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As 2024 draws to a close, we take a look back over arguably one of the best years in crypto history, which has brought exciting highs (in more than one sense of the word) to the crypto sector. Our buzzwords for 2024, driven by greater institutional and political backing, are legitimacy, acceptance and adoption, paving the way for a future in which cryptocurrency is a mainstream asset and means of payment.
As we end the year, around 562 million people now own crypto, which accounts for 6.8% of the global population. This remarkable growth proves just how ingrained cryptocurrency is in our financial landscape today. No longer reserved to tech forums of 2009, today crypto is a powerful financial asset that has reshaped investment strategies and global commerce.
At ForumPay, we’ve seen a strong expansion of our crypto payment gateway across several sectors such as hospitality, precious metals, and luxury vehicles that are keen to disrupt the traditional status quo and open up their sectors to new streams of revenue. Many crypto investors who have seen their holdings expand over recent months are keen to diversify their portfolios with more tangible assets. ForumPay allows them to seamlessly pivot from crypto into new investments, or simply spend their digital funds without leaving the crypto space.
So, without further ado, here’s a roundup of our Top 10 crypto events of 2024:
ForumPay’s Top 10 crypto events of 2024
- Bitcoin (BTC) soared past its $100K milestone to reach a new all-time high of over $108,200 in December 2024. This year has been monumental for Bitcoin, driving a shift in the collective mindset surrounding cryptocurrency, and fueling a boost in confidence, acceptance and adoption across the globe. The OG of cryptocurrencies ends the year up almost 126% year-to-date, surpassing the expectations of many and solidifying its position as the leading asset in the digital economy.
- A total of 11 spot Bitcoin ETFs were approved in January 2024. In an historic move, the U.S. Securities and Exchange Commission (SEC) gave the green light to the first set of 11 spot Bitcoin exchange-traded funds (ETFs) from major sponsors like BlackRock, Invesco, Fidelity, Grayscale, and Ark Invest. The decision opened investment in bitcoin up to more traditional investors who prefer to avoid navigating crypto exchanges, and helped boost the widespread acceptance of bitcoin as a financial asset. Here’s another chance to read what we thought of the approval back in January.
- The United States voted in a pro-crypto president, Donald Trump, who will take office in January 2025. Among his crypto-friendly policies, Trump pledged to create a national Bitcoin reserve for the U.S., to create a bitcoin and crypto presidential advisory council, fire the head of the Securities and Exchange Commission (SEC), Gary Gensler (who has already said he will step down the day Trump takes office). Crypto proponents have celebrated the political support, suggesting that increased government buy-in will help to stabilize Bitcoin’s price swings, provide greater legitimacy and further boost an already rising price.
- A new set of Ethereum ETFs were approved in May 2024. Although the immediate aftermath did not see the same surge in value as that following the Bitcoin ETF approval, Ethereum (ETH) has slowly been increasing in value throughout the second half of the year, driven by growing interest from both institutional and retail investors. Ethereum’s current ATH of $4,878.26, recorded in November 2021, is a way off being beaten. Where will it go in 2025? For more insights, revisit our blog article following the approval in May.
- India, Nigeria, Indonesia, the United States and Vietnam lead the charge on crypto adoption in 2024. Many of these regions have adopted cryptocurrencies (as well as having a strong preference for stablecoins) as an alternative to the local economic instability and inflation. For many, crypto and decentralized finance (DeFi) have provided a gateway to financial inclusion, leading to the development of grassroots P2P platforms that allow for more practical and accessible financial solutions. For more, visit our summary review of the 2024 Geography of Crypto Report.
- Bitcoin receives political support at the Bitcoin Conference 2024. Highly influential figures from the political, technological and finance spaces, including Donald Trump, Michael Saylor, Edward Snowden, Robert F. Kennedy Jr., and Cathie Wood, presented a roundup of big ideas, plans, and warnings for Bitcoin’s present and future at the Bitcoin Conference 2024, held in Nashville, Tennessee. For a full overview, take another look at our blog article from August.
- The MiCA Regulation and Travel Rule officially came into full force across all European Member States on 30th January 2024. The introduction of the Travel Rule into the EU crypto space —as part of the broader Markets in Crypto-Assets (MiCA) framework— marks a milestone in the maturation of the European cryptocurrency industry. The regulations will help enhance security and help prevent the misuse of cryptocurrencies, helping create a safer environment for merchants and users of crypto payments. For more information, have a read of our recent article on understanding the Travel Rule.
- The fourth Bitcoin halving event took place on 20th April 2024, as the Bitcoin block fee paid to miners was reduced from 6.25 to 3.125 BTC. Historically associated with an uptick in BTC’s value, this ‘halvening’ did not lead to the expected surge in value. However, alongside other milestone Bitcoin events such as the approval of spot Bitcoin ETFs and political support, as the year progressed, Bitcoin had a bumper year, which on paper will read another successful halving.
- The top-performing cryptocurrencies in 2024 include Pepe (PEPE), Sui (SUI), Dogecoin (DOGE), Ripple (XRP) and Hedera (HBAR). Despite being relatively ‘cheap’ to buy into, all these cryptos have some serious cash behind them with market caps of above $9 billion. Memecoins Pepe and Dogecoin are proving to be a lot more fruitful than their respective creators expected, while Sui and Ripple were created to enable faster transactions and payments. Hedera was also created to facilitate transactions, but it does not operate technically on the blockchain (similar to Ripple). With Hedera, transactions are directly attached to one another and not in sequential order.
- The total cryptocurrency market cap ends the year at over $3.25 T, marking a year-to-date increase of 102%. This milestone increase surpasses previous records, driven by strong performance across major assets like Bitcoin (BTC) and Ethereum (ETH), as well as growing interest in newer altcoins. This huge growth underscores the increasing legitimacy of digital assets, institutional adoption and a more favorable global regulatory environment.
These milestones are more than just numbers. They represent a global shift towards digital assets as essential components of modern finance and commerce. This year’s institutional acceptance, regulatory progress and political support have helped move cryptocurrency into the mainstream. As we look ahead to 2025, ForumPay will continue to support the legitimacy and utility of crypto as it becomes a ubiquitous alternative means of payment for the more than 560 million crypto consumers around the world.
If you are a business and have yet to start accepting payments in cryptocurrency, book a meeting with our crypto payment experts to find out how. Alternatively, visit forumpay.com to learn more about our crypto payment gateway.
