Advertisement for 5fXBptIOLaA?si=-QAVpQnM0DVFw-al

Five crypto events that defined 2024

Historic moments reshaped digital assets, from Bitcoin’s surge to Trump’s pro-crypto pivot

By Joanna BuenconsejoDec. 31st - 8am

4 min read

2024 calendar — This year's highlights include the US elections, Bitcoin’s fourth halving, and a wave of institutional adoption. Photo: Unsplash / Behnam Norouzi

As 2024 comes to a close, it’s time to reflect on a year of milestones and transformations in the cryptocurrency world. From Bitcoin’s historic surge past $100,000 to Solana’s memecoin mania and the approval of crypto ETFs, this year has showcased the growing impact of digital assets.

A global survey by Consensys revealed that 93% of respondents are now familiar with cryptocurrencies, highlighting the steady rise in public awareness. This increasing curiosity has set the stage for some of the most pivotal moments in the industry’s evolution.

Whether you’re a newcomer or just crypto-curious, 2024’s highlights—spanning the US elections, Bitcoin’s fourth halving, and the wave of institutional adoption—offer a snapshot of a year that redefined the crypto landscape.

1. US elections and President-elect Donald Trump

The US elections were among the most influential events shaping the crypto market this year.

Bitcoin experienced notable price swings throughout the election season, ultimately hitting new highs after Donald Trump emerged victorious in the presidential race.

During a US Bitcoin conference in July, Trump unveiled plans to establish a US Bitcoin strategic reserve under his administration, solidifying his reputation as a pro-crypto advocate.

BREAKING: 🇺🇸 DONALD TRUMP PLEDGES TO NEVER SELL #BITCOIN AND HOLD IT AS A STRATEGIC RESERVE ASSET IF ELECTED PRESIDENT pic.twitter.com/bbPRxlZfGZ
— Bitcoin Magazine (@BitcoinMagazine) July 27, 2024

Although Federal Reserve authorities recently cast doubt on the feasibility of such a reserve, the proposal continues to fuel speculation.

Trump’s recent pro-crypto appointments underscore the shift, with Stephen Miran aiming to integrate blockchain and decentralized finance into the US economy.

Bo Hines, a former athlete, will lead the newly formed Crypto Council, tasked with balancing innovation and consumer protection. And David Sacks, a Silicon Valley veteran and blockchain proponent, has been named AI and Crypto Czar, focusing on merging blockchain with AI to bolster US dominance in both fields.

As Trump prepares to take office in January 2025, the crypto community is closely watching how his administration’s policies will shape the industry amid regulatory challenges and political friction.

2. Solana's memecoin frenzy

Solana’s blockchain ecosystem had a breakthrough year in 2024, driven in large part by the booming popularity of memecoins.

The blockchain saw its SOL coin price surpass $250, reaching levels not seen since its 2021 peak. Platforms like Pump.fun played a pivotal role in this surge, enabling users to easily make their own tokens at no cost.

According to web3 firm Syndica, Pump.fun became the first decentralized application (dApp) on Solana to generate more than $100 million in monthly revenue. By year’s end, it accounted for over a quarter of Solana’s total proceeds.

Notable memecoins such as Moodeng, PNUT, and GOAT, created on Pump.fun, dominated headlines and contributed to Solana’s rise.

Congratulations Mr. President, the USA is nuts for you 🥜 pic.twitter.com/o7rLSkoUbs
— PNUT - Peanut The Squirrel (@pnutsolana) December 23, 2024

3. The fourth Bitcoin halving

For Bitcoin enthusiasts, one of the year’s most anticipated events occurred in April: Bitcoin’s fourth halving.

This process, designed to control inflation by halving the rewards miners earn, reduced payouts from 6.25 BTC to 3.125 BTC. By limiting the supply of new Bitcoin entering the market, halvings historically increase scarcity and, often, the cryptocurrency’s price.

This built-in deflationary mechanism remains a cornerstone of Bitcoin’s appeal, as it contrasts with the inflationary tendencies of traditional fiat currencies.

𝐈𝐓'𝐒 𝐎𝐅𝐅𝐈𝐂𝐈𝐀𝐋 ‼️ The #BitcoinHalving is complete.

Miner rewards are now 3.125 BTC per block. This pivotal change opens up new possibilities for miners, potentially reshaping the future of digital assets.

We’re here for what’s next ✊ pic.twitter.com/GqBFatrKiy
— OKX (@okx) April 20, 2024

4. The rise of crypto ETFs and institutional adoption

The crypto industry saw a major milestone in January when the US Securities and Exchange Commission (SEC) approved crypto exchange-traded funds (ETFs).

ETFs, which operate similarly to mutual funds, offer investors a regulated way to gain exposure to cryptocurrencies. Among the standout performers was BlackRock’s iShares Bitcoin Trust (iBIT), which amassed $40 billion in assets within just 211 days—a record-breaking achievement.

JUGGERNAUT: $IBIT has hit the $40b asset mark (a mere two wks after hitting $30b) in a record 211 days, annihilating prev record of 1,253 days held by $IEMG. It's now in Top 1% of all ETFs by assets and at 10mo old it is bigger than all 2,800 ETFs launched in the past TEN years. pic.twitter.com/WTATlpShUq
— Eric Balchunas (@EricBalchunas) November 13, 2024

The success of Bitcoin spot ETFs has spurred institutional adoption, with companies like MicroStrategy increasing their Bitcoin holdings significantly. MicroStrategy’s reserves grew from 189,000 BTC to 439,000 BTC over the year, exemplifying corporate confidence in Bitcoin as a strategic asset.

5. Bitcoin breaking the $100k mark

And last but definitely not least, this year marked a historic milestone as Bitcoin’s price crossed the $100,000 threshold—a long-awaited moment for the crypto community.

Celebrations erupted across the industry, with prominent figures like Galaxy CEO Mike Novogratz acknowledging the significance of the achievement.

$100,000 Bitcoin. A milestone that represents more than price—it’s proof of adoption, belief, and a community that has carried this revolution from 0 to 100. With world leaders leaning in and a generational wealth shift underway, this is just the beginning. https://t.co/HilfobnOrP
— Mike Novogratz (@novogratz) December 5, 2024

Bitcoin’s journey to this landmark has been marked by volatility and resilience. With analysts predicting prices between $180,000 and $500,000 by 2025, optimism continues to drive both institutional and retail interest in the cryptocurrency.

As the year concludes, 2024 stands out as a transformative chapter in crypto history. The milestones reached this year will undoubtedly influence the industry for years to come.