The biggest boost to crypto currency in 2024 has been US president-elect Donald Trump’s announcement of a bitcoin strategic reserve, and the gradual green light for bitcoin exchange traded funds by the world’s major market regulators.
On Tuesday, Bitcoin rose 2 per cent to $93,848, well below the record high of $108,379.28 it touched on December 17, Reuters reported. The world’s best known and biggest cryptocurrency is set for a bumper 120 per cent rise for the year, and analysts say $150,000 is not far away.
Crypto markets exhibited a strong performance last year, supported by huge ETF inflows and various fundamental positives. Ethereum was up 50 per cent YTD, while Bitcoin rallied 127 per cent YTD, reaching an all-time high of $108,000 in December. The move was driven by immense ETF inflows, valued at $913 billion this year. Moreover, interest rate cuts, Trump’s victory, Bitcoin halving, and anticipation of the Ethereum upgrade further provided tailwinds for cryptocurrencies.
Research from crypto.com shows the total cryptocurrency market cap increased during 2024 to reach $3.9 trillion, a 127 per cent growth year-on-year and as of November 2024, the number of crypto owners has reached 653 million. Depending on market conditions, the number of global crypto owners is likely to reach 750-900 million in 2025, crypto. com predicts.
“In 2025, we expect cryptocurrency to make strong inroads to becoming a mainstream asset class within the traditional finance ecosystem. This is in part due to a pivotal shift for Bitcoin in 2024, from a digital currency with a 15-year history for cryptocurrency enthusiasts to an institutional-grade asset, tradeable as a regulated financial product. Bitcoin reaching $100,000 in 2024 was not just an exciting moment for Bitcoin, but a milestone moment for the entire crypto industry — once again proving its resilience,” Tarik Erk, general manager Middle East and Africa, crypto.com, said.
This story is from the January 01, 2025 edition of Khaleej Times.
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This story is from the January 01, 2025 edition of Khaleej Times.
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