In a year that has seen its fair share of ups and downs, 2024 has been a rollercoaster ride for the crypto world. From monumental wins for Bitcoin hodlers and crypto exchange-traded fund (ETF) issuers to scams and hacks that cost victims $2.2 billion, this article takes a look at some of the biggest winners and losers of 2024.
Winners
Bitcoin Hodlers
Bitcoin crossed the $100,000 psychological milestone on Dec. 5, driven by the hundreds of pro-crypto candidates who won seats in United States Congress and hopes for a pro-crypto US government. Bitcoin continued to climb afterward, peaking at $108,000 on Dec. 17, but has since fallen toward the end of the year.
- As of Dec. 27, CryptoQuant data shows 87% of Bitcoin holders are still in profit at a price of around $96,000.
- Most of the Bitcoin supply is in profit right now. Source: CryptoQuant
MicroStrategy and Other Companies
MicroStrategy, under the leadership of executive chairman Michael Saylor, has been a leader in Bitcoin adoption among companies. In 2024, the company’s bet on Bitcoin paid off as the price surged past $100,000.
- MicroStrategy’s investment in Bitcoin is now worth over $10 billion.
- Other companies such as Tesla and Square have also invested heavily in Bitcoin, although their stakes are much smaller than MicroStrategy’s.
Crypto ETFs
The launch of several crypto exchange-traded funds (ETFs) in 2024 has provided institutional investors with a new way to gain exposure to the crypto market. These ETFs track the price of Bitcoin or other cryptocurrencies and offer a convenient way for investors to buy and sell crypto without having to hold the underlying assets.
- The first crypto ETF was launched in February 2024 by VanEck, allowing investors to buy and sell shares that track the price of Bitcoin.
- Other companies such as ProShares and Global X have also launched their own crypto ETFs, offering investors a range of options for gaining exposure to the crypto market.
Losers
Scams and Hacks
The crypto world has been plagued by scams and hacks in 2024, with several high-profile incidents making headlines. In May, malicious actors suspected by the US Federal Bureau of Investigation (FBI) to be affiliated with North Korea stole over $300 million from Japanese crypto exchange DMM through social engineering directed at company employees.
- Other notable hacks include the theft of $290 million in PLA tokens from decentralized finance and gaming platform PlayDapp and the looting of $235 million from Indian crypto exchange WazirX.
- The total value of assets stolen through scams and hacks in 2024 has exceeded $2.2 billion, a significant increase from the previous year.
Celebrities and NFTs
Some celebrities have launched non-fungible token (NFT) collections or promoted certain crypto projects, but these efforts have not always been successful. In December 2024, Haliey Welch — known as the ‘hawk tuah girl’ —launched a memecoin called Hawk Tuah (HAWK), which briefly pumped to a peak market cap of $490 million before dumping rapidly.
- Investors filed a lawsuit against several entities involved in the launch of the coin on Dec. 19, alleging they promoted and sold an unregistered securities offering.
- Welch has since said she is "fully cooperating" with lawyers.
Conclusion
2024 has been a wild ride for the crypto world, with both triumphs and tribulations. While some companies have seen significant gains from their investments in Bitcoin, others have lost millions through scams and hacks. As the market continues to evolve, it will be interesting to see how these trends play out in the coming year.
Sources:
- "Crypto Market Cap" by CoinMarketCap
- "Bitcoin Price" by CoinDesk
- "MicroStrategy’s Bitcoin Investment" by Bloomberg
- "Crypto ETFs" by The Wall Street Journal
Note: This article is for informational purposes only and should not be considered as investment advice. Always do your own research before making any investment decisions.
