The year 2024 was a turning point for the cryptocurrency industry, with Bitcoin surpassing $100,000 for the first time. It was a year full of events both for successful deals and for major losses.
A Record Year for Hodlers and Institutions
The crypto market underwent significant changes in 2024, driven by massive institutional adoption and regulatory changes in the United States. On December 5, Bitcoin crossed the $100,000 mark, fueled by a favorable political context and the approval of spot Bitcoin ETFs by the SEC in January. This wave peaked at $108,000 in mid-December, allowing 87% of holders to realize significant profits.
MicroStrategy became a benchmark for institutional success, with Bitcoin reserves reaching $42 billion by the end of the year. El Salvador saw its strategy of adopting Bitcoin as legal tender bear fruit, with its 5,942 BTC now valued at $576 million. Following these successes, many companies, such as Metaplanet and Rumble, also integrated Bitcoin into their treasury.
Additionally, Bitcoin ETFs enjoyed resounding success, surpassing gold funds with $129 billion in assets under management by December. The memecoin sector was also thriving, with a market cap of $104 billion thanks to the impressive performances of Dogecoin and Shiba Inu.
Hacks and Issues in the Crypto Industry in 2024
2024 was also marked by a surge in malicious activity, with losses totaling $2.2 billion over 303 incidents. The biggest heist hit the Japanese exchange DMM in May, where $300 million was stolen by alleged North Korean hackers. PlayDapp and WazirX also suffered major losses of $290 and $235 million, respectively.
Crypto-specialized lawyers were the big winners in this area, garnering over $751 million in fees solely for Chapter 11 bankruptcies. The SEC remained persistent, obtaining $8.2 billion in financial reparations for the fiscal year.
Many missed the opportunity of a lifetime, including Germany, which sold 50,000 seized BTC at $57,000, missing the rise to $100,000. The United States also liquidated 19,800 BTC to their disadvantage, though they still hold 183,850 BTC.
Conclusion: A Year of Maturity for the Crypto Market
The year 2024 will be remembered as a year of maturity for the crypto market. The year was marked by historic institutional successes, but also by the persistent risks inherent in this constantly evolving industry, confirming the need for continuous improvement in security and management systems.
2024 will be remembered not only as a year of outstanding institutional achievements but also as a year that highlighted the vulnerabilities and complexities of the cryptocurrency industry, confirming the need for ongoing security improvements and governance.
