{"id":20077,"date":"2025-01-01T10:00:00","date_gmt":"2025-01-01T08:00:00","guid":{"rendered":"https:\/\/forklog.com\/en\/2024s-key-crypto-events-and-trends-new-highs-and-institutionalisation\/"},"modified":"2025-01-01T10:00:00","modified_gmt":"2025-01-01T08:00:00","slug":"2024s-key-crypto-events-and-trends-new-highs-and-institutionalisation","status":"publish","type":"post","link":"https:\/\/forklog.com\/en\/2024s-key-crypto-events-and-trends-new-highs-and-institutionalisation\/","title":{"rendered":"2024\u2019s key crypto events and trends: new highs and institutionalisation"},"content":{"rendered":"<p>In 2024 the crypto industry finally shook off its bear-market torpor. Many factors signalled the thaw, the most telling being bitcoin\u2019s fresh all-time highs.<\/p>\n<p>New institutional players joined the rally alongside the old guard, helped by the launch of exchange-traded funds backed by the largest digital assets.<\/p>\n<p>Regulatory temperatures also rose above freezing. The US government softened its rhetoric, adding to optimism about the sector\u2019s prospects.<\/p>\n<h2 class=\"wp-block-heading\">Events<\/h2>\n<h3 class=\"wp-block-heading\">ATHs and the halving<\/h3>\n<p>In 2024 the first cryptocurrency proved to sceptics that even spectacular corporate collapses and a grinding bear market could not derail its ascent.<\/p>\n<p>Bitcoin began January near $42,000 and traded between $40,000 and $45,000 until mid-February. It then surged to its first all-time high (ATH) of the year, reaching around $73,000 on March 13, according to <a href=\"https:\/\/www.coingecko.com\/en\/coins\/bitcoin\">CoinGecko<\/a>.<\/p>\n<figure class=\"wp-block-image size-large\"><img loading=\"lazy\" decoding=\"async\" width=\"1024\" height=\"453\" src=\"https:\/\/forklog.com\/wp-content\/uploads\/BTCUSDT_2024-12-30_14-38-28-1024x453.png\" alt=\"BTCUSDT_2024-12-30_14-38-28\" class=\"wp-image-248911\" srcset=\"https:\/\/forklog.com\/wp-content\/uploads\/BTCUSDT_2024-12-30_14-38-28-1024x453.png 1024w, https:\/\/forklog.com\/wp-content\/uploads\/BTCUSDT_2024-12-30_14-38-28-300x133.png 300w, https:\/\/forklog.com\/wp-content\/uploads\/BTCUSDT_2024-12-30_14-38-28-768x340.png 768w, https:\/\/forklog.com\/wp-content\/uploads\/BTCUSDT_2024-12-30_14-38-28.png 1355w\" sizes=\"auto, (max-width: 1024px) 100vw, 1024px\" \/><figcaption class=\"wp-element-caption\">Weekly BTC\/USDT chart on Binance. Data: <a href=\"https:\/\/www.tradingview.com\/symbols\/BTCUSDT\/\">TradingView<\/a>. <\/figcaption><\/figure>\n<p>Digital gold set its ATH ahead of the halving, defying expectations. The fourth halving of miners\u2019 rewards <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-undergoes-fourth-halving\">took place<\/a> on April 20 at block height #840,000, cutting the payout per block from 6.25 BTC to 3.125 BTC.<\/p>\n<p>By the halving, bitcoin had slipped to $63,000 and showed little reaction afterwards. Based on prior cycles, experts had forecast a bull phase to begin <a href=\"https:\/\/forklog.com\/en\/news\/bitcoins-post-halving-trajectory-awaiting-a-new-peak\">about 100 days<\/a> after the cut, yet through summer and the first half of autumn the coin ranged between $50,000 and $65,000.<\/p>\n<p>The price action prompted analysts to <a href=\"https:\/\/forklog.com\/en\/news\/experts-declare-the-end-of-bitcoins-halving-cycle\">question whether<\/a> bitcoin\u2019s halving-driven cycle had \u201cdied\u201d, as previous periods saw rapid gains soon after the event.<\/p>\n<p>With block rewards halved but prices not rising in tandem, miners\u2019 revenues were hit hard, stoking worries about potential <a href=\"https:\/\/forklog.com\/en\/news\/experts-declare-end-to-bitcoin-miners-capitulation\">capitulation<\/a> by some operators.<\/p>\n<p>By early September investor sentiment hovered near fear territory, but as the US Federal Reserve began to <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-tests-61000-amid-fed-rate-cut\">ease monetary policy<\/a>, bitcoin gradually climbed back above $65,000.<\/p>\n<p>Uncertainty over America\u2019s next leader lingered all year. Democrat Kamala Harris was expected to take a more cautious line on bitcoin; her rival\u2014and eventual winner\u2014Donald Trump pledged to make the country the world\u2019s \u201ccrypto capital\u201d.<\/p>\n<p>Trump\u2019s victory unleashed a run of record highs. In November bitcoin raced towards $100,000, and on the night of December 4th\u20135th it finally <a href=\"https:\/\/forklog.com\/en\/news\/bitcoin-surpasses-historic-100000-mark\">cleared<\/a> the psychological threshold. On December 17th the price peaked around $108,000 on Binance\u2014more than 140% up on the year.<\/p>\n<p>By month-end bitcoin fell back below $100,000 and stalled near $95,000.<\/p>\n<p>Other digital assets largely followed the flagship, though many have yet to set new highs. Total crypto market capitalisation grew from $1.73trn to $3.43trn\u2014up 98%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXcg1T9zhllzhR5bplILpLtVaFuUOU1--Nj_MRthOA8pITeEmaaky3AgJ-eri0EukBD2f_3lSj7iVgJ0EJByPut4Dv-pHsRCPsytDwPargzGohgSba_4unmcBSYNMY9uAVFayoHF?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Largest digital assets by market cap (as of January 1 and December 30, 2024). Data: <a href=\"https:\/\/www.coingecko.com\/\">CoinGecko<\/a>.<\/figcaption><\/figure>\n<p>By year-end Ethereum hovered around $3400, up 70% over 12 months. The coin was still roughly 30% below its all-time high of $4878 on November 10, 2021 (as of December 30, 2024).<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXc32cAgs78eL3aV6wzuQnVubPBK5nDulRGGL_WIkmuuRe7utFjbwjhYwf9f5hqNWMqScZ8h4vqw1GWAR2tbHnhSDMJToHdN8pwG8MD5_GRE4idsMv3aXQeulDcYFfePf6W9TfbecQ?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Metrics as of December 30, 2024. Data: <a href=\"https:\/\/www.coingecko.com\/ru\/highlights\/all-time-high-crypto\">CoinGecko<\/a>. <\/figcaption><\/figure>\n<p>In November Solana (SOL) <a href=\"https:\/\/forklog.com\/en\/news\/solana-reaches-all-time-high-amid-four-sol-etf-listing-applications\">tested<\/a> a new ATH at $261, not far above its previous peak. On December 4 <a href=\"https:\/\/forklog.com\/en\/news\/bnb-reaches-new-heights-following-meme-coin-platform-launch\">BNB<\/a> set a high at $788, and <a href=\"https:\/\/forklog.com\/en\/news\/tron-reaches-new-all-time-high-after-doubling-in-value\">TRX<\/a> at $0.43.<\/p>\n<p>XRP also put in a strong showing, <a href=\"https:\/\/forklog.com\/en\/news\/coinbase-whales-propel-xrp-to-new-heights\">climbing<\/a> from $0.5 to nearly $3 in a month. Its previous ATH of $3.4 was set in January 2018.<\/p>\n<p>Most analysts expect the <a href=\"https:\/\/forklog.com\/en\/news\/cryptoquant-sets-bitcoin-target-for-current-cycle\">bull market to continue<\/a> in 2025 and foresee new bitcoin highs, albeit with differing targets. They also <a href=\"https:\/\/forklog.com\/en\/news\/bitwise-predicts-ethereum-at-7000-and-solana-at-750-by-2025\">anticipate<\/a> fresh records in major coins including ETH and SOL.<\/p>\n<p>Whether an altcoin season has arrived is disputed. Some argue it <a href=\"https:\/\/forklog.com\/en\/news\/venture-capitalist-declares-end-of-altcoin-season\">has already ended<\/a>; others insist it <a href=\"https:\/\/forklog.com\/en\/news\/cryptoquant-ceo-challenges-traditional-altcoin-season-indicators\">has yet to begin<\/a>.<\/p>\n<h3 class=\"wp-block-heading\">ETF launches<\/h3>\n<p>Throughout 2023 asset managers battled America\u2019s Securities and Exchange Commission (SEC) to launch spot bitcoin ETFs. On January 10, 2024 the regulator ultimately<a href=\"https:\/\/forklog.com\/en\/news\/sec-approves-all-11-spot-bitcoin-etf-applications\"> approved<\/a> all 11 applications; trading began the next day.<\/p>\n<p>The authorised issuers included Bitwise, Grayscale, Hashdex, BlackRock, Valkyrie, BZX, Invesco, VanEck, WisdomTree, Fidelity and Franklin Templeton, ARK Invest and 21Shares.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXfMZzyjpfueJJQYRNyEVDqxFL7HIOFZiNzX2yoVyyoYdX_SxfLH0t3Yrss1faRs_WpPLRj0q-jO2HDD5a4wTpXW3cfUgQ5o8GYbQfOCsbfnft9qM4oiFwrHU16lnSxLDYR6BBSzvA?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Terminal with approved bitcoin ETFs. Data: <a href=\"https:\/\/twitter.com\/WuBlockchain\/status\/1745191399061102744\">X<\/a>. <\/figcaption><\/figure>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cAlthough today we approved the listing and trading of certain spot bitcoin <span data-descr=\"exchange-traded products\" class=\"old_tooltip\">ETP<\/span>s, we are not approving, and have not approved, bitcoin itself. Investors should remain cautious about the myriad risks associated with it and products whose value is tied to the asset,\u201d the SEC chair Gary Gensler said at the time.<\/p>\n<\/blockquote>\n<p>Interest was almost immediate: more than $800m flowed into the new funds in the first week. Most saw inflows, though the converted Grayscale trust (GBTC) recorded hefty outflows as its discount to <span data-descr=\"net asset value\" class=\"old_tooltip\">NAV<\/span> narrowed.<\/p>\n<p>Since launch, net inflows into the ETFs have exceeded 500,000 BTC, according to <a href=\"https:\/\/sosovalue.com\/assets\/etf\/us-btc-spot\">SoSoValue<\/a>.<\/p>\n<p>Managers now hold 5.68% of bitcoin\u2019s total supply\u2014about $112.5bn at current prices.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXfy7HoyHWQOtG5LrFpVXcFO_YY7-0v_yNVxRxttyrXN3bW4vECXgIj5fqhzJTk1wQQTjma2Df7bV0xWIIdK4_3WwF3yTIOyc-XVa-DBeGLbL3sdMhqXUriwgcmlrCIERL4fmwKh?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Data: SoSoValue.<\/figcaption><\/figure>\n<p>Several analysts reckon the hefty ETF volumes drove bitcoin\u2019s first ATH of the year.<\/p>\n<p>For now the largest spot product is BlackRock\u2019s IBIT with $53.44bn in assets, followed by GBTC with $21.1bn and Fidelity\u2019s FBTC with $20.7bn.<\/p>\n<p>Summer brought the turn of the second-largest cryptocurrency. On July 23 spot Ethereum ETFs in the US <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-etf-trading-commences-amid-moderate-pressure-on-price\">began trading<\/a>.<\/p>\n<p>Early on, they proved less impressive than their bitcoin cousins. Over time, however, outflows\u2014largely from Grayscale\u2019s product\u2014gave way to a run of inflows.<\/p>\n<p>Net inflows to ETH ETFs now total $2.24bn. Issuers control roughly 2.9% of circulating ETH worth $13.6bn.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXe5uFg2FjecE54x8gXdlxawNIRO9RpBTQnr-48BcU28pue3xHW17qJuUiC7BTJXuxc2_U63AdzIh3AjUab2Gse3ZLKRXhpd_Ae0_J9LdMVoMCUXEH2z4vYvZ6tnQrIhIOE_S_fg?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Data: SoSoValue.<\/figcaption><\/figure>\n<p>Grayscale\u2019s ETHE is the largest product in the segment, but the converted trust still shows negative flows\u2014investors have withdrawn $3.52bn since launch.<\/p>\n<p>BlackRock\u2019s ETHA ranks second with $3.81bn in assets under management.<\/p>\n<p>Stock-market players now await products tied to other coins. In November the <span data-descr=\"Chicago Board Options Exchange\" class=\"old_tooltip\">CBOE<\/span> <a href=\"https:\/\/forklog.com\/en\/news\/solana-reaches-all-time-high-amid-four-sol-etf-listing-applications\">filed<\/a> 19b\u20114 forms for four spot Solana ETF applications from VanEck, 21Shares, Canary and Bitwise. A fifth request from Grayscale was <a href=\"https:\/\/www.nyse.com\/publicdocs\/nyse\/markets\/nyse-arca\/rule-filings\/filings\/2024\/SR-NYSEArca-2024-110.pdf\">submitted<\/a> on December 3.<\/p>\n<p>Yet the SEC has <a href=\"https:\/\/forklog.com\/en\/news\/sec-to-reject-two-solana-etf-applications-reports-suggest\">notified<\/a> at least two of the five issuers that it intends to reject their filings.<\/p>\n<p>XRP from Ripple may also have a shot at a spot fund. 21Shares <a href=\"https:\/\/forklog.com\/en\/news\/21shares-seeks-sec-approval-for-spot-xrp-etf\">filed<\/a> the paperwork in November. Bloomberg\u2019s Eric Balchunas has also <a href=\"https:\/\/forklog.com\/en\/news\/bloomberg-analyst-considers-potential-for-dogecoin-etf\">floated<\/a> the prospect of Dogecoin ETF applications landing at the SEC.<\/p>\n<h3 class=\"wp-block-heading\">Trump\u2019s win<\/h3>\n<p>On November 5 Donald Trump, known for his pro-crypto pledges, <a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-becomes-47th-president-of-the-united-states-implications-for-the-crypto-industry\">won<\/a> America\u2019s presidential election. His Republican party also secured a commanding Senate majority.<\/p>\n<figure class=\"wp-block-image is-resized\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXdyXjT8r0HKfcLGM9XgSrpR6AhoXuDtSWEWw0GHbZS4KE1mfFkTCWN_QhovNV2iMWP2WHaER2NmIqUyUdosDrYp4pfLg8la0aRDNtg9-0phLmQ0_gdBXC5Nbteg32sd3K1hmkkJ_A?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\" style=\"width:635px;height:auto\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.npr.org\/2024\/11\/06\/g-s1-33007\/how-trump-won-policies\">NPR<\/a>. <\/figcaption><\/figure>\n<p>Buoyed by the result, bitcoin punched through $100,000\u2014a milestone the president\u2011elect duly <a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-congratulates-crypto-community-on-bitcoin-reaching-100000\">saluted<\/a>.<\/p>\n<p>Trump, whose inauguration is slated for January 20, 2025, cast himself as a defender of digital assets, chastised Democrats\u2019 botched regulatory forays and aimed to become the <a href=\"https:\/\/forklog.com\/en\/news\/from-not-real-money-to-millions-in-bitcoin-how-and-why-donald-trump-became-the-crypto-president\">\u201ccrypto president\u201d<\/a>.<\/p>\n<p>On the trail he outlined plans to cement America\u2019s leadership in digital assets and make the country the <a href=\"https:\/\/forklog.com\/en\/news\/trump-vows-to-make-america-the-crypto-capital-of-the-world\">\u201ccryptocurrency capital of the world\u201d<\/a>.<\/p>\n<p>One of the community\u2019s most anticipated promises has already been realised\u2014if not by decree then by influence\u2014via the <a href=\"https:\/\/forklog.com\/en\/news\/gary-genslers-departure-a-retrospective-on-the-sec-chairs-tenure\">departure<\/a> of Gary Gensler, one of the most criticised officials, from the helm of the SEC.<\/p>\n<p>The president\u2011elect has formally <a href=\"https:\/\/forklog.com\/en\/news\/trump-nominates-paul-atkins-as-sec-chair\">nominated<\/a> Paul Atkins to chair the regulator, praising the nominee\u2019s grasp of digital assets and calling him \u201ca proven leader in common\u2011sense rules\u201d.<\/p>\n<p>Trump has also <a href=\"https:\/\/forklog.com\/en\/news\/trump-nominates-david-sacks-as-crypto-czar\">proposed<\/a> David Sacks, co\u2011founder and general partner of the venture firm Craft Ventures, as \u201cczar\u201d for AI and digital assets. One task will be to help craft a regulatory framework for crypto.<\/p>\n<p>The change of guard has boosted the odds of a US strategic bitcoin reserve. After the election, Senator Cynthia Lummis <a href=\"https:\/\/forklog.com\/en\/news\/us-congress-to-vote-on-bitcoin-reserve-bill\">introduced<\/a> a bill to buy 1m BTC (no more than 200,000 per year over five years) funded by the Fed\u2019s gold reserves.<\/p>\n<p>Earlier, Trump <a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-sees-bitcoin-as-a-solution-to-us-national-debt\">proposed<\/a> using bitcoin to help pay down the national debt.<\/p>\n<p>Among other pledges:<\/p>\n<ul class=\"wp-block-list\">\n<li><a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-advocates-for-us-leadership-in-cryptocurrency-industry\">free<\/a> Ross Ulbricht, founder of the Silk Road dark\u2011web marketplace;<\/li>\n<li><a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-vows-to-block-cbdc-in-the-us\">block<\/a> the creation of a US CBDC;<\/li>\n<li><a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-vows-to-safeguard-bitcoin-mining-sector\">protect<\/a> the country\u2019s <a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-envisions-a-bitcoin-mining-superpower\">bitcoin\u2011mining<\/a> sector and the industry globally;<\/li>\n<li><a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-describes-bitcoin-as-an-additional-form-of-currency\">not impede<\/a> the use of digital gold or other cryptocurrencies.<\/li>\n<\/ul>\n<p>The Trump family waded in too. In September his sons <a href=\"https:\/\/forklog.com\/en\/news\/trump-family-unveils-world-liberty-financial-token-sale\">unveiled<\/a> World Liberty Financial and a forthcoming WLFI token sale. <a href=\"https:\/\/forklog.com\/en\/news\/trump-familys-crypto-project-raises-5-million-in-first-hour-of-presale\">Presales<\/a> began in mid\u2011October.<\/p>\n<p>The largest investor was Tron\u2019s founder Justin Sun, who <a href=\"https:\/\/forklog.com\/en\/news\/justin-sun-becomes-leading-investor-in-world-liberty-financial\">bought<\/a> 2bn WLFI for $30m. The platform aims to raise $300m by selling 100bn coins. In December World Liberty Financial <a href=\"https:\/\/forklog.com\/en\/news\/trump-linked-project-invests-12-million-in-altcoins\">converted<\/a> 12m USDC into Ethereum, Chainlink and Aave.<\/p>\n<p>As Trump builds an administration <a href=\"https:\/\/forklog.com\/en\/news\/trump-seeks-crypto-friendly-figures-for-government-roles\">stacked with crypto\u2011friendly figures<\/a>, the true impact of his policies on bitcoin and the wider industry will become clear next year.<\/p>\n<h3 class=\"wp-block-heading\">Dencun<\/h3>\n<p>On March 13 the Ethereum team <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-developers-activate-dencun-hard-fork-on-mainnet\">activated<\/a> the long\u2011awaited Dencun (Deneb\u2011Canc\u00fan) upgrade on mainnet.<\/p>\n<p>At its core is EIP\u20114844, which introduces <a href=\"https:\/\/www.eip4844.com\/\">Proto\u2011Danksharding<\/a> to scale the network by creating a new transaction type for large binary data blobs (BLOBs).<\/p>\n<p>These blobs temporarily store large volumes of data, enabling a <a href=\"https:\/\/forklog.com\/en\/news\/dencun-update-significantly-reduces-fees-in-layer-2-networks\">dramatic reduction<\/a> in fees across L2 ecosystems, especially those using rollups.<\/p>\n<p>Gas on Base fell from $0.7 (pre\u2011hard fork) to $0.0024 (post\u2011launch). Optimism\u2019s transaction costs dropped from $0.66 to $0.0055, and ZKsync\u2019s from $0.32 to $0.097.<\/p>\n<p>While Dencun made L2 transactions cheaper by tens or even hundreds of times, it also exposed some mainnet side\u2011effects.<\/p>\n<p>Daily ETH burn has declined, hitting its lowest levels since the London hard fork in 2022.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXf2aVtNEtuWFfvKN4PDTjYXEWMhUxw8eLwQxs3n_5xj1UdVU4bu_hVnDceFG4CKTqgL_UyoSkyAlLLctYpayK4pWYdE8dbwZwXLpZEHZP2AsaOZznDSzckRZ1IDxPLN0JQ_3cA2Tg?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/etherscan.io\/chart\/dailyethburnt\">Etherscan<\/a>.<\/figcaption><\/figure>\n<p>On July 7, 2024 Etherscan recorded a daily burn low of just 183 ETH.<\/p>\n<p>Per <a href=\"https:\/\/ultrasound.money\/\">Ultra Sound Money<\/a>, since The Merge the supply has shrunk by 76,988 ETH out of a total of 120.4m coins\u2014an emission change of just \u22120.028%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXelHGiNkqT7MIS3vMvhNP4-HV2_wHRlR_UCF6uvltvBMoc6PdtO7RXTjH_zrtCumFQHBWHL0hZjcA6EHYn2MrZhTNAO71mRg-6uEbMcANrZr4OAB2yVeBtX7bRXUhc2JHK1BA_KXw?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Data: Ultra Sound Money.<\/figcaption><\/figure>\n<p>L2 fee revenue plunged after Dencun, though it recovered somewhat by year\u2011end.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXfnL-3jOhJ6BMvBEUfBoCMMb4Ivooxko7Js7FGehSOZY4SIyjUPa4uZI79emTkcypjamFQubJV7qh6UvjT69uKhRJXCc5SO0clVrBlUGwr8kR_cDDhGwC8zUmvgiI0BcdDbMChL?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/www.theblock.co\/data\/scaling-solutions\/scaling-overview\/layer-2-profits\">The Block<\/a>.<\/figcaption><\/figure>\n<p>The upgrade also <a href=\"https:\/\/forklog.com\/en\/news\/dencun-update-spurs-rise-in-failed-transactions-on-ethereums-l2-networks\">spurred<\/a> more bot activity and failed transactions on L2s.<\/p>\n<p>Next up for Ethereum is the major <a href=\"https:\/\/forklog.com\/en\/news\/pectra-steering-ethereum-toward-scale-and-mass-adoption\">Pectra<\/a> upgrade to make the system more flexible, efficient and user\u2011friendly, combining Prague and Electra to expand wallet capabilities and improve network efficiency.<\/p>\n<p>As an ecosystem, 2024 was not Ethereum\u2019s finest hour: critics grumbled about slow progress. In December blockchain developer Max Resnick <a href=\"https:\/\/forklog.com\/en\/news\/ethereum-researcher-max-resnick-moves-to-solana\">announced<\/a> he was leaving ConsenSys for Anza, focused on Solana.<\/p>\n<p>His move followed large\u2011scale <a href=\"https:\/\/forklog.com\/en\/news\/consensys-to-reduce-workforce-by-up-to-20\">layoffs<\/a> at the company and personal disillusionment with Ethereum. In one essay he argued the network\u2019s original vision as \u201cthe public financial substrate for a new world\u201d had been \u201cground to dust\u201d.<\/p>\n<p>Even so, expectations for Ethereum run high amid growing <a href=\"https:\/\/forklog.com\/en\/news\/blackrock-and-fidelity-acquire-500-million-in-ethereum-for-etfs-over-two-days\">institutional uptake<\/a>. Bitwise <a href=\"https:\/\/forklog.com\/en\/news\/bitwise-predicts-ethereum-at-7000-and-solana-at-750-by-2025\">hopes<\/a> to see ETH at $7000 in 2025.<\/p>\n<h3 class=\"wp-block-heading\">Mt.Gox distributions<\/h3>\n<p>In May the exchange Mt.Gox, which collapsed a decade ago, <a href=\"https:\/\/forklog.com\/en\/news\/mt-gox-transfers-over-9-billion-in-bitcoin\">began moving<\/a> coins for the first time in years.<\/p>\n<p>Across several batches, wallets sent more than 140,000 BTC in total, kicking off long\u2011awaited user reimbursements.<\/p>\n<p>Mt.Gox <a href=\"https:\/\/forklog.com\/en\/news\/mt-gox-confirms-client-addresses-for-compensation\">confirmed<\/a> creditors\u2019 addresses for compensation back in January, and in April some clients <a href=\"https:\/\/forklog.com\/en\/news\/mt-gox-trustee-updates-creditor-payout-information\">reported<\/a> fiat payouts.<\/p>\n<p>Over 2024 the exchange moved bitcoin worth <a href=\"https:\/\/forklog.com\/en\/news\/mt-gox-transfers-over-9-billion-in-bitcoin\">$9bn<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/mt-gox-bitcoin-transfers-shake-market-with-6-billion-move\">$6bn<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/mt-gox-shifts-2-85-billion-in-bitcoin\">$2.85bn<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/mt-gox-transfers-24052-btc-to-new-wallet\">$2.47bn<\/a>, <a href=\"https:\/\/forklog.com\/en\/news\/mt-gox-transfers-2-25-billion-in-bitcoin\">$2.25bn<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/mt-gox-transfers-784-million-in-bitcoin\">$784m<\/a>. Such hefty sums unnerved the market and at times triggered corrections.<\/p>\n<p>Meanwhile Kraken, Bitstamp and other venues <a href=\"https:\/\/forklog.com\/en\/news\/kraken-and-bitstamp-report-on-mt-gox-asset-distribution\">reported<\/a> receiving and distributing assets.<\/p>\n<p>Mt.Gox was expected to finish compensation by October 31, 2024, but the deadline was <a href=\"https:\/\/forklog.com\/en\/news\/mt-gox-delays-compensation-deadline-to-2025\">pushed<\/a> to the same date in 2025. According to <a href=\"https:\/\/intel.arkm.com\/explorer\/address\/1N7jWmv63mkMdsYzbNUVHbEYDQfcq1u8Yp\">Arkham Intelligence<\/a>, the platform still holds 24,052 BTC worth $2.44bn.<\/p>\n<p>In September former owner and CEO Mark Karpel\u00e8s also <a href=\"https:\/\/forklog.com\/en\/news\/former-mt-gox-ceo-announces-launch-of-new-bitcoin-exchange\">announced<\/a> a new exchange, EllipX, in Poland, touting \u201ctransparency\u201d and user friendliness.<\/p>\n<h3 class=\"wp-block-heading\">Tornado Cash rehabilitated<\/h3>\n<p>On November 26 America\u2019s Fifth Circuit Court of Appeals <a href=\"https:\/\/forklog.com\/en\/news\/us-court-deems-sanctions-against-tornado-cash-unlawful\">ruled<\/a> that the <span data-descr=\"U.S. Treasury's Office of Foreign Assets Control\" class=\"old_tooltip\">OFAC<\/span> exceeded its authority when it sanctioned the crypto mixer Tornado Cash in August 2022.<\/p>\n<p>The blacklisting was prompted by suspicions of ties to North Korea\u2019s nuclear programme. The agency said that since Tornado Cash\u2019s launch in 2019, criminals had laundered more than $7bn through it.<\/p>\n<p>The decision stemmed from a lawsuit by six Ethereum and Tornado Cash users against the US Treasury after the site was added to the blacklist. They argued the measures were excessive because the mixer is software, not a person or organisation.<\/p>\n<blockquote class=\"wp-block-quote is-layout-flow wp-block-quote-is-layout-flow\">\n<p>\u201cTornado Cash\u2019s immutable smart contracts (lines of code that provide privacy) are not the \u2018property\u2019 of a foreign national or entity, which means they cannot be blocked under [the law] and that OFAC exceeded the authority granted to it by Congress,\u201d the panel held.<\/p>\n<\/blockquote>\n<p>The ruling also noted that even under sanctions the platform remains available \u201cto any person with an internet connection\u201d.<\/p>\n<p>Bill Hughes, senior counsel at ConsenSys, <a href=\"https:\/\/x.com\/BillHughesDC\/status\/1861545321450336342\">called<\/a> the ruling \u201ca good win that the Supreme Court is unlikely to overturn\u201d. Coinbase\u2019s chief legal officer Paul Grewal <a href=\"https:\/\/x.com\/iampaulgrewal\/status\/1861549058797772874\">said<\/a> it was historic \u201cfor crypto and for everyone who cares about protecting liberty\u201d.<\/p>\n<p>Even so, the fate of Tornado Cash\u2019s developers is unchanged. In late November 2024 a <a href=\"https:\/\/forklog.com\/en\/news\/tornado-cash-developers-detention-extended\">court extended<\/a> the pre\u2011trial detention of developer Alexey Pertsev. In May Dutch authorities found him guilty of laundering $1.2bn via the mixer and <a href=\"https:\/\/forklog.com\/en\/news\/tornado-cash-developer-sentenced-to-64-months-for-money-laundering\">sentenced<\/a> him to 64 months. In July he was <a href=\"https:\/\/forklog.com\/en\/news\/tornado-cash-developer-denied-bail\">denied<\/a> bail pending appeal.<\/p>\n<p>Co\u2011founders Roman Storm and Roman Semenov also face US charges of money laundering and sanctions violations. There is no word of any cases being dropped.<\/p>\n<h2 class=\"wp-block-heading\">Trends<\/h2>\n<h3 class=\"wp-block-heading\">Institutionalisation and bitcoin accumulation<\/h3>\n<p>With spot ETFs and other stock\u2011market products now wrapped around crypto, <span data-descr=\"traditional finance\" class=\"old_tooltip\">TradFi<\/span> players gained a full\u2011fledged route into digital assets.<\/p>\n<p>According to a <a href=\"https:\/\/www.bloomberg.com\/news\/articles\/2024-10-10\/almost-half-of-traditional-hedge-funds-are-dabbling-in-crypto\">PwC and AIMA study<\/a>, by October 2024 some 47% of traditional hedge funds had invested in crypto, up from 29% in 2023. Regulatory clarity in the US and Asia, plus ETF launches, were key drivers.<\/p>\n<p>River\u2019s experts reckon that over the coming year 10% of US firms will<a href=\"https:\/\/forklog.com\/en\/news\/us-firms-poised-to-invest-10-3-trillion-in-bitcoin-over-18-months-says-river\"> convert 1.5% of their reserves<\/a>\u2014about $10.35trn\u2014into bitcoin.<\/p>\n<p>It was also <a href=\"https:\/\/forklog.com\/en\/news\/morgan-stanley-to-offer-bitcoin-etfs-to-clients\">reported<\/a> that 15,000 Morgan Stanley financial advisers will offer clients bitcoin ETFs, and that BNY Mellon will<a href=\"https:\/\/forklog.com\/en\/news\/bny-mellon-to-expand-custodial-services-to-spot-bitcoin-etfs\"> expand<\/a> custody to spot products.<\/p>\n<p>Analysts at Sygnum <a href=\"https:\/\/forklog.com\/en\/news\/sygnum-institutional-inflows-to-btc-etfs-boost-bitcoin-by-3-6-per-1-billion\">estimate<\/a> that each $1bn of inflows into BTC ETFs lifts the underlying by 3\u20136%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXec_T1hbL2_WX4cb1yt5o7LhpcJNITGNJqD4GpmJbZXYw68SMky87n8es2tU4nYKcCAYf0H-M4EWGCp4Ge7xCNHBMYqa90GxAG1gYEkF0uAiCm4udDsCH395qdGt85W3iaQq6vWQQ?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Data: Sygnum.<\/figcaption><\/figure>\n<p>Rising institutional interest could set up a 2025 \u201c<a href=\"https:\/\/en.wikipedia.org\/wiki\/Demand_shock\">demand shock<\/a>\u201d. Analysts also see room for greater state and public\u2011sector buying.<\/p>\n<p>In November an unnamed UK pension fund <a href=\"https:\/\/forklog.com\/en\/news\/uk-pension-fund-allocates-2-million-to-bitcoin-investment\">allocated<\/a> 3% of its \u00a350m (~$64.9m) in assets to direct bitcoin purchases. That month Michigan\u2019s state pension fund <a href=\"https:\/\/forklog.com\/en\/news\/uk-pension-fund-allocates-2-million-to-bitcoin-investment\">disclosed<\/a> buying 460,000 ETHE shares worth over $10m and 460,000 Grayscale Ethereum Mini Trust ETF (ETH) shares worth about $1.1m.<\/p>\n<p>MicroStrategy, led by Michael Saylor, accelerated its accumulation and remains the largest public\u2011company holder, with 423,650 BTC (~$43bn).<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXcJfy0kZiFofxO4fX1AB5J_TUdL-iQkZRAfveRVQ30uRFKeWsEqJZTUDcZynGDkMX2DifSKnwLYmhKVAAiI6x9lXPPmrulqxlpEnW6CUJceDZlrfwYapw4B9K7oas3y46brMOKZ2g?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/bitcointreasuries.net\/\">BitcoinTreasuries<\/a>. <\/figcaption><\/figure>\n<p>Saylor kept announcing purchases throughout the year and in late November <a href=\"https:\/\/forklog.com\/en\/news\/michael-saylor-proposes-bitcoin-strategy-for-microsoft\">pitched<\/a> a bitcoin strategy to Microsoft\u2019s board to add $4.9trn to its market cap. With just <a href=\"https:\/\/forklog.com\/en\/news\/a-mere-0-55-of-microsoft-shareholders-back-bitcoin-reserve-proposal\">0.55%<\/a> of shareholders in favour, the idea was rejected.<\/p>\n<p>That did not dent MicroStrategy\u2019s prospects. In December its shares (MSTR) were <a href=\"https:\/\/forklog.com\/en\/news\/microstrategy-joins-nasdaq-100-index\">added<\/a> to the Nasdaq\u2011100 index of the 100 largest non\u2011financial firms on the exchange.<\/p>\n<p>Bloomberg\u2019s James Seyffart <a href=\"https:\/\/forklog.com\/en\/news\/microstrategy-shares-poised-for-surge-amid-nasdaq-100-inclusion\">estimated<\/a> at least $2.1bn of ETF buying would follow inclusion.<\/p>\n<p>Over the year MSTR rose nearly six\u2011fold; bitcoin gained about 130%.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXe7V3oz1qhsbU2e1oGg0ZZ37umB9Wg4MXb_KNINM0LK5Ozc8yEMxUHqFiTdRkXkOAVWy2M9vFsWxoHdwi5iwAWx_nllVcQF3M8UiT96dmbWjMM2hoWUgiiH1TWVlKdRApd2Hn_CwQ?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Daily MSTR\/USD on Nasdaq. Data: <a href=\"https:\/\/ru.tradingview.com\/chart\/XQSQJA42\/?symbol=NASDAQ%3AMSTR\">TradingView<\/a>. <\/figcaption><\/figure>\n<p>A shareholder group also urged Amazon to create a bitcoin reserve, <a href=\"https:\/\/forklog.com\/en\/news\/amazon-urged-to-consider-bitcoin-reserve-by-shareholder-group\">investing<\/a> \u201cat least 5% of assets\u201d. The proposal will be considered at the 2025 AGM.<\/p>\n<p>Japan\u2019s public firm <a href=\"https:\/\/forklog.com\/en\/news\/metaplanet-to-raise-62-million-for-bitcoin-acquisition\">Metaplanet<\/a> followed Saylor\u2019s lead, lifting its reserves to 1,142 BTC. CEO Simon Gerovich <a href=\"https:\/\/forklog.com\/en\/news\/metaplanet-ceo-advocates-bitcoin-accumulation-as-holdings-surpass-300-btc\">urged<\/a> investors to \u201calways accumulate the first cryptocurrency\u201d.<\/p>\n<p>Miner MARA likewise <a href=\"https:\/\/forklog.com\/en\/news\/marathon-digital-expands-bitcoin-holdings-with-100-million-purchase\">implemented<\/a> a full\u2011blown bitcoin strategy, amassing 40,435 BTC.<\/p>\n<p>Even so, just 0.01% of public companies worldwide presently <a href=\"https:\/\/forklog.com\/en\/news\/public-companies-bitcoin-strategy-a-rare-phenomenon\">hold<\/a> bitcoin, per OKG Research.<\/p>\n<h3 class=\"wp-block-heading\">The rise and fall of tap\u2011to\u2011earn clickers<\/h3>\n<p>Hardly had 2024 begun when Web3 gaming entered a new phase. On January 1 a Telegram mini\u2011app called Notcoin launched on The Open Network (TON).<\/p>\n<p>The clicker let users \u201cmine\u201d the NOT token by tapping their screens. It quickly drew crowds with the promise of an airdrop. From the outset the team warned players not to expect profit: the token \u201cis worth nothing\u201d.<\/p>\n<p>The airdrop was first slated for bitcoin\u2019s halving, then pushed to May. From February, <a href=\"https:\/\/forklog.com\/en\/news\/storm-trade-introduces-pre-launch-futures-for-notcoin\">pre\u2011launch futures<\/a> on NOT began trading on Storm Trade. In March, P2P pre\u2011markets opened on <a href=\"https:\/\/forklog.com\/en\/news\/notcoin-launches-pre-market-for-not-token\">Getgems<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/bybit-launches-pre-market-for-notcoin-token\">Bybit<\/a>.<\/p>\n<p>On May 16 the coin was <a href=\"https:\/\/forklog.com\/en\/news\/notcoin-debuts-at-0-012-as-trading-commences\">listed<\/a> by all major exchanges; its price fell about 60% on day one. It now trades near $0.007, down from $0.012 at the start.<\/p>\n<p>By June Notcoin\u2019s user base had <a href=\"https:\/\/forklog.com\/en\/news\/notcoins-user-base-reaches-40-million-token-value-surges\">hit<\/a> 40m; some countries even introduced <a href=\"https:\/\/forklog.com\/en\/news\/uzbek-student-arrested-for-selling-notcoin\">criminal penalties for selling<\/a> NOT. The team later <a href=\"https:\/\/forklog.com\/en\/news\/notcoin-abandons-clicker-game-concept-for-sustainable-model\">announced<\/a> it was abandoning the clicker concept.<\/p>\n<p>Others rushed to copy the playbook. \u201cTap\u2011to\u2011earn\u201d clones appeared, notably <a href=\"https:\/\/forklog.com\/en\/news\/mass-adoption-or-mania-the-big-questions-for-hamster-kombat\">Hamster Kombat<\/a> and the Elon Musk\u2011inspired <a href=\"https:\/\/forklog.com\/en\/news\/x-empire-users-appeal-to-elon-musk-over-scam-airdrop\">X Empire<\/a>.<\/p>\n<p>Hamster Kombat\u2019s user base rocketed to 100m. Pavel Durov, who <a href=\"https:\/\/forklog.com\/en\/news\/pavel-durov-announces-hamster-kombat-token-launch-on-ton\">endorsed<\/a> the game, said 4\u20135m new users joined daily, making it \u201cthe fastest\u2011growing digital service in the world\u201d.<\/p>\n<p>Telegram itself saw users surge past <a href=\"https:\/\/forklog.com\/en\/news\/telegram-nears-1-billion-users-amid-crypto-game-craze\">950m<\/a> amid the craze.<\/p>\n<p>But the end of Hamster Kombat\u2019s first season <a href=\"https:\/\/forklog.com\/en\/news\/hamster-kombats-first-season-concludes-amidst-cheating-concerns\">disappointed<\/a> many with mass bans and a weak HMSTR price. The project <a href=\"https:\/\/forklog.com\/en\/news\/hamster-kombat-loses-nearly-260-million-players-post-listing\">shed<\/a> 260m users and the token plunged.<\/p>\n<p>Tap\u2011to\u2011earn looks like the one big fad that did not survive 2024. Notcoin\u2019s creator Alexander Plotvinov argued such apps <a href=\"https:\/\/forklog.com\/en\/news\/notcoin-abandons-clicker-game-concept-for-sustainable-model\">won\u2019t achieve long\u2011term success<\/a> or generate sustainable revenue.<\/p>\n<p>Hamster Kombat\u2019s developers have <a href=\"https:\/\/forklog.com\/en\/news\/hamster-kombat-developers-aim-to-reengage-players\">promised to woo users back<\/a> ahead of season two, but a return to peak popularity looks unlikely\u2014and no new headline\u2011grabbing projects have emerged.<\/p>\n<h3 class=\"wp-block-heading\">Fast memes<\/h3>\n<p>Meme coins have long been part of crypto. Until 2024, though, creating them required technical know\u2011how.<\/p>\n<p>That changed in March with Pump.fun on Solana. The \u201cmeme\u2011coin factory\u201d lets any X user mint a token via a simple tweet with a name, image and description.<\/p>\n<p>An automated bot does the heavy lifting, including seeding DEX liquidity pools once a market\u2011cap threshold is reached.<\/p>\n<p>According to <a href=\"https:\/\/dune.com\/jhackworth\/pumpfun\">Dune<\/a>, more than 4.6m meme tokens were created in ten months. Pump.fun took in over $310m in fees.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXf8WWwyTUuT6Alkkq8ogijTOtTebMfEJQUIt3k7Q-If2BPKuM6IVJzYcqJjGSr6CQ8EUBY_-xfDp8EvWEj6loMxrYuZWJRwq9uRYVAJmopcsweItJlyIoBf9MOCwH5zxAz1yL_J?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Data: Dune.<\/figcaption><\/figure>\n<p>The frenzy lured waves of new traders and spawned rivals\u2014Ethervista on Ethereum, <a href=\"https:\/\/forklog.com\/en\/news\/bnb-reaches-new-heights-following-meme-coin-platform-launch\">Springboard<\/a> on BNB Chain, <a href=\"https:\/\/forklog.com\/en\/news\/justin-sun-launches-incentive-program-for-meme-token-creators-on-tron\">SunPump<\/a> on Tron and <a href=\"https:\/\/forklog.com\/en\/news\/dex-screener-launches-rival-to-pump-fun\">Moonshot<\/a> from DEX Screener (on Solana).<\/p>\n<p>Even so, Pump.fun drew flak. By September only <a href=\"https:\/\/forklog.com\/en\/news\/only-89-out-of-2-million-meme-tokens-on-pump-fun-achieve-success\">0.0045%<\/a> of auto\u2011created tokens had exceeded $1m in market cap.<\/p>\n<p>Another backlash followed the platform\u2019s streaming feature. Users balked at livestreams where token creators used <a href=\"https:\/\/forklog.com\/en\/news\/controversy-erupts-over-pump-fun-livestreams\">questionable methods<\/a> to grab attention.<\/p>\n<p>In November Pump.fun\u2019s developers <a href=\"https:\/\/forklog.com\/en\/news\/pump-fun-revenue-declines-by-a-third-amid-streaming-suspension\">shut<\/a> streaming, citing too few moderators amid surging demand\u2014a blow to revenue.<\/p>\n<p>In December access to the platform was <a href=\"https:\/\/forklog.com\/en\/news\/access-to-pump-fun-blocked-for-uk-users\">restricted<\/a> for UK users after the regulator cited a lack of licensing.<\/p>\n<p>Despite the criticism, the team <a href=\"https:\/\/forklog.com\/en\/news\/pump-fun-announces-future-token-launch-plans\">announced<\/a> plans for a token and unveiled Pump Advanced, a trading terminal for power users.<\/p>\n<p>The meme\u2011coin sector is hard to gauge in a broad bull market. But former bitcoin maximalist and meme\u2011coin maven Murad Mahmudov <a href=\"https:\/\/forklog.com\/en\/news\/experts-weigh-in-on-the-slowdown-of-the-meme-coin-bull-run\">flagged<\/a> a slowdown, while on\u2011chain data <a href=\"https:\/\/forklog.com\/en\/news\/market-shifts-focus-from-meme-coins-to-defi-tokens\">showed<\/a> interest shifting to DeFi.<\/p>\n<p>The segment\u2019s total market cap now <a href=\"https:\/\/www.coingecko.com\/en\/categories\/meme-token\">stands<\/a> at $107bn\u2014about 3% of crypto.<\/p>\n<h3 class=\"wp-block-heading\">Prediction markets<\/h3>\n<p>Prediction platforms are not new, but 2024\u2014supercharged by America\u2019s election and other headline events\u2014brought them into the mainstream.<\/p>\n<p>Such services let users bet on almost anything. In \u201ccryptocurrency\u201d categories, they wager on bitcoin and Ethereum price milestones and airdrop schedules.<\/p>\n<p>Polymarket emerged as the leader. In January its traders <a href=\"https:\/\/forklog.com\/en\/news\/polymarket-users-lower-bitcoin-etf-approval-odds-to-84\">staked $8.23m<\/a> on spot bitcoin ETF approvals.<\/p>\n<p>Alternatives include <a href=\"https:\/\/forklog.com\/en\/news\/prediction-platform-bet-on-solana-surpasses-polymarket-in-trading-volume\">BET on Solana<\/a> and <a href=\"https:\/\/forklog.com\/en\/news\/dydx-to-introduce-perpetual-futures-in-prediction-markets\">leveraged perpetual binary futures on dYdX<\/a>.<\/p>\n<p>Throughout the year Polymarket users punted on everything from <a href=\"https:\/\/forklog.com\/en\/news\/polymarket-users-bet-on-bitcoin-reaching-100000-by-novembers-end\">bitcoin at $100,000<\/a> to the <a href=\"https:\/\/forklog.com\/en\/news\/buterin-backs-polymarkets-controversial-betting-section\">Middle East conflict<\/a> and the next SEC chair.<\/p>\n<p>Regulatory headwinds did not stop the surge\u2014growth accelerated from May. That month the project <a href=\"https:\/\/forklog.com\/en\/news\/institutional-bulletin-polymarket-secures-70-million-humanity-protocol-raises-30-million\">raised<\/a> $70m across two rounds from General Catalyst, DragonFly Capital, ParaFi Capital, Vitalik Buterin and others.<\/p>\n<p>In October monthly volumes hit a peak of $2.5bn, easing after the US presidential race ended.<\/p>\n<figure class=\"wp-block-image\"><img decoding=\"async\" src=\"https:\/\/lh7-qw.googleusercontent.com\/docsz\/AD_4nXfLBTB-_epBvanR31S7EIQojHjjXG0gBUsR56v2JT5JicUwS2cHyr9l_D6MmD0kGSS-xXU1duNqDo0_7K0R9MeCykZvNyb-BWnQIgbvfuDOLLKuWNLZp59aTs0yBE69K3n6nmch6g?key=XDrFF6kjhM4vLxfCOIkygIJr\" alt=\"\u0413\u043b\u0430\u0432\u043d\u044b\u0435 \u0441\u043e\u0431\u044b\u0442\u0438\u044f \u0438 \u0442\u0440\u0435\u043d\u0434\u044b 2024 \u0433\u043e\u0434\u0430: \u043d\u043e\u0432\u044b\u0435 \u043c\u0430\u043a\u0441\u0438\u043c\u0443\u043c\u044b \u0438 \u0438\u043d\u0441\u0442\u0438\u0442\u0443\u0430\u043b\u0438\u0437\u0430\u0446\u0438\u044f\u00a0\"\/><figcaption class=\"wp-element-caption\">Data: <a href=\"https:\/\/dune.com\/jhackworth\/pumpfun\">Dune<\/a>.<\/figcaption><\/figure>\n<p>The stats are sobering: only <a href=\"https:\/\/forklog.com\/en\/news\/on-chain-analysis-reveals-profitability-of-polymarket-wallets\">13.6%<\/a> of Polymarket traders made money, most less than $100. Despite that\u2014and ethical debates over some markets\u2014usage stayed brisk.<\/p>\n<p>Access was not universal. In November France\u2019s regulator <a href=\"https:\/\/forklog.com\/en\/news\/france-restricts-access-to-polymarket\">blocked<\/a> the site for locals.<\/p>\n<p>The ban followed an <a href=\"https:\/\/forklog.com\/en\/news\/french-regulator-scrutinizes-polymarket-over-massive-trump-bet\">investigation<\/a> by the national gambling authority into a French trader, \u201cTheo4\u201d, who <a href=\"https:\/\/forklog.com\/en\/news\/polymarket-users-wager-millions-on-trump-and-harris-victories\">wagered<\/a> more than $30m on <a href=\"https:\/\/forklog.com\/en\/news\/donald-trump-becomes-47th-president-of-the-united-states-implications-for-the-crypto-industry\">Trump\u2019s victory<\/a> and netted about $19m.<\/p>\n<p>Before that, the FBI <a href=\"https:\/\/forklog.com\/en\/news\/fbi-searches-polymarket-ceos-apartment-seizes-phone\">searched<\/a> the Manhattan apartment of Polymarket CEO Shayne Coplan; he has <a href=\"https:\/\/forklog.com\/en\/news\/polymarket-ceo-asserts-platforms-non-partisan-stance\">stressed<\/a> the platform\u2019s \u201cstrict non\u2011partisanship\u201d. Media reported authorities seized his phone and other electronics.<\/p>\n<p>***<\/p>\n<p>One thing is clear: the past year revived crypto and stiffened investor confidence. Much remains uncertain, but positive signals\u2014from a new US administration to fresh records\u2014point to the bull cycle rolling into 2025.<\/p>\n<p>Participants will keep a close eye on upgrades and moments to act. With luck the next 12 months will bring few shocks; and if challenges come, the market will be ready.<\/p>\n<p>Stay with ForkLog. Happy New Year!<\/p>\n","protected":false},"excerpt":{"rendered":"<p>In 2024 the crypto industry finally shook off its bear-market torpor. Many factors signalled the thaw, the most telling being bitcoin\u2019s fresh all-time highs. New institutional players joined the rally alongside the old guard, helped by the launch of exchange-traded funds backed by the largest digital assets. Regulatory temperatures also rose above freezing. The US [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":20076,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"select":"","news_style_id":"","cryptorium_level":"","_short_excerpt_text":"","creation_source":"","_metatest_mainpost_news_update":false,"footnotes":""},"categories":[1144],"tags":[1705],"class_list":["post-20077","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-longreads","tag-bitcoin-2024"],"aioseo_notices":[],"amp_enabled":true,"views":"105","promo_type":"","layout_type":"","short_excerpt":"","is_update":"","_links":{"self":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20077","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/comments?post=20077"}],"version-history":[{"count":0,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/posts\/20077\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media\/20076"}],"wp:attachment":[{"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/media?parent=20077"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/categories?post=20077"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/forklog.com\/en\/wp-json\/wp\/v2\/tags?post=20077"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}