Top 5 Crypto Milestones of 2024 That Changed the Industry Forever

2024 has emerged as a landmark year for the cryptocurrency industry, witnessing numerous significant developments that catapulted the market to unprecedented heights. Here are the five pivotal events that have shaped the journey of cryptocurrencies this year, underscoring the transformative power of these occurrences.

Bitcoin Hits $100,000: A Defining Benchmark

Breaking past $100,000, Bitcoin achieved a milestone predicted yet profoundly impactful, asserting its maturity as an asset class. This uplift encouraged broader adoption, emboldening both public sectors and entities like MicroStrategy, which saw its faith in Bitcoin vindicated.

Simultaneously, potential Bitcoin reserves are being considered by countries once skeptical of crypto, foreshadowing expanded major corporate involvement as exemplified by nascent interest from Amazon.

OKX's Lennix Lai points out that similar policy-induced momentum fosters institutional embrace but warns of continued market volatility amid economic ambivalence and interest rate uncertainties.

SEC Approves Spot Bitcoin ETFs: A Breakthrough Moment

At the dawn of 2024, following Grayscale’s unexpected legal triumph against the SEC in late 2023 concerning its Bitcoin Trust, the SEC sanctioned 12 Spot Bitcoin ETFs. This marked Bitcoin's inaugural venture into the U.S. retail investments sphere, sparking a rush among retail investors who invested millions into these funds. Within merely two months, Bitcoin shattered its 2021 all-time high, surpassing $70,000 by March. This milestone prompted other global markets, including the UK, to roll out Bitcoin-based exchange-traded products (ETPs).

By year-end, these U.S. ETFs managed over $105 billion in net assets, outperforming Gold ETFs in assets under management. The success fostered crypto’s penetration into institutional territories, with the SEC greenlighting Ethereum ETFs and entertaining similar requests for other altcoins.

Forest Bai, Co-founder of Foresight Ventures, remarked on the significance of these shifts, asserting the role of regulated financial products in elevating crypto adoption, and projecting a surge in diverse crypto ETFs in 2025. However, some experts caution against possible liquidity issues due to the increasing fund inflows, urging a balanced outlook focusing on decentralized solutions.

Solana’s Meme Coin Surge: A New Frontier

2024 will forever be etched in the crypto community's memory as the year Solana’s meme coins took center stage. Platforms such as Pump.fun accentuated their rise, placing Solana’s meme coins fourth in investor interest metrics as per CoinGecko data. Notably, Solana-based meme coins reached a combined market cap exceeding $16 billion, driven by notable surges in tokens like Dogwifhat (WIF) and BONK.

However, not all industry observers are optimistic about this trend's longevity. Jonathan Schemoul, CEO of Aleph.im, suggested that the focus will shift towards utility-driven applications. Meanwhile, Solana's scalable and accessible ecosystem was pivotal for meme coin creators, yet volatility concerns emerged as a significant market challenge.

Trump’s Election: A Crypto Optimism Surge

The political intertwined with crypto saw a new dawn with Donald Trump's 2024 electoral victory, which cast a favorable light on the crypto sphere. Anticipation of lax regulatory conditions propelled the market upward by almost $1 trillion, with Bitcoin touching new zeniths, breaking the $100,000 mark.

Trump’s pro-crypto stance notably benefited Ripple’s XRP which had been shackled by longstanding SEC lawsuits, resulting in a dramatic ascent to six-year highs. His administration’s outlook and appointments, including pro-crypto figures, engender optimism about sustained crypto integration within the U.S. financial architecture.

Echoing these sentiments, John Patrick Mullin of MANTRA projected potential worldwide influence of U.S. regulatory shifts, particularly pointing to Hong Kong's proactive stance on crypto as a beacon for regional innovation.

Gensler’s SEC Resignation: A Regulatory Shift

The end of Gary Gensler's tenure as SEC chair initiates a promising change in regulatory tides, following Trump’s re-election. Gensler’s notoriously stringent policies had irked many in the crypto industry, leading to friction over regulatory ambiguities.

Trump's appointment of Paul Atkins, a digital asset proponent, augurs a shift towards a more conducive regulatory framework encouraging crypto innovation. Despite persisting market volatility, this transition fosters hopes for a collaborative stance with regulators, vital for consistent industry growth.

The culmination of these transformative events in 2024 heralds a profound evolution in the crypto landscape, paving the way for further advancements and widespread adoption.