Matrixport Investment Research: A review of the major crypto events at the end of 2024

The cryptocurrency market has seen significant growth in 2024, driven by increased institutional adoption, growing regulatory clarity, and innovative strategies from leading blockchain projects. Key highlights include the rise of BTC, XRP’s legal victory, Solana’s technological advancement, and DOGE Coin’s cultural renaissance.

BTC: Record Milestones and Growth in Institutional Adoption

Bitcoin (BTC) hit a new all-time high of $108,000, thanks to the approval of a BTC spot ETF in January 2024, which enhanced its credibility and accessibility to mainstream investors.

President Donald Trumps victory in November brought a crypto-friendly administration, and his proposals, such as the creation of a national Bitcoin reserve, further boosted market confidence. Despite continued volatility associated with macroeconomic conditions, BTCs resilience, institutional support, and adoption make it a mature asset class. Based on the above factors, BTC prices could exceed $160,000 in 2025.

MicroStrategy and Metaplanet: Enterprise Bitcoin Pioneers

MicroStrategy has solidified its role as a BTC proxy by amassing over 439,000 BTC, and despite ongoing debate surrounding its high valuation, MicroStrategy is using its shares to raise funds to further purchase BTC.

In Asia, Metaplanet has mimicked this strategy and has been dubbed “Japan’s MicroStrategy” for holding over 1,000 BTC. The zero-interest bonds and stocks issued by Metaplanet demonstrate the company’s confidence in the long-term value of BTC, foreshadowing a trend of MicroStrategy-style copycats that could emerge in 2025.

Ripple: Legal clarity and strategic expansion

Ripple scored a landmark legal victory in August when XRP was ruled not to be a security, providing much-needed regulatory clarity. That legal victory, coupled with the election of crypto-friendly Trump, has boosted XRP’s value by nearly 400%, cementing its position as the third-largest cryptocurrency.

Ripple has further expanded its ecosystem with the launch of RLUSD, a stablecoin backed by U.S. dollar reserves and government bonds, reinforcing its role as a major player in the stablecoin space and beyond.

Solana: Scaling Blockchain Innovation

Solana’s high-throughput, low-cost blockchain has made it a leader in decentralized applications and speculative assets. The growing popularity of MEME coins such as Popcat and Dogwifhat has driven a significant increase in on-chain activity. Strategic partnerships and strong infrastructure have expanded Solana’s use cases, increased its adoption, and solidified its key position in blockchain innovation.

Dogecoin: Cultural Icon and Political Symbol

Influenced by MEME culture and Elon Musk, Dogecoin (DOGE) is booming in 2024. Musk was appointed by President Trump as the Minister of Government Efficiency (DOGE), which formed a unique connection with Dogecoin. This appointment, coupled with Musks support for Dogecoin, increased the popularity and appeal of Dogecoin, consolidating its position as the leading meme coin.

Some of the above views come from Matrix on Target. Contact us to obtain the full report of Matrix on Target.

Disclaimer: The market is risky and investment should be cautious. This article does not constitute investment advice. Digital asset trading can be extremely risky and unstable. Investment decisions should be made after carefully considering personal circumstances and consulting financial professionals. Matrixport is not responsible for any investment decisions based on the information provided in this content.

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