2024's Biggest Moments in Cryptocurrency

The year 2024 has been a rollercoaster for the cryptocurrency world, marked by groundbreaking milestones and significant setbacks.

From Bitcoin’s record-breaking surge past $100,000 to major regulatory advancements that opened doors for institutional investors, the crypto space demonstrated its resilience and potential. However, alongside these achievements came challenges, including high-profile exchange bankruptcies and persistent vulnerabilities in DeFi platforms.

As the year ends, let’s dive into the top 10 moments—both triumphs and disappointments—that defined the ever-evolving crypto landscape.

TOP 10 Remarkable Events And Achievements In the Crypto Space

1. Bitcoin Surpasses $100,000

For the first time in history, Bitcoin reached a milestone price of over $100,000 in December 2024. This surge was driven by institutional investments, broader adoption, and optimism tied to crypto-friendly policies under Donald Trump’s administration.

2. Approval of Bitcoin and Ethereum ETFs

The U.S. SEC approved Bitcoin and Ethereum exchange-traded funds (ETFs), paving the way for institutional investors to gain easier exposure to cryptocurrencies. This legitimized crypto assets further in mainstream finance.

3. Integration of MicroStrategy into the Nasdaq 100

MicroStrategy, known for its vast Bitcoin holdings, joined the Nasdaq 100 index. This marked the acceptance of crypto-focused companies as part of the financial elite.

4. States Embrace Crypto Investments

Several U.S. states, including Pennsylvania, passed legislation allowing public pension funds and state treasuries to invest in Bitcoin. This demonstrated growing governmental confidence in cryptocurrency as a legitimate asset class.

5. Global Regulatory Advancements

Major strides in crypto regulation were made globally, with nations like the UAE and Singapore introducing frameworks that encouraged blockchain innovation while protecting investors. These initiatives bolstered trust in the industry.

6. Growth of Decentralized Finance (DeFi)

DeFi protocols hit new records in total value locked (TVL), surpassing $200 billion. Innovations like decentralized stablecoins and real-world asset tokenization gained traction, bridging traditional finance with blockchain technology.

7. Blockchain Futurist Conference 2024

Canada hosted its 6th annual Blockchain Futurist Conference, which showcased groundbreaking advancements in Web3, NFTs, and decentralized applications (dApps). This event highlighted the global interest in blockchain's transformative potential.

8. Crypto-Powered Sports Sponsorships

Cryptocurrency firms significantly increased their presence in the sports world. Notable sponsorships included a major golf event where the prize money was awarded entirely in crypto, demonstrating its integration into mainstream entertainment.

9. Ethereum's Transition to Full Scalability

Ethereum made significant upgrades to its network, including the roll-out of sharding. This improved scalability and reduced gas fees, fostering greater adoption for DeFi, NFTs, and other applications.

10. Increased Adoption of Central Bank Digital Currencies (CBDCs)

Countries like China, India, and Brazil expanded the pilot phases of their CBDCs. These digital currencies showcased how governments could use blockchain technology to modernize payment systems.

TOP 10 Failures And Disappointments In The Crypto World

1. Ethereum Layer 2 Network Outage

Despite Ethereum's strides in scalability, a major Layer 2 network suffered a week-long outage due to a smart contract vulnerability. This disrupted numerous decentralized finance (DeFi) applications, leading to significant losses for users and exposing ongoing risks in Layer 2 solutions.

2. Failed Bitcoin Spot ETF Applications

While some ETFs were approved, many applications for Bitcoin spot ETFs were either delayed or rejected by regulators in Europe and Asia, frustrating institutional investors and slowing broader adoption in these regions.

3. DeFi Protocol Exploits

DeFi platforms continued to face security challenges. In one of the largest exploits of the year, over $2 billion was drained from a prominent lending protocol due to a flash loan attack, shaking user confidence in decentralized platforms.

4. Stagnation of NFT Market

The NFT market, once booming, continued its downward trend in 2024. Diminishing interest, lack of utility for many projects, and skepticism around long-term value led to a significant drop in trading volumes and prices.

5. Collapsed Stablecoin Experiment

A new algorithmic stablecoin failed to maintain its peg during market turbulence, resulting in a catastrophic collapse similar to Terra’s UST in 2022. Billions were wiped out, and trust in algorithmic stablecoins took another severe hit.

6. Crypto Exchange Bankruptcies

Two mid-sized cryptocurrency exchanges declared bankruptcy after failing to maintain liquidity during market downturns. Users faced prolonged delays in recovering their funds, reigniting calls for stricter regulation of centralized platforms.

7. El Salvador's Bitcoin Adoption Struggles

El Salvador continued to face challenges with its Bitcoin adoption policy. Despite government efforts, adoption among citizens remained low, and Bitcoin's price volatility complicated its use as legal tender.

8. Regulatory Crackdowns in Asia

Countries like India and China implemented stricter regulations on crypto trading and mining. In India, a controversial tax policy led to an exodus of crypto companies and traders, hindering growth in one of the world’s largest markets.

9. Green Blockchain Initiatives Fall Short

Efforts to promote eco-friendly blockchains struggled to gain traction. Many projects touted as environmentally sustainable failed to deliver on promises, leading to skepticism about greenwashing in the crypto space.

10. Decline of Privacy Coins

Heightened regulatory scrutiny and delistings by major exchanges severely impacted the use and market cap of privacy-focused cryptocurrencies like Monero and Zcash. This marked a significant step back for advocates of decentralized privacy.