The Year-End Summary of Crypto for 2024: Bitcoin Breaks Records, Ethereum Aims for $3.5K, and TON Continues to Thrive
In Brief
What an incredible journey the crypto market has taken this year! We've seen enormous victories, unexpected turns, and enough surprises to keep everyone on their toes. Bitcoin has indeed risen past the six-figure mark, solidifying its reputation as the heavyweight champion of the digital currency sphere. On the other hand, Ethereum sparked significant interest this year when the SEC approved spot Ether ETFs, enticing major players like BlackRock and Fidelity to the table. Meanwhile, TON has been making strides under the radar, demonstrating that steady and quiet growth can have a profound impact, especially when bolstered by Telegram's extensive outreach.
As we countdown to the end of December, the crypto excitement hasn't slowed down a bit. Bitcoin has paused for a moment after its record-breaking climb, while Ethereum wrestles with challenging resistance levels and TON is integrating blockchain technology into daily life in ways that can't be overlooked. So, what’s the latest gossip as 2024 comes to a close? Let’s unpack all of this and look ahead to what might be in store for 2025.
Bitcoin
With New Year's Eve just a heartbeat away, Bitcoin concludes 2024 filled with both victories and challenges. After hitting the coveted six-figure milestone earlier this month, the excitement in the crypto arena has been tempered by a sharp market correction, which has left many traders apprehensive.
BTC/USD 1D Chart, Coinbase. Source: TradingView
Following its impressive peak of $108,135, Bitcoin has experienced a downturn of about 10%, now stabilizing close to $92,500. Online traders are intently monitoring critical support levels, pondering this crucial question: is this just a necessary cooldown period, or will 2025 kick off with a stumble?
Source: TradingView
Yet, glimmers of holiday cheer remain. A brief surge known as the 'Santa rally' earlier this week propelled Bitcoin to $98,000, hinting that the bullish spirit might still be alive.
BTC/USD 1-hour chart. Source: Cointelegraph/TradingView
Binance's reserves, now the lowest they've been since January, have sparked cautious optimism – noteworthy levels previously preceded a significant rally early this year.
Source: CryptoQuant
However, this correction lingered long enough to make even the most optimistic bulls stop and reevaluate their positions.
Internationally, Bitcoin continues to assert its dominance. For example, El Salvador has made headlines by exceeding 6,000 BTC in its reserves, positioning itself among the leading sovereign Bitcoin holders.
Source: El Salvador Bitcoin Office
Over in Japan, Metaplanet seized the moment by making its most substantial Bitcoin acquisition yet, snapping up $60 million worth, while Russia garnered attention for allowing Bitcoin trade in foreign transactions. These developments underscored Bitcoin's shifting role in geopolitical matters.
Source: Metaplanet
In the U.S., the Bitcoin scene has been equally eventful. MicroStrategy finished the year strong by adding another 5,200 BTC to its holdings, bringing its total to an astonishing 439,000 BTC valued at more than $41 billion.
Source: Michael Saylor
Meanwhile, Bitcoin ETFs in the U.S. had a rocky year-end, with BlackRock’s fund facing a steep $1.5 billion outflow over four days before a trickle of inflows returned post-Christmas.
Source: Farside Investors
We’re truly witnessing historic times, aren’t we? Remember when a $100,000 Bitcoin seemed unthinkable? It’s now a reality, a monumental milestone that’s etched itself into the annals of crypto lore. Yet, as we close out 2024, the resultant market correction has been deep enough to prompt even the staunchest bulls to take a breath. The burning question now is whether 2025 will commence with a triumphant rebound or further tumult. Regardless, the next chapter in Bitcoin’s thrilling saga is just ahead, and it promises to keep us captivated.
Ethereum
In the meantime, Ethereum has been steadily carving its niche, particularly in the ETF space. Just in December, investments flowing into Ether ETFs skyrocketed, doubling the yearly total to over $2.5 billion.
Source: Farside Investors
Despite its impressive growth, Ethereum battles to breach the $3,500 resistance – a crucial level that could unleash over $1 billion in liquidations if overcome. For now, this threshold remains a formidable challenge.
Source: CoinGlass
Ethereum has not been spared from the overall market dip, with approximately a 10% decline in recent weeks.
ETH/USD 1D Chart, Coinbase. Source: TradingView
Yet, as the backbone of decentralized finance and smart contracts, its long-term attractiveness remains solid. Analysts express that this capacity will be pivotal as adoption accelerates in 2025, especially with the expansion of Ethereum’s ecosystem and the altcoin markets gearing up for what could become a breakout year.
Source: Eric Balchunas
The surge in interest around ETFs underscores Ethereum’s ascending prominence. Together with Bitcoin, cryptocurrencies saw ETF investments soar to $38.3 billion in 2024, predominantly driven by retail investors. Looking forward, institutional players are likely to become more significant contributors, encouraged by Ethereum’s increasing utility and solid fundamentals.
As we near the end of 2024, Ethereum seems poised for a stellar showing in 2025. Industry leaders like VanEck are already floating ambitious projections – $6,000, anyone? – riding on Ethereum’s unwavering commitment to expand its utility and strengthen its framework.
Source: VanEck
The path ahead for Ethereum is not without hurdles – its persistent challenge to surpass $3,500 illustrates that clearly. However, as we put 2024 behind us, Ethereum’s capacity for blending innovation with scalability continues to attract institutional interest and solidify its place within decentralized finance. With an increasing momentum around ETFs, stablecoin adoption, and multi-chain developments, Ethereum is playing a key role in shaping the ecosystem's future. As 2025 approaches, it's evident that Ethereum's narrative remains wildly intriguing.
TON
While Bitcoin and Ethereum vie for the top spot, TON is quietly carving out its own path, integrating blockchain functionalities into Telegram's expansive ecosystem. As we transition into 2025, TON embraces this journey with a flair of innovation, creativity, and a sprinkle of amusement. Telegram recently announced significant news – achieving profitability for the first time ever, generating over $1 billion in revenue this year.
Source: Du Rove’s Channel
And though TON doesn’t factor into that revenue number, the link is too significant to overlook. As Telegram forges into new territories, like its recent licensing efforts in Malaysia, TON’s credibility is rising hand in hand.
Source: STON.fi
However, TON isn’t merely coasting on Telegram's success; it’s making impactful advancements of its own. STON.fi has introduced partial impermanent loss protection for its STON/USDT V2 liquidity pool, launching in January. This initiative is a practical boon for DeFi enthusiasts seeking safer engagement in the liquidity arena. Plus, there’s Hamster Combat – yes, it's a real thing – a game set to debut its own Layer 2 network on TON, proving that TON is more than serious blockchain infrastructure; it's also an avenue for imaginative, entertaining projects that inject a dash of personality into the industry.
2024 marks a breakout year for The Open Network (TON), filled with remarkable achievements that have thrust it into the limelight. Its thorough integration with Telegram has been transformative, resulting in an astounding 5000% spike in wallet openings and bolstering a swiftly expanding user community. The ecosystem has not only grown but thrived, with fresh projects, applications, and over 20 international events uniting developers and communities to foster innovation and collaboration. On the trading front, Toncoin (TON) ended the year at $5.90, boasting a market cap that surpasses $13.7 billion, securing its place among the cryptocurrency elite.
TON/USD 1D Chart. Source: TradingView
It’s safe to assert that TON is flourishing, with each new development paving the way for an even stronger footprint in the blockchain domain.
So, as 2024 winds down, TON stands as the blockchain equivalent of a well-kept secret – steadily progressing while the industry giants are caught in their own battles. With Telegram's extensive reach and TON’s expanding suite of tools, games, and DeFi functionalities, 2025 could very well be the year this understated contender makes substantial waves.
Disclaimer
In line with the Trust Project guidelines Please be mindful that the information shared on this page does not constitute legal, tax, investment, or financial advice, or any other form of counsel. It's essential to invest only what you can afford to lose and to seek independent financial advice if you have any uncertainties. For more information, we recommend reviewing the terms and conditions as well as the help and support sections provided by the issuer or advertiser. MetaversePost is dedicated to offering accurate and unbiased reporting, but please note that market conditions may change without prior notice.
