As 2024 comes to a close, the crypto market reflects on a year of significant growth and volatility, with major digital assets experiencing notable gains amid important market events and developments.

Performance of Major Cryptocurrencies

Bitcoin (BTC)
Bitcoin is currently trading around $95K, showing an impressive 115% increase year-to-date. Its total market value stands at approximately $1.88 trillion, with a market dominance of 56.10%.

Ethereum (ETH)
Ethereum has seen a nearly 50% rise over the year, with its price now at $3,400. The total market value of Ethereum is about $408 billion.

Solana (SOL)
Solana has experienced significant growth throughout the year, though specific figures are not provided.

Market Overview

The global crypto market's total value stands at $3.29 trillion, showing a 1.32% decrease over the last day. U.S. spot Bitcoin ETPs have collectively attracted more than $36 billion in net inflows in 2024, making them the most successful ETP launch as a group in history.

Bitcoin Dominance and Stablecoin Market

Bitcoin's market dominance remains strong. However, the percentage of long-term Ethereum holders has consistently outpaced that of Bitcoin holders throughout 2024. The stablecoin market has grown to $205 billion, with mainstream companies like Visa, PayPal, and Stripe investing in stablecoin projects.

Regulatory Developments and Institutional Trends

The cryptocurrency landscape has evolved significantly with regulatory developments and increased institutional interest. The approval of spot Bitcoin ETFs earlier this year has paved the way for greater institutional participation.

Macroeconomic Factors

Donald Trump's victory in the U.S. Presidential election and his administration's supportive stance toward cryptocurrencies have fostered optimism for favorable regulatory developments, contributing to a 40% increase in Bitcoin prices following the election. Recent Federal Reserve rate cuts have also influenced investor sentiment in the crypto market.

Notable Announcements and Events

1. Bitcoin reached an all-time high of $108K on December 17, crossing the $100,000 mark for the first time.
2. The approval of Bitcoin and Ethereum ETFs has been a significant milestone, bringing cryptocurrencies closer to mainstream finance.
3. Gary Gensler, the U.S. Securities and Exchange Commission (SEC) Chair, announced his resignation, effective January 20, 2025.
4. South Africa approved 138 crypto licenses by July 2024, signaling increased regulatory acceptance in Africa.
5. The Mt. Gox repayment plan has been a significant event, addressing the aftermath of one of the earliest crypto exchange collapses.

Key Takeaways

1. Bitcoin has been the best-performing asset class of 2024, more than doubling in value since the beginning of the year.
2. Institutional adoption has significantly increased, with major hedge funds and even state investment boards buying into Bitcoin ETFs.
3. The stablecoin market is poised to go mainstream, with increased interest from traditional financial firms.
4. Ethereum has built a stronger base of long-term investors compared to Bitcoin, despite Bitcoin's superior price performance.
5. The crypto market continues to show volatility, with analysts warning of "delusional expectations" for Trump's incoming administration.

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