Crypto in 2024: Key Moments That Shaped the Future of Digital Assets
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2024 has been nothing short of a wild ride for the cryptocurrency industry, with game-changing events shaking up the space. From BTC reaching new heights to explosive meme coin trends, here are the top 9 moments that made this year an important chapter in the history of cryptocurrency development.
1. Bitcoin & Ether ETFs: Crypto Makes the Major Leagues
On January 10, 2024 (EST), the SEC approved 11 Bitcoin Spot ETFs for listing in the United States, allowing them to begin trading the following day. Following this, on May 24, the SEC approved the first batch of 8 Ethereum Spot ETFs for listing in the U.S., which officially began trading on July 23.
The approval of Bitcoin Spot ETFs and Ethereum Spot ETFs marks a pivotal step in the cryptocurrency industry's entry into mainstream financial markets. This milestone not only signifies a diversification of investment channels for crypto assets but also indicates that the industry is gradually moving towards maturity and standardization. It lays a solid foundation for more crypto assets to enter financial markets in the future, ushering in a new chapter of deeper integration between crypto assets and traditional financial markets.
2. Ethereum Dencun (Cancun) Upgrade: Ushering in a New Era of Scalability
In 2024, Ethereum underwent another significant milestone in its history—the Dencun (Cancun) upgrade. By introducing innovative proposals like Proto-Danksharding (EIP-4844), this upgrade successfully addressed long-standing issues of transaction congestion and high gas fees. Post-upgrade, Ethereum achieved significant improvements in transaction throughput on the main chain, user gas fees, network scalability, and security.
The Dencun upgrade not only solidified Ethereum's technological leadership in the blockchain space but also greatly accelerated the growth of layer-2 solutions. With the continued maturation of Layer 2 technology and the advancement of modular blockchains, Ethereum is gradually integrating into a more diverse and competitive crypto ecosystem. This transformation not only challenges Ethereum's traditional dominance but also opens up vast new possibilities for its roles and functionalities in the future crypto landscape.
3. Bitcoin Halving: Sustaining BTC's Value
On April 20, 2024, at block height 840,000, Bitcoin successfully completed its fourth halving, reducing mining rewards from 6.25 BTC to 3.125 BTC.
Bitcoin halving is an event that occurs approximately every four years, cutting the rewards for mining Bitcoin transactions in half. By slowing the rate of new Bitcoin issuance, the halving introduces a deflationary mechanism into Bitcoin's economic model, ensuring its scarcity, value retention, and long-term sustainability as a digital currency. It is often regarded as a positive factor driving Bitcoin bull markets.
4. Solana's Phoenix Moment: From FTX Crash to Stellar Comeback
After the shock of the FTX collapse, the Solana team quickly adjusted its strategy. Leveraging its high TPS, low fees, and parallel processing advantages, Solana attracted a large number of projects and users, gradually expanding into various fields such as DeFi, liquid staking, meme coins, and payments. The platform also successfully partnered with several high-profile projects and collaborators, achieving diversification and deepening the ecosystem.
Additionally, the emergence of popular Solana-based meme tokens became a powerful driving force behind Solana's resurgence. Tokens like *URLS-WIF_USDT*, *URLS-BONK_USDT*, and *URLS-BOME_USDT* gained significant popularity, triggering a notable wealth effect and drawing massive numbers of users to the Solana network. Meanwhile, *URLS-SOL_USDT* also saw a strong rebound, briefly reaching a high of $260, with its market capitalization surpassing $100 billion.
5. TON Gaming Craze & the Telegram Saga: A Blockchain Blockbuster
TON (The Open Network), a highly anticipated blockchain gaming platform, reached a peak in its development in 2024. TON games attracted a large number of players with their unique gameplay and rewarding mechanisms. However, just as the TON gaming craze was sweeping the globe, Telegram founder Pavel Durov was arrested for his involvement in illegal financial activities.
In response to this sudden turn of events, the official team quickly launched a protest movement called "Resistance Dog" to express dissatisfaction with the founder's situation and show solidarity. The movement gained strong support from various parties and unexpectedly led to a significant rise in the market capitalization of *URLS-REDO_USDT*. Despite Durov's ongoing legal troubles, facing many uncertainties and challenges, the spirit of resistance, represented by REDO, has sparked resonance within the community.
6. Meme Coins: A Wild Ride of Crypto Wealth Fairytales
In 2024, Memecoins, driven by strong market consensus and massive wealth effects, attracted significant attention and capital inflows. Both Solana and Base saw the rise of a series of highly sought-after Meme coins. The popularity of these Meme coins not only fueled the prosperity of the cryptocurrency market but also brought substantial returns to investors. However, it is important to note that Meme coins come with high risks and volatility, and investors should remain rational and cautious when participating.
7. Trump's Victory: The Crypto Surge that (Pleasantly) Shocked the Market
Trump's election not only fueled a surge in Bitcoin prices but also sparked market anticipation for the first crypto government. As cryptocurrency becomes more widely adopted and recognized globally, an increasing number of politicians and government institutions are focusing on and researching cryptocurrencies and related technologies.
The market expressed strong hopes for the easing of cryptocurrency policies and the improvement of regulatory frameworks once Trump's administration takes office. In the future, as policies become clearer and regulatory systems are refined, cryptocurrency is expected to see broader applications and deeper integration worldwide.
8. Bitcoin Hits $100,000: An Unstoppable Milestone
Since Trump's victory in the U.S. presidential election and his subsequent election as the new president, Bitcoin's price has repeatedly hit new highs. On December 4, local time, Trump nominated Paul Atkins as the chairman of the U.S. Securities and Exchange Commission (SEC) via social media. Following this announcement, the price of *URLS-BTC_USDT** surged to $101,960, breaking the $100,000 barrier for the first time in history, with a total market capitalization reaching $2.1 trillion.
9. AI Narratives: The Futures of Tokenization
In September 2024, as the crypto market began to recover, AI-themed Memecoins saw a surge in popularity. Tokens like *URLS-GOAT_USDT* not only attracted attention to the AI field within the crypto market but also showcased the immense potential of tokenization in capturing future trends. As technology continues to advance and market demand grows, tokenized projects such as AI Agents are expected to play a more significant role in the future, injecting new vitality into the diversification of the cryptocurrency market.
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