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Crypto Market 2024 Year-End Review
Keep reading to learn more about what trends drove the crypto market boom in 2024.
How did the Bitcoin price perform in 2024?
The year began strongly for Bitcoin. The US approved approved spot Bitcoin ETFs on January 10, bringing growth in institutional interest along with higher prices — Bitcoin hit its first new all-time high of 2024 on March 13.
Bitcoin's sensitivity to macroeconomic conditions was evident in its price volatility during the first quarter, but overall sentiment remained optimistic, with experts pointing to increasing regulatory clarity and the Bitcoin halving on April 19 as key factors that would shape the market's trajectory moving forward.
However, this year's Bitcoin halving event did not follow historical trends.
Speaking to the Investing News Network, WonderFi CEO Dean Skurka explained the differences he’s observed compared to past post-halving periods: “Previous halvings tended to cause some volatility immediately after the event, with significant jumps in price in the six to 12 months following.”
Bitcoin performance after 2020's halving.
Chart via CoinGecko.
This time, Bitcoin's price reached an all-time high before the event and experienced a downtrend in the following months, falling from US$73,097 pre-halving to below US$60,000 in May and July. It didn't break US$73,000 again until October, boosted by the prospect of a more crypto-friendly political climate.
“This current post-halving period did not follow the same rapid trajectory as the three previous events, but the positive signals sent out by both global jurisdictions and institutional investors in recent months have accelerated the interest in digital currencies across the board,” Dean explained.
Bitcoin performance after 2024's halving.
Chart via CoinGecko.
Bitcoin’s 40 percent gain in November has largely been attributed to Republican victories in the House and Senate, along with Donald Trump's presidential win. Among other corporate-friendly initiatives, the party ran on a platform of looser regulations for crypto and a government stake in Bitcoin in the form of a national Bitcoin reserve.
Since declaring victory, Trump has announced plans to stock his cabinet with pro-crypto members and has maintained close ties to industry insiders like Elon Musk and Coinbase’s Brian Armstrong.
Starting on November 5, Bitcoin was able to set new all-time highs on nearly a weekly basis — the popular cryptocurrency topped US$100,000 for the first time in history on December 4.
“Historically, Bitcoin has averaged a +10 percent increase in December, with blockbuster performances in 2010, 2011, and 2020,” 10x Research founder and CEO Markus Thielen told Cointelegraph on December 2, adding that returns have averaged 28 percent during halving years. “Even if we’d do half of the 2021 move, that would still put the price at around US$150K,” he speculated of Bitcoin’s current price discovery phase.
Altcoin interest jumps on Bitcoin boom, DeFi attention
Dean said halving cycles also tend to drive more interest elsewhere in crypto.
"More eyes are on the crypto industry as a whole, and other cryptocurrencies not subject to halving get investor attention, leading to surges in altcoin markets as well as innovation in the space," he said.
This observation has indeed held true, particularly in the second half of 2024, with altcoins experiencing significant market gains. This shift has been marked by a wave of new investment opportunities across the crypto landscape, underscoring the broader impact of evolving market dynamics in the industry.
The launch of spot Bitcoin ETFs in the US January, followed by spot Ether ETFs in July, fueled institutional demand for diversified crypto exposure. Since then, VanEck, 21Shares and Franklin Templeton have pursued Solana ETFs.
The expansion of crypto investment vehicles highlights the maturing and evolving nature of the industry.
This surge in interest has also been driven by a revival of decentralized finance (DeFi) protocols, which have played a key role in increasing the value and adoption of both Solana and Ether.
DeFi offers a range of permissionless and transparent financial services built on blockchain technology, and both Solana and Ether have emerged as leading platforms for DeFi development.
Solana is an attractive platform for DeFi applications due to its high throughput and low transaction fees. Innovations like layer-2 scaling solutions on the Ethereum network strengthen its position as a leading DeFi platform.
Institutions embrace crypto
Beyond the rise of DeFi, 2024 has witnessed a significant trend toward the institutionalization of cryptocurrencies, as evidenced in record-breaking trading volumes on centralized crypto exchanges.
These surges in trading activity strongly suggest increased participation from institutional investors who are using these platforms for both spot trading and sophisticated derivatives strategies.
According to Coinglass data, total Bitcoin options open interest has gone from less than US$25 billion for most of the year to around US$40 billion since November 20.
Total Bitcoin options open interest in 2024.
Chart via Coinglass.
Bitcoin futures open interest has also risen significantly since late October.
Bitcoin futures open interest in 2024.
Chart via Coinglass.
Alongside the broader institutional adoption of staking, 2024 saw the rise of innovative solutions like liquid staking.
Liquid staking protocols issue derivative tokens representing staked assets, allowing institutions to maintain liquidity while earning staking rewards. Lido, a liquid staking protocol, enables users to stake ETH without locking it up and issues stETH tokens in return. stETH tokens have increased over 67 percent in value year-on-year.
Taking it a step further, EigenLayer, backed by Andreessen Horowitz, has pioneered restaking, a protocol that allows staked assets to be leveraged across multiple protocols for maximum capital efficiency. Data tracked by DeFiLlama reveals over US$20 billion in total value locked in EigenLayer as of December 8.
These advances have provided new opportunities for institutions to maximize returns and participate more deeply in the quickly developing cryptocurrency ecosystem.
Investor takeaway
The cryptocurrency market's resurgence in 2024 has been driven by a confluence of factors that have propelled the industry into a new era of growth and innovation. While challenges and uncertainties remain, the overall trajectory points toward continued expansion and the integration of cryptocurrencies into the global financial landscape.
As institutional investors deepen their involvement and regulatory frameworks evolve, the crypto market is poised for further transformation, shaping the future of finance and investment.
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Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Tech 5: Bitcoin Breaks US$100,000, Saylor's MicroStrategy Loads Up
Meanwhile, Bitcoin’s rally past US$100,000 is igniting conversations about corporate investment in the cryptocurrency.
In the political sphere, Donald Trump continued to stock his cabinet, choosing Gail Slater to lead the US Department of Justice’s antitrust division. Slater previously served as a tech policy advisor to the National Economic Council during Trump’s first term, after spending 10 years as an attorney for the Federal Trade Commission. In her new role, Slater will oversee antitrust cases against big tech companies, ensuring fair competition and addressing monopolistic practices.
“Big Tech has run wild for years, stifling competition in our most innovative sector and, as we all know, using its market power to crack down on the rights of so many Americans, as well as those of Little Tech!” Trump said in a statement.
1. Bitcoin smashes through US$100,000 barrier
On the heels of its biggest one month gain in history, Bitcoin has gone on to attain a new milestone, surpassing the US$100,000 landmark and notching a new all-time high of US$103,670 on Thursday (December 5).
The cryptocurrency hit record highs against both gold and silver as well. CryptoQuant data also shows a drop in Bitcoin exchange reserves as investors shifted to self-custody.
Spot Bitcoin exchange-traded funds (ETFs) recorded US$3.3 billion in net inflows over four days, with BlackRock’s IBIT crossing US$50 billion in assets for the first time on Tuesday.
Bitcoin’s market capitalization is now just short of US$2 trillion, less than 16 years after its inception.
The moment happened at 02:30 UTC, hours after Trump nominated Paul Atkins as chair of the US Securities and Exchange Commission (SEC). He will replace Gary Gensler after he steps down on January 20.
Atkins has also previously advised the Reserve Rights Foundation, the entity behind the RSR token, and is recognized for his balanced regulatory approach and deep understanding of securities law. A research report by CitiBank cites a combination of political and economic components as reasons for the rapid ascent.
Bitcoin performance, November 30 to December 6, 2024.
Chart via CoinDesk.
Leading up to the announcement, reports emerged that Trump is considering crypto-friendly Perianne Boring and Caroline Pham to chair the Commodity Futures Trading Commission.
Last week, Fox Business reported that the Trump administration was planning to extend crypto jurisdiction to the US indicating that digital assets will be regulated as commodities.
Some analysts also partly attributed the surge to comments from Federal Reserve Chair Jerome Powell. He said on Wednesday that the cryptocurrency is more like gold than the US dollar.
Signs of a pullback also emerged for Bitcoin soon after its rise, and it plunged to below US$92,000 on Thursday afternoon with no obvious explanation. Ether, Solana, DOGE and XRP also saw losses.
Bitcoin’s recovered almost immediately, and it broached US$102,000 on Friday afternoon following jobs data that points to a higher likelihood of an interest rate cut after the next Fed meeting. However, crypto analysts like CoinDesk’s Omar Godbole have cautioned against impulsive decisions based solely on short-term price movements. Highly volatile price movements have brought the crypto Fear & Greed Index down to 72 from a high of 84 on Thursday.
Adding to market confusion, Fox Business’ Eleanor Terrett reported that the SEC will not approve any new crypto ETFs under the Biden administration, effectively rejecting two spot Solana ETF hopefuls. Meanwhile, Trump announced the appointment of David Sacks to the new role of White House AI and Crypto Czar via Truth Social post as prominent bankers dismissed Trump’s plan to establish a Bitcoin reserve as a “bad deal” and “crazy."
2. Bitcoin rush spurs altcoin interest
While Bitcoin grabbed the headlines, altcoins have also experienced a rush of interest. Ethereum showed a particularly strong performance this week, with reports highlighting increased activity and investor confidence.
Its value surpassed US$4,000 just after the markets opened on Friday morning and reached an intraday high of US$4,089 in the final 30 minutes of trading. Research from Steno and Bernstein indicates a rise in transactional revenue on the Ethereum blockchain, driven by a surge in Ether activity and growing inflows to spot Ether ETFs.
Experts suggest this points to a potential end to Ether's period of underperformance, particularly with the expectation of regulatory changes under the new administration that could further incentivize staking.
The Bernstein report notes that Ether's supply has remained steady at 120 million tokens since its transition to a proof-of-stake consensus mechanism. Notably, around 40 percent of Ether's supply is either staked or locked in DeFi protocols, and almost 60 percent hasn't been traded in the last 12 months, indicating "HODLing" behavior among investors and contributing to a degree of scarcity, further bolstering Ethereum's long-term value proposition.
Ether price, November 30 to December 6, 2024.
Chart via CoinDesk
CoinDesk has also highlighted a pattern in Ether's price chart that mirrors a pattern observed before Bitcoin's significant rally last month. XRP's price also saw a temporary increase driven by memecoin activity and trading on decentralized exchanges. Speculation about the SEC dropping its lawsuit against Ripple Labs and the potential approval of Ripple's stablecoin, RLUSD, helped extend the rally on Tuesday.
3. MicroStrategy urges corporate investment in Bitcoin
MicroStrategy (NASDAQ:MSTR) shares received a nearly 12 percent boost mid-week, and the company's Bitcoin holdings appear to be contributing to its positive momentum. The company is up 0.27 percent for the week.
The analytics company has been accumulating Bitcoin, scooping up US$1.5 billion worth of the currency between November 25 and December 2. Its most recent purchase brings the company's total holdings to 402,100 coins.
CEO Michael Saylor has been a vocal advocate for Bitcoin since at least 2020, when the company made its first purchase. This week, Saylor said he gave a short presentation to Microsoft’s (NASDAQ:MSFT) board, suggesting the company add Bitcoin to its portfolio instead of conducting stock buybacks or issuing dividends.
Saylor was speaking on behalf of the Free Enterprise Project, the shareholder activism arm of the National Center for Public Policy Research (NCPPR). The NCPPR argues that Microsoft is risking shareholder value in the face of sticky inflation by “ignoring” Bitcoin’s potential as a strategic investment.
“Bitcoin is an excellent, if not the best, hedge against inflation,” the NCPPR claims in a statement, suggesting that mega-cap companies evaluate the benefits of allotting 1 percent of their total assets to the cryptocurrency.
Microsoft has urged its board members to vote against the proposal, dubbed Proposal 5 in a proxy statement released ahead of the board’s upcoming meeting on December 10. It remains to be seen how the board will vote, but MicroStrategy's recent success and Saylor's ongoing advocacy for Bitcoin could signal a shift in how major corporations view the cryptocurrency. While Microsoft's stance is currently cautious, the pressure from the NCPPR and the example set by MicroStrategy may encourage other companies to reconsider their position on Bitcoin as a potential investment.
4. Intel CEO Geslinger forced to retire
Intel (NASDAQ:INTC) CEO Pat Geslinger announced his retirement on Monday (December 2) morning, providing a brief boost to the company’s share price at the opening bell.
Reports indicate that the company’s board gave him an ultimatum: retire or be removed. The decision perhaps comes as no surprise; Intel’s share price has plummeted over 50 percent year-to-date, and the firm is lagging behind its peers in terms of advanced chip manufacturing technology and market share in key areas like artificial intelligence (AI) and data centers, despite being the largest recipient of funds allocated to the Chips and Science Act.
The initial optimism surrounding Gelsinger's departure was short-lived, and the company’s share price was down over 15 percent for the week at Friday’s closing bell. Intel’s CFO David Zinsner and executive vice president Michelle Johnston Holthaus are serving as interim co-CEOs while the board searches for Gelsinger’s replacement.
5. GenAI central to Amazon's re:Invent conference
The Amazon re:Invent 2024 conference, held this week in Las Vegas, Nevada, showcased Amazon's (NASDAQ:AMZN) cloud innovations with a major focus on generative AI.
The company revealed added tools for building and deploying AI to Amazon Bedrock, including a marketplace for foundation models like those in the new Amazon Nova family, and features to improve accuracy and safety. Amazon also highlighted advancements to SageMaker, simplifying data management and analysis.
Further announcements included new energy-efficient data center technologies, such as enhanced cooling systems, the use of renewable diesel for backup power and a redesigned server rack layout to minimize unused power. Some of these components are already in use, while others will be implemented in future data centers. Additionally, AWS is adopting liquid cooling systems to effectively manage the heat generated by high-performance chips, particularly those from Nvidia, which cannot be adequately cooled using traditional fan-based methods.
The company also disclosed new and expanded partnership agreements, including a major deal with Oracle that will see the company run its databases on AWS, integrations with companies SAP and Adobe to improve their services using AWS’s cloud, a deeper collaboration with GitLab to infuse AI into the software development process and a partnership to launch digital twin-powered integrated airport operations command center on AWS.
Finally, AWS also introduced Project Rainier, a massive supercomputer powered by hundreds of thousands of its custom-designed Trainium2 chips. Designed to train advanced AI models, the “ultracluster” is purpose-built for training the next generation of AI models in collaboration with Anthropic. AWS also announced the general availability of Trainium2, making this powerful technology accessible to all its customers, a move that has the potential to significantly shift the landscape of AI chip development, currently dominated by NVIDIA (NASDAQ:NVDA).
Seeking Alpha also reported this week that Amazon is in talks with news publishers about licensing their content to develop a smarter version of Alexa that leverages generative AI to deliver customized responses to real-time news queries from users. The launch of this enhanced Alexa is planned for next year.
Amazon stock closed up over 8 percent for the week.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Tech 5: Microsoft, Google Face New Antitrust Action, Ether Rallies
1. Bitcoin pulls back as Ether outperforms
Bitcoin pulled back at the start of the week following a rally toward US$100,000 last Friday (November 22).
After setting a new all-time high of US$99,645, the cryptocurrency struggled to stay above US$98,000 over the weekend, eventually falling as low as US$92,058 on Monday evening. Bitcoin declined even further to US$90,911 as the markets wrapped on Tuesday, marking its lowest valuation of the week.
On Wednesday, following Fox News reports that the Trump administration would move to hand more power to crypto regulation to the Commodity Futures Trading Commission, Bitcoin rallied to an intraday high of US$97,360. Investor confidence also rose due to weekly inflation numbers that suggested a resilient economy and a strengthening job market, both of which typically bolster risk appetite. As markets wrapped, Bitcoin was ahead by over 6.5 percent in 24 hours.
It traded sideways on Thursday as US markets celebrated Thanksgiving, and started Friday strong with a brief surge to US$98,680 in early trading before pulling back and wrapping the day around US$97,500. As of 6:00 p.m. EST Friday, Bitcoin was down 1.9 percent for the week, trading at US$97,485.
Ether performance, November 23 to 29, 2024.
Chart via CoinGecko.
Meanwhile, Ether showed signs of a resurgence, climbing to over US$3,500 for the first time since June on Monday. While it quickly pulled back to a weekly low of around US$3,280 on Tuesday afternoon, Ether climbed steadily Wednesday to hit a weekly high of US$3,666 as Asia’s markets opened.
Block Scholes and Bybit Analytics released a report on Thursday observing a US$8.9 billion surge in Ether open interest, estimating its price could top US$4,000 before Donald Trump takes office on January 20.
Ether traded in the range of US$3,550 and US$3,650 for the remainder of the week. As of 6:00 p.m. EST Friday, it was up 8.9 percent for the week, trading for around US$3,590.
2. Dell, CrowdStrike fall following Q3 reports
Dell (NYSE:DELL) and Crowdstrike (NASDAQ:CRWD) are down 10.94 percent and 3.81 percent, respectively, for the week after both companies delivered quarterly reports that left shareholders dissatisfied.
Shares of Dell fell by over 12 percent on Wednesday morning after the company’s Q3 2025 results, released after the closing bell on Tuesday afternoon, revealed declining revenue for its PC business. Dell’s Client Solutions Group revenue declined by 1 percent year-over-year in Q3 to US$12.1 billion, despite the increase in demand for PCs equipped with AI anticipated by analysts.
“The PC refresh cycle is pushing into next year,” the company’s CFO Yvonne McGill said on a call with analysts after the results were released.
Meanwhile, Infrastructure Solutions Group revenue rose at an annual rate of 34 percent to US$11.4 billion. Total revenue grew 10 percent to US$24.4 billion, missing the average analyst estimate of US$24.6 billion. Adjusted earnings were US$2.15 per share, above with the average estimate of US$2.06.
Additionally, Dell's Q4 2025 revenue outlook of US$24.5 billion fell short of analyst expectations of US$25.57 billion, leaving shareholders unimpressed despite some positive data points.
Shares of Crowdstrike opened 1.6 percent lower and fell by over 3 percent in early trading on Wednesday after a lackluster earnings report for Q3 2025.
Dell and Crowdstrike performance, November 23 to 29, 2024.
Chart via Google Finance.
CrowdStrike's CFO, Burt Podber, emphasized the company's strong quarterly performance. During an earnings call, he highlighted a growing sales pipeline and expressed optimism about finishing the year with momentum “despite expected headwinds from the July 19 incident,” referring to the global outage that temporarily crippled the cybersecurity defenses of countless organizations worldwide.
The event could explain the company’s adjusted earnings per share forecast to a range of US$0.84 to US$0.86 for Q4, slightly below the analyst expectation of US$0.87. The company’s total operating expense increased nearly 40 percent compared to the same period last year.
On a more upbeat note, CrowdStrike's Q3 sales surpassed predictions, reaching US$1.01 billion, and its adjusted profit per share of US$0.93 exceeded estimates of US$0.81 per share.
Additionally, CrowdStrike increased its full fiscal year revenue forecast to between US$3.92 billion and US$3.93 billion, higher than the anticipated US$3.9 billion.
3. Microsoft latest to be investigated by FTC, Google faces lawsuit in Canada
The US Federal Trade Commission launched an antitrust investigation into Microsoft on Wednesday.
According to sources for Bloomberg, who first reported the news, the FTC has been interviewing business partners and competitors for over a year, and has requested the company turn over information regarding all aspects of Microsoft’s business in a document that’s “hundreds of pages long.”
Sources familiar with the matter say that the ongoing investigation is heavily focused on Microsoft's practice of bundling its popular office productivity and security software with its cloud products.
Microsoft opened 0.71 percent lower on Friday morning following the news but recovered by the end of the shortened trading day. Its stock is up 2.93 percent for the week.
FTC regulators will reportedly meet with Microsoft executives next week. Neither organization has issued a formal comment on the situation.
This is the fifth investigation launched by FTC Chair Lina Khan in recent years, and likely one of the last before she steps down in January. President-elect Donald Trump has not yet named Khan's successor.
Meanwhile, Canada’s Competition Bureau announced it was suing Google (NASDAQ:GOOGL) for anti-competitive practices in the online advertising market, adding to the company’s mounting list of legal problems.
“The Competition Bureau conducted an extensive investigation that found that Google has abused its dominant position in online advertising in Canada by engaging in conduct that locks market participants into using its own ad tech tools, excluding competitors, and distorting the competitive process,” Matthew Boswell, Commissioner of Competition, said in the press release. “Google’s conduct has prevented rivals from being able to compete on the merits of what they have to offer, to the detriment of Canadian advertisers, publishers and consumers.”
4. Biden admin finalizes US$7.9 billion CHIPS funding for Intel
The Biden administration has finalized its deal with Intel for nearly US$7.9 billion in federal grants for chip manufacturing in Arizona, Ohio, Oregon and New Mexico. This amount, slightly less than the initially proposed award of US$8.5 billion, will be used to boost chip manufacturing in these locations.
“The award will directly support Intel’s expected US investment of nearly US$90 billion by the end of the decade, which is part of the company’s overall US$100+ billion expansion plan,” President Joe Biden said in a statement.
The company will receive at least US$1 billion this year based on milestones it has already reached and can begin receiving additional funds as it hits negotiated benchmarks on projects.
Bloomberg reported that government officials said the reduction in the grant wasn’t a reflection of the challenges the company’s chip business has faced this year, but instead is due to a US$3 billion grant the company is eligible for to make chips for the military. Due to a change in the financing for the military grant, some of the funds were instead taken from the CHIPS Act grant.
Although the initial deal included provisions for US$11 billion in loans, Intel opted not to utilize this option. Bloomberg columnist Mackenzie Hawkins noted that makes it the third major company to turn down government loans provided by Biden’s US$75 billion in loans available through the CHIPS Act.
Shares of Intel fell by nearly 4.5 percent on Tuesday before the markets closed.
5. California proposes renewed EV rebates excluding Tesla
California Governor Gavin Newsom shared plans to create a new version of the state’s Clean Vehicle Rebate Project (CVRP) and offer state rebates for electric vehicles (EVs) if President-elect Donald Trump follows through on campaign promises and eliminates the Biden-era federal EV tax credit.
The CVRP was a state program funded through California’s Greenhouse Gas Reduction Fund that offered rebates to residents who purchased or leased eligible new zero-emission vehicles. It ran from 2010 until it was closed on November 8, 2023, after funding was exhausted.
Governor Newsom’s office told Bloomberg on Monday that the current plan included market share proposals that could exclude models made by Tesla (NASDAQ:TSLA), but reiterated that the details of the proposal would first need to pass through the regular legislative channels.
“It’s about creating the market conditions for more of these car makers to take root,” the governor’s office told Bloomberg.
Tesla CEO and Trump’s pick as head of the newly-announced Department of Government Efficiency, or DOGE, Elon Musk was quick to fire back, posting his thoughts on X: “Even though Tesla is the only company that manufactures their EVs in California! This is insane.”
Despite the bump in the road — Tesla closed down over 6 percent on Monday — the company ended the week slightly ahead by 1.26 percent.
Don't forget to follow us @INN_Technology for real-time news updates!
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.