Introduction
As we close the books on 2024, it’s clear that this year was a pivotal one for the crypto industry. From groundbreaking institutional moves to regulatory shifts and technological advancements, the crypto space has experienced remarkable growth and change.
Let’s take a look back at the 10 key moments that shaped the crypto market in 2024.
January 2024: Launch of the First CBDC in Europe
The European Central Bank officially launched its digital euro, marking the region’s first central bank digital currency (CBDC). This event was not just a milestone for Europe but also set the tone for how central banks worldwide could embrace blockchain technology. For users, this brought the concept of digital currencies closer to mainstream adoption, sparking discussions on privacy, security, and the future of money.
April 2024: Bitcoin Halving Event
The highly anticipated Bitcoin halving reduced the mining reward from 6.25 BTC to 3.125 BTC per block. For crypto enthusiasts and market watchers, the halving symbolized Bitcoin’s unique economic model, designed to resist inflation. The event drew significant attention from both institutions and individuals, driving discussions on Bitcoin’s role as a store of value and triggering its price momentum later in the year.
June 2024: MiCA Regulations Go Into Effect
The Markets in Crypto-Assets (MiCA) regulations officially came into effect in the European Union. These comprehensive rules provided a clear framework for crypto businesses, ensuring greater transparency, consumer protection, and legitimacy for the industry. MiCA’s implementation was a landmark step toward harmonizing global crypto regulations and fostering trust in the ecosystem.
August 2024: Ethereum Completes the “Surge” Upgrade
Ethereum’s highly anticipated “Surge” upgrade significantly increased network scalability and reduced transaction costs. This improvement was a game-changer for decentralized applications, DeFi platforms, and NFT marketplaces. The upgrade opened the door for more developers to build innovative solutions, while users enjoyed faster and cheaper transactions, cementing Ethereum’s dominance in the blockchain space.
September 2024: Solana’s Resurgence
After a challenging 2023, Solana made a remarkable comeback with explosive growth in gaming and NFTs. By partnering with leading gaming studios and launching exclusive NFT collections, Solana attracted new developers and users alike. Its renewed focus and technical improvements positioned it as a strong competitor to Ethereum and other Layer-1 blockchains.
October 2024: Memecoin Frenzy Peaks
Memecoins like Moodeng and Peanut captured global attention with their quirky branding and community-driven appeal. Moodeng, inspired by a lovable hippo mascot, achieved a $1 billion market cap in just two weeks, while Peanut gained traction with its creative marketing campaigns and NFT partnerships. These tokens demonstrated the power of community engagement and humor in driving market momentum, even in a maturing industry.
November 2024: Ripple Wins Key SEC Lawsuit
Ripple achieved a landmark victory in its legal battle with the SEC, securing clarity around XRP’s classification. The decision had far-reaching implications, providing a framework for other crypto projects navigating regulatory challenges. The win bolstered market confidence, leading to a significant surge in XRP’s value and reinforcing the importance of regulatory clarity for the entire industry.
November 2024: Trump Wins Presidency and Impacts Crypto Markets
Donald Trump’s victory in the U.S. presidential election sent ripples through the financial world, including the crypto market. Speculation about potential deregulation and a pro-business stance fueled optimism among market participants. Bitcoin’s price jumped 10% immediately following the election results, reflecting renewed confidence in a crypto-friendly regulatory environment.
December 2024: Bitcoin Reaches an All-Time High
In a historic moment, Bitcoin soared to an all-time high of $108,000 in December 2024. This milestone was driven by growing institutional adoption, the launch of multiple Bitcoin ETFs, and heightened interest following the halving event earlier in the year. Bitcoin’s record-breaking price reaffirmed its position as the leading digital asset and reignited optimism across the crypto market.
December 2024: PayPal Expands Crypto Services
PayPal continued its push into crypto by launching interest-earning accounts for stablecoins and expanding crypto payment options. This move brought digital assets closer to mainstream financial services, making them more accessible to everyday users. PayPal’s initiative highlighted the growing integration of crypto into traditional financial systems.
What’s Next for Crypto?
As we step into 2025, the crypto industry is poised for further growth and transformation. With institutional adoption at an all-time high, regulatory clarity improving, and technological innovation accelerating, the future looks bright. At Valos, we’re excited to continue supporting our users on their crypto journeys, providing the tools and resources needed to thrive in this dynamic market.
Here’s to another groundbreaking year for crypto! 🚀