Crypto Market Performance in 2024: Bitcoin's Surge, Altcoin Struggles, and The Halving Effect

Featuring views and opinions written by market professionals, not staff journalists.Of the cryptocurrencies tracked by CoinMarketCap, the best performer for the year was Moonwell, rising 724.03%. Bitcoin also had an exceptional run in 2024. Bitcoin entered 2024 prices around $40,000 and by March had surged past $70,000 for the rest of the year. However, after the U.S. presidential election results in November, bitcoin took off.

Donald Trump’s decisive victory took the digital currency to $100,000 for the first time, marking a 120% increase since January, according to an article published by Bitcoin Tax. Bitcoin futures ETFs have been around for a while, both in the U.S. and other countries, but getting a spot Bitcoin ETF felt almost impossible until January 2024. After years of rejections, the SEC finally approved 11 spot Bitcoin ETFs this year, marking a huge milestone for the industry. Just a few months later the SEC approved 8 spot Ethereum ETFs. Of the cryptocurrencies tracked by CoinMarketCap, the worst performer for the year was UwU Lend, down 96.24%. While complete data for 2024 is still coming in, it’s clear that crypto scams have risen compared to 2023. By September 2024, crypto hacks caused $2.11 billion in losses, a 72% jump from the same period in 2023, according to Bitcoin Tax. The altcoin market faced significant challenges in 2024, with widespread downturns and shifting priorities among investors. Analysts predict this trend may persist into early 2025, writes CCN.com, with established cryptocurrencies gaining more favor.The 2024 Bitcoin halving makes it more likely that the digital asset’s value will rise. This is a huge contrast to fiat currencies, which typically decline in value over time via inflation. The halving event is one of the ways Bitcoin’s protocol maintains scarcity, and scarcity is one of the reasons why Bitcoin is sought after by millions of people, explains a Coinbase articl

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