2024 was pivotal for Bitcoin with the launch of ETFs, streamlining investment and reducing fees by up to 90%.
Ethereum's Dencun upgrade dramatically slashed transaction fees by up to 1,000 times, significantly boosting user engagement and scalability.
Political shifts in 2024 saw increased pro-crypto sentiment and funding, positioning cryptocurrency as a key player in mainstream policy discussions.
Deep dives
Significant Milestones in Bitcoin ETFs
2024 marked a historic year for Bitcoin ETFs with their long-awaited launch on January 15th in the U.S., after over a decade of anticipation. The initial trading week saw heightened interest, with Matt Hogan of Bitwise noting a striking 80 to 90 percent reduction in fees for investors accessing Bitcoin through ETFs. This development not only simplified the investment process for newcomers but also brought substantial regulatory clarity to the market. The enthusiastic reception anticipated a new influx of mainstream investors, underscoring Bitcoin's evolving landscape.
Ethereum's Major Upgrade and Its Impact
Ethereum underwent a critical upgrade called Denkun in March, aiming to drastically reduce transaction fees on Layer 2 solutions, and the results were game-changing. Jesse Pollack, the creator of Base, revealed that some transactions experienced fee reductions by 500 to 1,000 times, boosting daily usage significantly. The overwhelming response indicated a growing demand, with transaction volumes increasing rapidly due to these lowered costs. This upgrade paved the way for enhanced scalability and user accessibility in the Ethereum ecosystem.
Crypto's Political Landscape Shifts
The 2024 election cycle dramatically reshaped the crypto political landscape, with Donald Trump claiming victory and positioning himself as the first cryptocurrency candidate. Political shifts included a surge of pro-crypto sentiment among voters, leading to substantial funding for sympathetic candidates through initiatives like the Fair Shake Super PAC. Representative Roe Khanna acknowledged that the Democratic Party needed to improve its stance on crypto as it is increasingly seen as a vital technology. This alignment of political interests suggested a promising future for the integration of crypto into mainstream policy.
The Rise of Meme Coins
Meme coins saw explosive growth in 2024, particularly on the Solana blockchain, driving retail traders towards higher risk, high-reward opportunities. The phenomenon was exemplified by the meteoric rise of the Pepe coin, which skyrocketed to a market cap of $2 billion within just a month. Traders aiming for significant returns were drawn to the low market caps of meme coins, fostering an environment of speculation and excitement. This trend highlighted the cultural connection between memes and the crypto market, with celebrities like Iggy Azalea also entering the meme coin space.
Regulatory Developments in the Crypto Space
The regulatory environment evolved significantly in 2024, with the SEC closing its investigation into Ethereum 2.0, indicating its status as a non-security. This decision catalyzed a larger dialogue regarding the regulatory definitions of cryptocurrencies, especially as political and public interest in crypto surged. Additionally, BlackRock's entry into the market through tokenized funds represented a noteworthy shift, emphasizing a growing acceptance of digital assets within traditional finance. As the regulatory climate began to favor innovation, the prospects for sustained growth across various crypto sectors became more evident.
2024 was nothing short of transformative for the crypto world. From bitcoin’s relentless climb amidst macroeconomic shifts to Solana’s continued rise amidst meme coin mania, this year saw narratives unfold that no one could have predicted.
In this special episode that has become a tradition at Unchained, Laura revisits the biggest moments of the year, featuring insightful clips from the standout guests who joined Unchained and Bits + Bips in 2024.
Whether it was further institutional adoption, debates over decentralization, the victory over Gary Genser’s regulation by enforcement strategy, or the taking off of AI agents, this year marked a turning point for crypto. Tune in for a reflective journey through the year that was—and a glimpse of what lies ahead in 2025.
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