Bitcoin’s Historic Year in 2024: Key Events
2024 was a surprising year for Bitcoin, turning the tide after a tough 2022 and a slow recovery in 2023. The crypto market felt the impact of major collapses, like TerraUSD and FTX, but by the end of 2023, Bitcoin had made a comeback with a 150% gain.
One big moment came in January 2024 when the U.S. SEC approved Bitcoin ETFs for the first time. Despite caution from Chairman Gary Gensler about the risks associated with cryptocurrencies, this approval opened the door for big asset managers to bring billions of dollars into the market.
April saw the latest Bitcoin halving event, a key part of Bitcoin’s anti-inflationary system. This event, which happens every four years, helps control the supply of Bitcoin and sets the stage for future growth, as predicted by industry experts.
Unexpectedly, politics and crypto mingled when Donald Trump emerged victorious in the November elections over Kamala Harris. Trump’s victory, along with his crypto-friendly promises and appointments, sparked what’s now known as the “Trump trade” and led to significant gains for Bitcoin in late 2024.
By the end of the year, Bitcoin hit an all-time high of $108,353, marking a 125% increase from earlier levels. When compared to other assets like S&P 500, gold, and AI stocks, Bitcoin clearly stood out as a top-performing asset in 2024.
