain technology continue to be integrated into notable institutions. Top investment banks and asset managers like BlackRock, Fidelity Investments, and Goldman Sachs continue to expand and invest in the Bitcoin trading desk they added some years ago. JP Morgan Chase initially remained skeptical but finally gave in to the popularity of crypto, and now has its blockchain-based payment platform, and supports several crypto projects.
Crypto and blockchain continue to be adopted in different industries like healthcare, e-commerce, supply chain, finance, and gaming. Gaming was among the first sectors to accept cryptocurrencies. Casino sites started offering crypto games that were provably fair and even had a play-to-earn option.
Betting sites, another popular pastime, brought crypto to the exciting world of sports wagering. Placing bets on top sports like basketball, football, or hockey, became instant and hassle-free using crypto. Some of the betting sites that accept crypto payments throw in a few bonuses for using your favorite token.
Even though cryptocurrencies aren’t considered mainstream yet, a clear step towards it is how more and more institutions and industries continue to adopt them.
Rise in Interest in Altcoins
Yes, Bitcoin might be the key player in the crypto market, but did you know there are over 20,000 active cryptocurrencies?
Whether it’s the second most valuable crypto, Ethereum, or silly but popular meme coins like Dogecoin and Shiba Inu, they all play a role in bringing attention to the crypto market. Dogecoin, for instance, was loved by Elon Musk, who hyped the token online and even mentioned the possibility of using it in his billion-dollar companies.
Each cryptocurrency has its fundamental role—some focus on security, others on transaction speeds and others on building an expansive network. 2024 has been a good year for altcoins like Solana (SOL), Cosmos (ATOM), Jupiter (JUP), and ApeCoin (APE), which have noticed a steady increase over the year even with their different functionalities.
The crypto market has always been consistent on one thing—volatility. So even if the market has had a good ride so far, one month can be full of surprises.
