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

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

BTC: Record milestones and institutional adoption growth

Bitcoin (BTC) hit an 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 Trump's victory in November brought a cryptocurrency-friendly ruling team, and their proposals such as establishing a national Bitcoin reserve further enhanced market confidence. Despite continued volatility related to macroeconomic conditions, BTC’s resilience, institutional support, and adoption have allowed it to become a mature asset class. Based on the above factors, the price of BTC may exceed US$160,000 in 2025.

MicroStrategy and Metaplanet: Enterprise Bitcoin Pioneers

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

In Asia, Metaplanet has imitated 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, indicating that a trend of MicroStrategy-style imitators may 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. This legal victory, coupled with the election victory of crypto-supportive Trump, increased the value of XRP 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, strengthening its important role in the stablecoin space and beyond.

Solana: Scaling Blockchain Innovation

Solana's high-throughput, low-cost blockchain makes 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 robust infrastructure expand Solana's use cases, increase its adoption, and solidify 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’s appointment by President Trump as Secretary of the Department of Government Effectiveness (DOGE) creates a unique connection with Dogecoin. This appointment, coupled with Musk’s support for Dogecoin, has increased Dogecoin’s visibility and appeal, cementing its position as the leading meme coin.

Some of the above opinions come from Matrix on Target. Contact us to get the full Matrix on Target report.

Disclaimer: The market is risky, so investment needs to be cautious. This article does not constitute investment advice. Digital asset trading can be extremely risky and unstable. Investment decisions should be made after careful consideration of individual circumstances and consultation with a financial professional. Matrixport is not responsible for any investment decisions based on the information provided in this content.