From a stormy start in January to shattering all-time records in 2024, Bitcoin evolved from a speculative asset to become part of institutional portfolios, driven by regulatory approvals and a growing global investor audience.
To put it in numbers: Bitcoin was trading at $38,505 in January. In December, as of Sunday, December 22, the property was valued at $96,082.
Bitcoin prices as of the last day of each month in 2024 (except December)
There were several reasons behind the asset class hitting these highs, including the return of pro-crypto Donald Trump to the US presidency, signs of regulatory relaxation for crypto trading in the world’s largest economy, as well as growing institutional interest.
On January 10, 2024, the US Securities and Exchange Commission (SEC) approved the first US-listed spot bitcoin exchange-traded funds (ETFs). They allow investors to gain exposure to Bitcoin without directly owning the cryptocurrency.
Financial institutions bank on crypto
Investment company BlackRock launched the iShares Bitcoin Trust ETF (IBIT) in January, marking a significant milestone in integrating digital assets into traditional financial markets. In June, the company introduced the iShares Ethereum Trust ETF.
Meanwhile, companies such as US-listed business intelligence and software firm MicroStrategy have been growing their bitcoin holdings as of December 9, now holding 423,650 bitcoins worth a total of $41.5 billion. According to Investopedia, the company now controls more than 2%. 21 million bitcoins that will ever exist.
Additionally, Trump has also expressed his intention to establish a US Bitcoin Strategic Reserve. It refers to the U.S. government’s holdings of bitcoins — similar to strategic oil and gold reserves — that can be used to manage risk and hedge against inflation or economic volatility.
Amid a series of promises made by Trump, the price of Bitcoin crossed the $100,000 mark. However, industry experts your story If he spoke; If the elected government under Trump fails to implement the promises made to the crypto community, there will be significant repercussions.
While the crypto landscape eagerly awaits policy changes and regulatory frameworks, experts warn of an imminent correction in bitcoin prices.
“Nothing always goes up, right? I’m sure there’s always going to be a little correction here and there. Again, hopefully even if there’s a correction next year, we’re still high,” said Balaji Srihari, senior vice president at crypto exchange CoinSwitch. your story Earlier reported that the industry is waiting for a correction but not expecting a price drop.
The Indian Crypto Scenario
The Indian crypto landscape has gone through some turbulent times this year.
In July, crypto exchange WazirX was hacked and assets worth $234.9 million were transferred to unknown addresses. The investigation is ongoing, and your story It was exclusively reported that a person linked to the crime was arrested by the Delhi Police in August.
This opened up conversations around the security of cryptocurrencies and the regulatory framework governing digital assets. Other cryptocurrency exchanges have worked to educate their users and strengthen their security systems.
FIU-IND (Financial Intelligence Unit-India), India’s anti-money laundering agency, doubled down on compliance and exchanges started strengthening their compliance framework.
However, as Bitcoin’s price has risen in the months since the event, much attention has shifted to the rally.
But after WazirX paused withdrawals, many of its users were unable to cash in on the bitcoin rally. However, the platform took steps to expedite the process of reopening its platform in early December so that its users could start trading and take advantage of the ongoing rally.
Additionally, many international exchanges are now looking at India as an interesting market to set up their exchanges. For example, Bitget is awaiting FIU-IND approval to start its India operations. Similarly, BitGo and Binance are also looking to open their services in India.
Altcoin rally is around the corner
Historically, every bitcoin rally is followed by an altcoin rally fueled by investors looking to benefit from a signal of short-term gains. Altcoins refers to all cryptocurrencies other than Bitcoin such as Ethereum, Solana, and XRP, among others. This rally usually occurs after Bitcoin’s price cools off after a bull run and other coins start to heat up.
In fact, early signs of a rally are already underway. According to a blog by Mudrex, the Altcoin Season Index, which measures the performance of the top 50 altcoins over 90 days against Bitcoin, rose 31 points on November 7. Historically, when the index approaches or exceeds 30, it indicates Early stages of altcoin rally, blog notes.
With Trump taking office in a few weeks as the pro-crypto US president, and early signs of an altcoin rally surfacing, 2025 will be closely watched by crypto investors, who expect nothing less than a bonanza.