- Why Was 2024 Good for Bitcoin?
- Wide Adoption of Bitcoin Fuels its Growth
- Is Halving to Blame for Bitcoin's Growth Halt?
2024 has been a challenging year for Bitcoin. Despite significant growth, reaching $100K by year-end has proven to be a formidable task. In this article, we will track Bitcoin's trajectory through the first three quarters of 2024 and the key events that shaped its price.
Why Was 2024 Good for Bitcoin?
After a prolonged crypto winter fueled by economic recession, inflation, and the Russia-Ukraine war, Bitcoin lagged. The breakthrough came in early 2024 when BTC began its move towards $60K. A substantial boost occurred in March following the SEC's approval of Bitcoin spot ETFs, pushing Bitcoin to a new all-time high of $73,737.
Wide Adoption of Bitcoin Fuels its Growth
Bitcoin's influence in 2024 extends beyond cryptocurrencies. It is used for sports betting and is accepted in online casinos. However, since March, when Bitcoin achieved its new all-time high, it has struggled to break the $60K level.
Is Halving to Blame for Bitcoin's Growth Halt?
In April 2024, Bitcoin underwent a halving, reducing block mining rewards. Typically, this drives price up, but this time it resulted in a slight decline. Political factors, AI hype, and macroeconomic conditions have impacted Bitcoin's performance. Some experts see this as a normal post-halving re-accumulation phase.
The price of Bitcoin and cryptocurrencies remains on an upward trend despite temporary stagnation. Experts remain optimistic about the possibility of a bullish rally by the end of the year. Bitcoin's future largely depends on the global macroeconomic situation.
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