The past year has been a whirlwind for the crypto industry, starting at a significant low as the long-standing aftermath of the Crypto Winter continued to hit the market.
Uncertainty loomed, especially with harsher crypto regulations appearing worldwide.
However, the more we progressed into 2024, the higher market sentiment lifted. From the introduction of Bitcoin (BTC) spot exchange traded funds (ETFs) that drove higher institutional investment to a significantly important crypto election in the United States, the market managed to reach uncharted territory.
Let’s explore the top crypto events of 2024 and see where the industry could be heading in the upcoming year.
Key Takeaways
- Bitcoin soared 120% in 2024, breaking the $100K milestone.
- Donald Trump’s pro-crypto policies boosted market confidence.
- Regulatory clarity improved with XRP’s SEC victory and Tornado Cash rulings.
- Cross-chain interoperability and asset tokenization gained traction.
- Experts predict 2025 will focus on utility, AI, and privacy technologies.
Bitcoin Reaches New Highs – ETFs, Halving & $100K
2024 was undoubtedly a successful year for the biggest and oldest cryptocurrency on the market – BTC.
From the introduction of BTC spot ETFs in January, the fourth halving event in April, and BTC’s all-time high milestone in December – the cryptocurrency set a bullish sentiment across the entire industry.
According to CoinMarketCap, over the past year the BTC price soared by nearly 120% from lows of $42,00 at the start of the year to breaking the $100,000 milestone in December.
Laurent Benayoun, the CEO of Acheron Trading, a crypto market-making firm, told Techopedia:
“The approval of spot ETFs in the U.S. has led to net inflows of institutional money into the underlying spot markets. It is one of the macroeconomic factors … that led to a positive price impact for BTC in particular, which was accompanied by larger trading volumes.
“The target clientele for U.S. spot ETFs is institutional in nature, such as pension funds and mutual funds.
“These large investment vehicles have gradually increased their exposure, and it is reasonable to expect that the trend will continue in the current climate.
“Further, ETF filings were based on the classification of the underlying as commodities. In granting its approval, the SEC [U.S. Securities and Exchange Commission] thus clarified the nature of the asset class from a traditional finance perspective.”
In addition to the introduction of BTC ETFs, this year saw another significant event – the halving event in April.
Historically, halvings have triggered long-term price appreciation not just for BTC but the industry as a whole, and 2024 once again proved no exception.
Donald Trump’s Change of Heart
Arguably, the biggest surprise of the year was one major factor that played a key role not only for the BTC price but also the entire crypto industry: Donald Trump’s change of heart – more specifically, his stance on the cryptocurrency industry.
Yuya Hasegawa, the crypto market analyst at bitbank explained to Techopedia:
“It is a well-known story that during his first term as president, Donald Trump hated Bitcoin and crypto in general, but during a conference back in July, he promised to create a strategic stockpile of Bitcoin. Since his victory in November, there have been proposals to build the so-called Strategic Bitcoin Reserve (SBR) in several countries, including Russia.”
While Congress conversations over building a strategic BTC reserve are ongoing, if the global race to build them intensifies, BTC’s price could continue to grow.
Alice Shikova, the marketing lead at digital identity platform SPACE ID, added:
“Trump has promised to make America a leading crypto hub, create a Bitcoin reserve, and remove one of crypto’s biggest adversaries – SEC chair Gary Gensler, who will step down in January.
“This helped Bitcoin reach new all-time highs and set the stage for crypto to continue gaining legitimacy in 2025.”
Crypto Saw (Some) Regulatory Clarity
Another notable achievement for the crypto industry in 2024 was the increase of regulatory clarity amid legal wins for a number of crypto projects. A prominent example of this was XRP’s major win in its long-standing battle against the SEC, Shikova highlighted.
Another recent milestone was the overturned sanctions against Tornado Cash, as a U.S. Federal Appeals Court found them to have been outside the scope of the U.S. Treasury Department.
However, other legal battles within the crypto space were not as successful: Changpeng Zhao (CZ), the founder of Binance, went to jail for four months for anti-money laundering violations.
As Anndy Lian, an inter-governmental blockchain advisor, explained:
“His departure from Binance marked a significant shift for the exchange. Why it matters? Binance’s struggles raised concerns about the stability of major exchanges.
“CZ’s legal issues also highlighted the broader challenges of regulatory compliance in the crypto industry.”
Cross-Chain Interoperability & Higher Utility
Another shift within the crypto space in 2024 was moving towards cross-chain interoperability and higher utility.
“Major players are increasingly focused on improving interoperability between different blockchain protocols through strategic partnerships. This focus on cross-chain compatibility is crucial as digital assets become more integrated across diverse ecosystems,” Tom Kiddle, the co-founder of Palisade explained.
This was seen in partnerships between projects such as BitcoinOS and Cardano, bringing the second largest blockchain onto the BTC blockchain with no intermediaries.
But apart from cross-chain interoperability taking over 2024, real-world utility assets were also seeing higher adoption as investors moved away from just treating crypto as a store of value and into how it can be implemented into everyday lives.
Dean Tribble, the CEO of Agoric Systems, added:
“The focus shifted in big ways from speculative wealth to creating meaningful value and experiences for users of these platforms.
“Ideas like chain abstraction and technologies like orchestration gained so much momentum because builders are realizing that simplifying how users and developers interact with decentralized applications (dApps) and blockchains is critical.
“This was the year we saw an industry-wide, concerted effort to make Web3 seamless and intuitive like Web2.”
What to Expect in 2025?
So, what can the crypto industry expect to see in 2025?
More Utility
Experts are confident that in the new year, the crypto industry will only continue moving forward with a higher focus on utility, with certain Layer-1 (L1) blockchains coming out ahead.
“We will see the Sui ecosystem go from strength to strength, leading in the most exciting sectors, like DePIN and GameFi. But gaming is going to experience an evolution from mindless tap-to-earn games to P2E games with real-world utility,” Tim Kravchunovsky, the CEO and founder of Chirp, said.
Real-World Asset (RWA) tokenization could also take over as a key trend in 2025, Jon Trask, the CEO of Dimitra, a leading AI-based operating system, told Techopedia.
“The tokenization of assets like carbon credits, farmland, and commodities is expected to grow rapidly as blockchain connects traditional and digital economies.”
USA to Lead Crypto Innovation
Following Trump’s presidential win and inauguration, experts expect the industry to move towards a more stable and mature state, with the U.S. leading the way for crypto innovation.
Lian highlighted:
“Under the leadership of pro-crypto policies, the United States is emerging as a global hub for blockchain and cryptocurrency innovation.
“With initiatives to attract crypto businesses and establish Bitcoin reserves, the U.S. is setting the stage for widespread adoption.
“This leadership is expected to inspire other nations to follow suit, fostering healthy competition and innovation worldwide.”
Digital Privacy & AI
The future of privacy on the internet is also expected to be a key focal point in 2025 as zero-knowledge proof (ZKP) technology continues to evolve.
“ZK tech is unique in that it allows the U.S. to prove that something is true without revealing any sensitive data.
“We’re already seeing this technology gaining momentum compared to a few years ago, and I foresee it becoming a central part of any infrastructure dealing with identity or personal data,” SPACE ID’s Shikova added.
Additionally, the combination of artificial intelligence (AI) and blockchain tech will continue to grow. Dimitra’s Trask noted that the combination of AI’s analytical power with blockchain’s transparency will bring forth new opportunities, especially in agriculture and finance.
The Bottom Line
2024 was a big year for the crypto industry. Bitcoin reached new highs, surpassing $100K, fueled by spot ETFs and institutional adoption.
Regulatory clarity improved with victories like XRP’s case, while real-world utility and cross-chain interoperability gained momentum. Donald Trump’s pro-crypto stance and election win set the U.S. on a path to becoming a global crypto leader.
Looking ahead, experts are predicting that 2025 could be poised for growth in areas like asset tokenization, AI-blockchain integration, and privacy-focused technologies.
With increasing utility, the crypto ecosystem is moving beyond speculation — are we ready for a mature and accessible digital economy?
Source: https://www.techopedia.com/crypto-2024-review
Anndy Lian is an early blockchain adopter and experienced serial entrepreneur who is known for his work in the government sector. He is a best selling book author- “NFT: From Zero to Hero” and “Blockchain Revolution 2030”.
Currently, he is appointed as the Chief Digital Advisor at Mongolia Productivity Organization, championing national digitization. Prior to his current appointments, he was the Chairman of BigONE Exchange, a global top 30 ranked crypto spot exchange and was also the Advisory Board Member for Hyundai DAC, the blockchain arm of South Korea’s largest car manufacturer Hyundai Motor Group. Lian played a pivotal role as the Blockchain Advisor for Asian Productivity Organisation (APO), an intergovernmental organization committed to improving productivity in the Asia-Pacific region.
An avid supporter of incubating start-ups, Anndy has also been a private investor for the past eight years. With a growth investment mindset, Anndy strategically demonstrates this in the companies he chooses to be involved with. He believes that what he is doing through blockchain technology currently will revolutionise and redefine traditional businesses. He also believes that the blockchain industry has to be “redecentralised”.
$96,400 investment. Still, Michl remains open to considering Bitcoin diversification in the future.
