From Bitcoin to Meme Coins: The Crypto Landscape of 2024

The Rise of Memecoins and Bitcoin Records: How 2024 Will Be Remembered

The past twelve months of 2024 have been arguably more significant for the cryptocurrency market than the previous year, 2023. Bitcoin broke through a major psychological barrier, investors gained the opportunity to invest in major cryptocurrencies without actually purchasing them, and memecoins reached unprecedented popularity. Let's take a look at the key events of the year. JanuaryThe first month of the year kicked off with the launch of trading in Bitcoin exchange-traded funds (ETFs), a long-awaited event. A total of eleven spot BTC-ETFs were approved, but this didn’t lead to immediate price growth. On the contrary, Bitcoin’s price initially surged by almost $6,700 (15.8%), only to experience a sharp drop of over $10,000. However, by the end of the month, the cryptocurrency returned to where it had started — around $42,500. Ethereum's January was focused on preparations for its Dencun upgrade, which was tested on several networks. Ethereum’s price increased slightly by 0.04%. Other major altcoins like Cardano, Solana, and BNB experienced losses, with Cardano falling by 16.23%.

February In February, the market switched to a growth phase, largely due to the positive effect of spot BTC-ETFs. Bitcoin not only surpassed $50,000 but also breached the $60,000 mark, with a 43.71% increase for the month. Bitcoin reached historical highs in countries outside the US, including Turkey, Argentina, Japan, and parts of Africa. Ethereum followed suit, rising by 46.45%. During this month, several companies filed for Ethereum ETFs in the US, inspired by the success of Bitcoin ETFs. Meanwhile, the altcoins also rose, although at a more modest pace. Solana grew by 29.27%, Cardano by 31.57%, and BNB by 33.08%. However, two Ethereum competitors faced issues in February — Solana experienced a five-hour outage, and Avalanche suffered a similar glitch.

**March **In mid-March, Bitcoin broke through the $70,000 mark, setting a new historical high, driven by the success of spot ETFs and anticipation of the upcoming halving in April. Bitcoin grew by 16.55% for the month. Ethereum's March was marked by the successful implementation of the Dencun upgrade, which reduced transaction fees on the second-layer networks. Ethereum reached over $4,000 for the first time in two and a half years, though it ended the month at $3,645.6, a 9.09% growth. Other major altcoins had mixed results: Solana rose by 61.36%, Cardano fell by 0.73%, and BNB increased by 51.94%. Memecoins like Sui and Jupiter also had stellar performances, with Jupiter surging by 218.72%.

April saw two significant halvings — first for Bitcoin Cash and then for Bitcoin. However, the halvings didn’t result in a price surge. Bitcoin Cash dropped by 36.02%, and Bitcoin fell by 14.94%. Ethereum also saw a decline of 17.39%. Despite these losses, Ethereum's outlook remained positive as Hong Kong’s Securities and Futures Commission approved three spot Ethereum ETFs, and staking activity continued to rise. Other major altcoins like Solana and Cardano also experienced corrections.

May The standout event in May was the approval of spot Ethereum ETFs. The SEC greenlit eight different ETFs, triggering a 24.8% increase in Ethereum’s price. Bitcoin saw a quieter month with an 11.29% increase, fueled by positive inflation data from the US. Among the altcoins, Solana led the pack with a 30.76% increase. In the memecoin world, Pepe stood out, skyrocketing by an impressive 131.18%.

** June** brought continued global inflation improvements, but the US Federal Reserve remained firm. Bitcoin saw a 7.12% decline, while Ethereum fell by 8.7%. Meanwhile, BNB reached a new all-time high of $724.7, and Toncoin, associated with Telegram, broke its previous record by surpassing $8.2. Memecoin activity continued with Pudgy Penguins gaining attention, while Sui and Cardano underperformed.

July In July, the Hamster Combat memecoin rose in popularity after its token HMSTR was listed on exchanges. Bitcoin grew by 3.09%, and Ethereum dipped slightly by 5.85%. Notably, in July, Ethereum ETFs launched without leading to a price spike, mirroring Bitcoin’s earlier experience. Solana grew by 17.2%, while Cardano and BNB dropped.

August Bitcoin dropped by 8.74% in August due to geopolitical tensions, but by the month’s end, the market stabilized. Ethereum fell significantly, by 22.23%, with declining network metrics and a drop in large holders. Other altcoins such as Solana and Cardano also suffered losses, while Sui experienced a surge of 12.39%.

September saw the Hamster Combat token being listed and a sharp 800% increase in its value, followed by a typical correction. The Federal Reserve’s interest rate cut boosted investor sentiment, with Bitcoin increasing by 7.35% and Ethereum by 3.53%. Solana rose by 12.82%, and Sui surged by 123.12%, setting new all-time highs. October The market experienced another decline in early October due to ongoing geopolitical tensions but rebounded by month’s end. Bitcoin gained 10.95%, while Ethereum continued to lose value, falling by 3.31%. Solana increased by 10.31%, and Dogecoin outperformed the market with a 41.74% rise.

November In November, the US election results — with Donald Trump becoming president — fueled optimism in the market. Bitcoin rose by 37.32%, and Ethereum outperformed with a 47.35% increase. New memecoin Chill Guy gained popularity, while Solana, Sui, and Cardano achieved new all-time highs.

December Bitcoin set a new price record in December, exceeding $100,000 before experiencing a pullback. Ethereum fell below $3,500, and Solana, Cardano, and other major coins declined. Memecoin Pudgy Penguins saw a 600% rise, while Chill Guy fell by 60%. Cryptocurrency exchange tokens saw strong gains, with Bitget Token soaring by 382%, setting its all-time high.

In Conclusion: 2024 was a remarkable year for cryptocurrencies, marked by Bitcoin’s historic growth, Ethereum’s success with spot ETFs, and the meteoric rise of memecoins like Pepe and Chill Guy. The market showed impressive gains across the board, with Bitcoin up by 124.62%, Ethereum by 48.41%, and Solana by 91.57%. This year has undoubtedly been a prosperous one for cryptocurrency investors.