In November 2024, the crypto-currency market reached a total market capitalisation of $3.47 trillion. Next year is set to be a bumper year for the crypto-currency industry, with the industry poised for even greater advancements. This comes as the local crypto-currency industry experienced a profitable 2024 prompted by the US elections and the granting of licences by the Financial Sector Conduct Authority to various Crypto Asset Service Providers.
The industry also celebrated when Bitcoin, the world’s most popular digital currency, in November reached $100 000 (R1.7 million) per single coin. In an email interview with ITWeb, Nomvete says in November, the crypto-currency market reached unprecedented heights, with total market capitalisation surging to a record $3.47 trillion. This growth, he highlights, was fuelled by Bitcoin's rally to over $100 000 and significant institutional participation, evidenced by seven consecutive weeks of positive spot exchange-traded fund (ETF) inflows totalling over $6.5 billion for the month. Bitcoin ETFs have gained approval in markets such as the United States, Brazil, Hong Kong, and Australia, signalling broader acceptance of digital assets, Nomvete explains. “The industry has emerged stronger, advancing in legitimacy, adoption, and utility. From regulatory breakthroughs to institutional milestones, this year marked the dawn of a new era. “Looking ahead, the crypto industry is undoubtedly poised for even greater advancements. The momentum we’ve built over the past year, coupled with favourable tailwinds, positions us for an even stronger 2025. Institutions are increasingly eager to explore crypto’s potential, with many taking their first steps into the space.” Binance is the world’s biggest blockchain and crypto-currency infrastructure provider