December 31, 2024
2024 in Review: Key Stats & Moments that Shaped this Year in Cryptocurrency
The Important Bits
BitPay Drives Adoption: BitPay processed over 600,000 crypto transactions in 2024, highlighting increased usage across industries and global markets.
Bitcoin Hits $100,000: Bitcoin reached its long-awaited $100,000 milestone in December, driven by factors like ETF approvals and post-election market momentum.
Bitcoin’s Fourth Halving: On April 19, Bitcoin’s block reward was cut in half to 3.125 BTC, reinforcing its scarcity while impacting mining profitability.
New Regulatory Frameworks: The U.S. appointed a White House Crypto Czar, signaling possibility for clearer policies, while the EU's MiCA regulations set a global standard for crypto oversight.
Technological Advances: Quantum computing developments stirred discussions about future-proofing Bitcoin’s security, emphasizing the need for quantum-resistant measures.
Cultural Milestones: Bitcoin gained mainstream traction with Trump’s pro-Bitcoin stance, MicroStrategy's inclusion in the Nasdaq-100, and corporations like Riot and Marathon increasing their BTC holdings.
2024 has been a historic year for Bitcoin and crypto. Bitcoin reached new all-time highs, altcoins surged, and the cryptocurrency asset class advanced on regulatory, technological, and cultural fronts. The total market cap of crypto soared from $1.7 trillion on January 1 to over $3.7 trillion by December 17. Beyond the rising market cap, BitPay payment and wallet stats revealed the growing real-world adoption of crypto, with hundreds of thousands of transactions processed and increased usage across industries worldwide.
BitPay payment & Wallet stats
Here’s how BitPay users shaped 2024, from their favorite cryptocurrencies to the industries and innovations driving adoption.
Transactions: BitPay powered over 600,000 crypto transactions in 2024, showcasing that crypto isn’t just for holding, but for spending, too!
Top Cryptocurrencies: From BTC and LTC to ETH and DOGE, BitPay users relied on these top assets to fuel their payments.
Wallet Preferences: The BitPay Wallet and Trust Wallet topped the charts, while Metamask and Exodus remained trusted favorites for making payments.
Industry Adoption: From luxury cars to gold bars, some of the top industries using BitPay to drive crypto payments adoption included Sports, Precious Metals, VPN/Hosting, Computer Networking,Luxury Goods and Automotive sales.
Geographic Insights: Crypto payments spanned the globe, with U.S. customers leading the way in adoption and usage.
Blockchain Performance: Litecoin, Bitcoin, Ethereum, and Polygon dominated as the preferred networks for payments by BitPay customers.
Lightning Network Growth: Lightning Network payments soared 36% year-over-year among BitPay customers.
Gift Cards: Gift cards were a smash hit, with BitPay users flocking to options for food delivery, electronics, and luxury brands.
Bill Payments: From credit card payments to car loans, BitPay made everyday expenses easier to settle with crypto.
Want to see even more 2024 stats? View BitPay’s 2024 DECRYPTED
Watershed moments
In December 2024, BTC reached the long-awaited $100,000 milestone price. This came after a series of new all-time highs following the Presidential election on November 4. Bitcoin rose from around $70,000 before the election to $100,000 a month later. This price level held psychological significance in that many said it would never happen, and a six-figure price brought the asset’s market cap to $2 trillion for a brief period during December 14th through December 17th.
Bitcoin's meteoric rise in 2024 was driven by various new developments, the most significant of which may have been the introduction of Bitcoin ETFs on January 10. After years of anticipation and rejections from regulators, the Securities and Exchange Commission (SEC) finally approved Bitcoin ETFs for 11 different institutions. Fidelity, Blackrock, ARK, and Bitwise are just a few who created the exchange-traded products.
There had been a lot of pent up demand for BTC in traditional markets. Many investors, both institutional and retail, were deterred by unclear regulations or weren’t comfortable using crypto exchanges. These ETFs finally made Bitcoin more accessible.
inflows surpassing that of any previous ETF exceeded the market cap of its gold ETFs
Bitcoin’s fourth halving
On April 19, Bitcoin experienced its fourth halving event, cutting the block reward from 6.25 BTC to 3.125 BTC. This event happens roughly every four years and is designed to control Bitcoin’s supply and reinforce its scarcity.
Halvings make Bitcoin more scarce over time by reducing the number of new Bitcoins entering circulation. This scarcity and steady or increasing demand historically contribute to upward price pressure. The reduced block rewards also impact Bitcoin miners, who now receive fewer BTC for validating transactions. For miners, this means adapting to tighter profit margins and seeking more efficient operations to remain profitable.
Bitcoin’s 2024 halving once again underscored its deflationary nature, highlighting why many view it as a hedge against inflation and a reliable store of value.
Regulatory developments
One of the most notable regulatory events of 2024 was President-elect Donald Trump's announcement of a dedicated White House Crypto Czar. This newly created role focuses on shaping and coordinating U.S. policies around cryptocurrencies, blockchain technology, and digital assets. The Crypto Czar’s mission is to provide regulatory clarity, improve oversight, and foster innovation while addressing fraud, security, and market stability concerns.
The appointment signals a significant shift toward more structured and centralized crypto industry regulation. For crypto investors and businesses, this could mean clearer guidelines for trading, taxation, and compliance. The Crypto Czar’s role also aims to balance innovation with risk management, ensuring the U.S. remains competitive in the global digital asset space.
In addition to the Crypto Czar appointment, 2024 brought other pivotal regulatory moments:
EU Implements MiCA Regulations: The European Union's Markets in Crypto-Assets (MiCA) regulations officially went into effect, establishing a comprehensive legal framework for crypto-assets, service providers, and stablecoins across member states. This move sets a global benchmark for crypto regulation, focusing on transparency, investor protection, and market integrity.
Gary Gensler Announces his Resignation: SEC chairman Gary Gensler announced that he would step down before the incoming Trump administration takes power in 2025. Given his track record of trying to enforce against crypto companies, many see this as a positive development for digital asset innovation.
These regulatory developments signal the growing acceptance of crypto as a legitimate part of the global financial system. Further regulatory developments are widely expected in 2025.
Technological developments
One of the most interesting technological developments was a talk by Bitcoin developer @cryptoquick at Bitcoin Amsterdam 2024. In the talk, he described a proposal to make public Bitcoin addresses quantum-resistant by executing a soft fork. Users would have to migrate their wallet balances to new wallets with public keys using the new quantum-resistant algorithm. This leads into another development that came from Google in December.
On December 10, Google announced its latest quantum computing chip called Willow. Social media quickly became filled with FUD (fear, uncertainty, and doubt) about Bitcoin being vulnerable to a quantum computing attack. While experts dismissed fears, the incident did draw attention to the fact that quantum computers will one day pose a threat to all existing internet encryption.
Cultural moments
Bitcoin’s cultural significance grew more in 2024 than in any previous year.
Donald Trump gave a speech at the annual Bitcoin 2024 conference in Nashville, expressing a desire to make America the “Bitcoin capital of the world”. Trump has also pledged to create a strategic Bitcoin reserve for the USA.
In December, Microstrategy (MSTR) was added to the Nasdaq-100 QQQ index, comprising the top 100 tech companies on the New York Stock Exchange. Microstrategy is the largest corporate holder of Bitcoin, with 439,002 BTC worth about $46.5 billion on its balance sheet as of December 2024.
In addition, more companies have appeared to follow Microstrategy’s playbook in acquiring BTC. Riot Holdings and Marathon Digital Holdings announced convertible note offerings (corporate debt securities) to raise funds to acquire more BTC in December 2024. Earlier in the year, other companies announced their first Bitcoin purchases, including Rumble, a media company, and Semler Scientific, a pharmaceutical company.
These developments have thrust Bitcoin into the public sphere, the cultural zeitgeist, and the mainstream financial system in a way that may have seemed inconceivable just a few years earlier.
What we’re Looking forward to in 2025
Given the rapid rate of change seen in 2024, it’s likely that this momentum will continue into 2025. It’s possible that 2025 could be an even bigger year for Bitcoin and crypto than 2024 was.
If America or another country announces the creation of a strategic Bitcoin reserve, it could change the crypto landscape forever. Nations around the world could rush to add Bitcoin to their reserves before the price gets too high. Bitcoin’s hash rate could also soar, as many countries would try to lure miners to their territory. The hash rate already made new highs in 2024, and unless there’s a significant correction in the price of Bitcoin, this trend is likely to continue into 2025.
Technological innovations in Bitcoin’s scalability, privacy, and security could accelerate adoption. Meanwhile, clearer regulations and expanding financial products like ETFs may draw more institutional and retail investors into the market. As Bitcoin and crypto solidify their role as a store of value and permissionless network of decentralized finance, 2025 may see crypto continue becoming a mainstream financial pillar.
