- Several events defined 2024, including the SEC’s approval of Bitcoin spot ETFs.
- Also, Bitcoin hits $100K, fueled by scarcity from the halving and institutional inflows.
- XRP experiences a meteoric rise, while AI agents revolutionize Web3 with autonomous operations.
Crypto trends in 2024 reflected breakthroughs, controversies, and game-changing events. From Bitcoin’s historic $100K milestone to the rise of AI in Web3, this year has delivered transformative moments for the industry. Below is a recap of the biggest stories in crypto for 2024.
SEC Approves Bitcoin Spot ETFs
The SEC’s approval of Bitcoin spot ETFs in January 2024 marked a turning point for crypto adoption. After years of rejections, major players like BlackRock and Fidelity launched regulated ETFs, offering traditional investors easy access to Bitcoin.
Within the first year, Bitcoin spot ETFs accumulated over 1.1 million BTC, with net assets totaling $106.24 billion before their first anniversary.
Mysterious $1.2M Sent to Satoshi Nakamoto’s Wallet
Meanwhile, in January, an unidentified individual sent 26.9 Bitcoin worth approximately $1.19 million at the time to Bitcoin’s Genesis wallet, the very first address ever created by Bitcoin’s pseudonymous creator, Satoshi Nakamoto.
The mysterious transaction sent shockwaves through Crypto Twitter, with many wondering whether Satoshi had returned or if the coins were simply being burned.
“Either Satoshi woke up, bought 27 bitcoin from Binance, and deposited it into their wallet, or someone just burned a million dollars,” Coinbase’s Conor Grogan said.
Sam Bankman-Fried Sentenced to 25 Years
Sam Bankman-Fried, the founder of the failed FTX exchange, was sentenced to 25 years in March 2024 for his role in the company’s collapse. In addition to jail time, Bankman-Fried was ordered to pay $11 billion in restitution.
Bitcoin’s 4th Halving Sparks Market Movement
April brought Bitcoin’s fourth halving, reducing miner rewards from 6.25 BTC to 3.125 BTC per block. The halving introduced a supply shock, which historically leads to price rallies. Bitcoin’s $100K milestone later in the year demonstrated the lasting impact of this event.
AI Agents Redefine Web3
Also, 2024 has seen the rapid rise of AI agents in the Web3 space. Autonomous AI agents now manage smart contracts, optimize dApps, and operate decentralized organizations.
Notably, Terminal of Truths (ToT), created in May 2024 by Andy Ayrey, emerged as the first AI millionaire. For context, Marc Andreessen funded ToT in July with a $50,000 grant to enhance its model.
By October, the GOAT meme coin was launched and endorsed by ToT, causing its value to soar, reaching a market cap of over $950 million. As a result, ToT became the first AI millionaire, receiving a significant amount of GOAT tokens, which surged by over 743% in just four weeks.
Pro-Bitcoin President Trump Re-Elected
In the November U.S. presidential election, Donald Trump won re-election, with his pro-Bitcoin stance playing a key role in his victory. Trump’s promises to support crypto innovation and establish regulatory clarity have renewed optimism among blockchain businesses and investors.
Should Trump follow through on these promises, the U.S. could re-establish itself as a global hub for blockchain innovation, making the country more attractive for crypto businesses and investors.
XRP’s Comeback After Regulatory Struggles
XRP experienced a remarkable surge in November-December, hitting a seven-year high of over $2.8 before retracting to around $2. The rally marked a significant resurgence for XRP, which had struggled in previous years due to ongoing regulatory uncertainty with the SEC.
With clearer regulations on the horizon and increasing institutional adoption, XRP’s future looks promising. Some analysts predict that the token could continue its upward trajectory, potentially reaching $5 or higher in 2025.
The Bitcoin $100K Milestone Is Finally Realized
Bitcoin reached an extraordinary milestone in December, crossing the $100K mark for the first time in its history. This surge was driven by a combination of factors, including institutional inflows, the scarcity post-halving, and favorable political developments.
The $100K price point reignited FOMO among institutional investors, propelling Bitcoin further into the mainstream. As analysts speculate on what’s next for Bitcoin, all eyes are now on whether the asset can continue to climb in 2025.
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