The cryptocurrency market experienced significant developments in 2024. The launch of Spot Bitcoin 
$99,272 ETFs, the Bitcoin halving that occurred in April, and Donald Trump’s renewed support for cryptocurrencies in the United States drew attention back to the sector. These events infused new energy into the market, particularly increasing interest from both institutional and individual investors.
Bitcoin ETFs and Trump’s Support Energized the Market
The introduction of Spot Bitcoin ETFs provided investors direct access to cryptocurrencies. This development was regarded as a significant turning point for the market. The Bitcoin halving in April presented new challenges for the mining sector, while President Trump’s support made cryptocurrencies more visible in mainstream discussions.
S&P 500 gained 25% this year, while Bitcoin surged by 120%. Notably, crypto-focused companies showed remarkable performances: Robinhood shares rose by 203%, Block climbed 24%, and Coinbase shares increased by 69%.
MicroStrategy shares emerged as the leading gainers, soaring by 402%. Currently, MicroStrategy holds 440,000 BTC, making it the largest institutional investor in the market. Core Scientific experienced a 307% increase, while Terawulf rose by 142%.
Despite Growth, Some Companies Struggle
Conversely, several companies faced a challenging year. MARA Holdings shares fell by 16%, and Bit Digital saw a 17% drop. Hive Digital declined by 32%, and Argo Blockchain experienced an 80% loss. The steepest decline of 92% was recorded by Gryphon Digital Mining.
Gryphon Digital Mining reported a 33% decrease in annual revenues and revealed a net loss of $5.95 million. Argo Blockchain sought new capital to continue its operations.
While 2024 presents significant opportunities for winners, operational challenges arise for losers. Overall, the cryptocurrency market continues to grow with expanding investor interest and innovations.
