Top 10 Events in Crypto in 2024

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Last updated on January 8th, 2025 at 12:26 pm

2024 has been nothing short of historic for the cryptocurrency industry. The year delivered groundbreaking milestones, shocking developments, and transformative shifts that reshaped the landscape of digital assets. As the year closes, let’s reflect on the top 10 events that dominated headlines and their profound impact on the crypto ecosystem.

1. U.S. SEC Approves Bitcoin and Ether Spot ETFs

2024 kicked off with a monumental regulatory breakthrough. In January, the U.S. Securities and Exchange Commission (SEC) approved 11 spot Bitcoin exchange-traded funds (ETFs) after more than a decade of legal battles and regulatory scrutiny. This move wasn’t just significant—it was transformative.

BlackRock’s iBIT ETF led the charge, amassing over $1 billion in assets under management (AUM) within weeks. The approval legitimized Bitcoin as an investment vehicle, attracting institutional investors previously wary of regulatory uncertainties. The market’s response was euphoric, with Bitcoin surging by 46% within a month.

The impact wasn’t confined to the U.S. By April, Hong Kong followed suit, launching Asia’s first Bitcoin and Ether ETFs. The trend marked the dawn of a new era for crypto adoption, bridging the gap between traditional finance and decentralized markets.

The excitement continued in July, as Ether ETFs entered the scene, raking in $112 million in trading volume within just 15 minutes of launch. This milestone cemented Ethereum’s standing as more than just a blockchain for decentralized applications; it solidified its role as an institutional-grade asset.

The $ETH ETF has insane numbers.

First 15 minutes already 50% of #Bitcoin‘s first day in terms of volume: $112 million.

The Ethereum ETF launch is heavily undervalued and I expect it to trade towards an ATH in the coming 1-2 months.

— Michaël van de Poppe (@CryptoMichNL) July 23, 2024

2. Two Crypto Titans Went to Prison

The industry witnessed a dramatic reckoning in 2024 as two of its most prominent figures faced prison sentences.

In March, former FTX CEO Sam Bankman-Fried (SBF) was sentenced to 25 years for fraud, closing the chapter on one of crypto’s largest scandals. Just a month later, Binance founder Changpeng Zhao (CZ) received a four-month sentence for money laundering charges after stepping down as CEO in late 2023.

These events were seismic. They symbolized the mounting regulatory scrutiny on crypto leaders and a growing demand for accountability. The U.S. authorities, in particular, seem to be saying that no one, regardless of influence, was immune to the rule of law.

The aftermath was sobering but necessary: trust, shaken by years of scandals, was slowly being rebuilt. The fall of SBF and CZ reinforced the importance of compliance and corporate governance in a maturing industry.

3. Bitcoin’s Fourth Halving and the Rise of Runes

April 2024 marked a pivotal moment for Bitcoin with its fourth halving event. The halving reduced miner rewards from 6.25 BTC to 3.125 BTC, intensifying Bitcoin’s scarcity narrative. Historically, halving events have been precursors to price surges, and 2024 was no exception.

The halving spurred a frenzy of activity, with Bitcoin miners earning over $135 million in transaction fees within the first week. A single block recorded 3,050 transactions, with users spending 37.7 BTC (worth $2.4 million) in fees—a testament to Bitcoin’s growing adoption.

More importantly, the halving event occurred simultaneously with the introduction of the Runes protocol, a game-changer for the Bitcoin network. Runes allowed the creation of fungible tokens and expanded Bitcoin’s utility beyond being just a store of value. The protocol saw modest success. Within five months, over 50 million tokens had been minted.

4. Corporate Adoption: Bitcoin on Balance Sheets

2024 was also a banner year for corporate Bitcoin adoption. Taking inspiration from MicroStrategy’s bold decision to hold Bitcoin on its balance sheet since 2020, which has paid off handsomely, many corporate entities began adopting cryptocurrency as treasury, albeit for various reasons. Metaplanet started the show when it pivoted in April toa “Bitcoin-first and Bitcoin-only” treasury strategy.

And just like Microstrategy, the Japanese firm has started reaping the benefits. By December, it was already projecting that it was on track to record its profit for the first time in seven years.

Bitcoin’s newfound role in the corporate world continues to reinforce its legitimacy and also add to its use cases and allure as the “digital gold.”

5. Memecoin Frenzy Fueled by Pump.fun

Memecoins are no strangers to the crypto landscape, but 2024 took their popularity to unprecedented levels, thanks partly to Solana-based protocol Pump.fun.

Pump.fun allowed users to launch tokens with minimal technical expertise. From celebrities to the ordinary person with access to the internet, anybody could create their memecoin. By year-end, the platform had facilitated the creation of over 4 million memecoins, with trading volumes exceeding $2 billion, according to Dune Analytics. And the trend was profitable, too. CoinGecko reported memecoins delivered an average return of 1,312.6% across the top tokens by market capitalization in Q1 2024.

The cultural impact of memecoins was equally significant. Google Trends reported a surge in searches for “memecoin,” while viral stories like PNUT—a token inspired by a squirrel euthanized by authorities—captivated audiences. PNUT skyrocketed from a market cap of $70,000 to over $2 billion in just 30 days, ultimately earning a Binance listing.

Search Patterns for “memecoins” on Google Since December 1, 2024. Source: Google Trends

6. Real-World Asset Tokenization Gains Traction

Tokenization, with its promise of greater transparency, liquidity, and efficiency, is one of the most promising use cases for blockchain technology in the financial sector. Real-world assets (RWAs) tokenization picked up steam and emerged as a transformative trend in 2024.

BlackRock made headlines by launching its first tokenized asset fund, BUIDL, on Ethereum’s blockchain. The fund amassed $240 million in assets within its first week, leveraging Ethereum’s newly finalized ERC-3643 protocol designed for tokenization. Major institutions, including JPMorgan and HSBC, have also begun exploring tokenized solutions, signalling a paradigm shift in asset management.

This development wasn’t just about innovation—it signalled a fundamental shift in how financial systems operate. Analysts at Boston Consulting Group project that the tokenized asset market could reach $16 trillion by 2030, underscoring its potential to redefine asset management.

Opinions are cheap talk without skin in the game.

Polymarket is quickly gaining mainstream adoption and becoming a leading indicator for the 2024 US election & is well on pace to surpass $1bn+ in trading volume by EoY

Historically, financial markets have primarily been used… pic.twitter.com/tpnSVqYEAk

— Kairos Research (@Kairos_Res) June 30, 2024

7. Crypto Prediction Markets Go Mainstream

Polymarket dominated headlines in 2024, cementing prediction markets as a key player in DeFi. The platform allows users to bet on real-world outcomes, from political elections to sports events, using cryptocurrency.

During the U.S. presidential election, Polymarket experienced significant activity. In November alone, the platform recorded over $2 billion in trading volume, with more than 60% of this activity centred on wagers regarding the popular vote winner, congressional control, and the presidency. Thanks to its user-friendly interface and the ability to make credit card payments, the platform made it easier for newcomers to join, welcoming thousands to the crypto world.

Polymarket’s success highlights the growing appetite for decentralized betting and prediction markets. Analysts project the market could exceed $3 billion in trading volume by year-end, signalling the platform’s rising influence.

8. The “Trump Pump” and Bitcoin’s Record Highs

The crypto market responded enthusiastically to Donald Trump’s reelection as U.S. President in November. The “Trump Pump”, as it was dubbed, saw Bitcoin surge to $89,000 within a week of the election. By November 22, Bitcoin surged to a new ATH of $99,655, just shy of the highly anticipated $100,000 milestone.

Other Layer 1 blockchains and altcoins also benefited from the excitement. Solana’s SOL reached a new ATH of $263 on November 23. Ethereum, though yet to surpass its previous ATH of $4,891, went high as $3,400 during that period. So far, it has recorded a 53% increase in the past twelve months.

The Trump Pump was more than just a rally—it reflected shifting narratives around crypto. A former sceptic, Trump had embraced cryptocurrencies during his campaign, pledging a friendlier regulatory environment. This support reinforced market confidence and attracted more institutional and retail investments.

9. Bitcoin Hits $100K: A New All-Time High

If there were ever a defining year for Bitcoin, it was 2024. The long-awaited bull run finally came. This cryptocurrency maintained a consistent upward trend from late November, and by December, it achieved another remarkable feat, soaring to $100,000 and later establishing a new all-time high of $104,000 before experiencing a slight pullback. This rally represented a 126% increase since January.

The journey to $100K wasn’t a single event but the culmination of factors that played out throughout the year. The approval of Bitcoin ETFs early in the year sparked massive institutional demand, with BlackRock, Fidelity, and others entering the fray. April’s halving tightened supply, fueling scarcity, while the “Trump Pump” following the U.S. election reinvigorated retail and institutional confidence.

More than just a price milestone, Bitcoin’s $100K ATH symbolized a shift in perception. It was no longer merely a speculative asset or “magic internet money”; it had become an asset of significant global importance, recognized by corporations, governments, and institutions as “digital gold.”

10. The Evolution of Regulation: A Mixed Bag

Regulatory clarity improved in 2024, but challenges remained. While the approval of ETFs and frameworks for RWAs signalled progress, enforcement actions against major players like Binance highlighted the industry’s ongoing struggle with compliance.

Europe continued to lead in regulatory innovation, with the MiCA (Markets in Crypto-Assets) framework going live. This legislation provided clear guidelines for crypto businesses, boosting investor confidence. Meanwhile, Hong Kong positioned itself as Asia’s crypto hub, attracting talent and capital with its pro-crypto policies.

In contrast, the U.S. maintained a “tough love” approach. While the SEC’s ETF approvals were celebrated, enforcement actions against exchanges and decentralized platforms revealed a lingering mistrust.

The regulatory evolution of 2024 underscored a critical truth: Compliance is no longer optional. As the industry matures, striking a balance between innovation and oversight will be key.

Final Thought

As we step into 2025, we hope the industry consolidates its gains and addresses its weaknesses to become even stronger than before. Lessons from 2024 have set the stage for a stronger, more resilient crypto ecosystem. Whether through regulation, technological breakthroughs, or new applications, the coming year holds immense promise.

Disclaimer: This piece is intended solely for informational purposes and should not be considered trading or investment advice. Nothing herein should be construed as financial, legal, or tax advice. Trading or investing in cryptocurrencies carries a considerable risk of financial loss. Always conduct due diligence.

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