The cryptocurrency market experienced unprecedented growth and adoption in 2024, with Bitcoin leading the charge by surpassing the US$100,000 mark. Institutional investments, regulatory advancements, and mainstream acceptance positioned crypto as a key player in global finance. However, challenges such as market volatility and scams persisted, highlighting the complexities of this evolving industry.
Today’s Crypto Prices
The crypto market remains volatile, with significant price fluctuations across top assets. Here are today’s updates:
- Bitcoin (BTC): AU$151,080.67 (-2.45% in 24 hours, -10.24% over the week)
- Ethereum (ETH): AU$5,214.97 (-2.7% in 24 hours, -18.38% over the week)
- Tether (USDT): AU$1.59747 (-0.03% in 24 hours)
- Dogecoin (DOGE): AU$0.49538 (-3.1% in 24 hours, -24.53% over the week)
These numbers reflect ongoing market adjustments following recent significant events, underscoring crypto’s inherent volatility.
Bitcoin’s Milestone Year
In December 2024, Bitcoin hit an all-time high of over US$100,000, solidifying its reputation as a top-tier asset. This milestone elevated Bitcoin to the ranks of traditional investments like gold and major tech stocks. Institutional adoption surged, driven by financial giants such as BlackRock and Fidelity, alongside the launch of spot Bitcoin and Ether ETFs. These ETFs, with volumes surpassing US$550 billion within a year, demonstrated the growing appetite for regulated, transparent investment vehicles.
Regulatory progress also played a vital role. Europe’s Markets in Crypto-Assets (MiCA) framework provided a blueprint for harmonising crypto governance across regions. In the United States, the election of a pro-crypto administration sparked optimism for favourable regulatory developments in 2025.
Donald Trump, the first US president to openly champion crypto, symbolised this shift. His personal NFT collections and plans for a Strategic Bitcoin Reserve highlighted crypto’s increasing political significance. Analysts believe this trend will inspire broader adoption worldwide.
Crypto All-Time Records and Crashes in December
Despite Bitcoin’s meteoric rise, the market faced a sharp downturn in December. On December 20th, Bitcoin dropped 9% from its peak. However, on December 17th, Bitcoin reached an all-time high. After that, it faced a great downturn.
Figure 1: Bitcoin hitting all-time high price on December 17th, 2024.
Other cryptocurrencies experienced declines. Ethereum fell 6% in a single day, while Dogecoin plunged nearly 13%. This crash resulted in over US$1.02 billion in liquidations, affecting 304,930 traders globally.
Fed Chair Jerome Powell’s recent announcement likely triggered this sell-off. Powell stated, “The Fed is in no position to hold Bitcoin as a reserve asset.” This statement, combined with reduced rate cuts, dampened market sentiment.
Despite the crash, Bitwise CIO Matt Hougan remains optimistic. “The bullish narrative for crypto continues,” he asserted, citing pro-crypto leadership, institutional adoption, and blockchain innovations as drivers of long-term growth.
Key Trends to Watch in 2025
As 2025 unfolds, several trends will influence the cryptocurrency market’s trajectory.
Institutional Adoption
Institutional interest will continue to grow, with financial powerhouses like BlackRock and Fidelity leading the way. The approval of additional ETFs and advancements in asset tokenisation will attract further capital. This trend reflects a broader integration of blockchain technology within traditional financial institutions.
Regulatory Progress
The US is expected to introduce clearer guidelines for decentralised finance (DeFi) and potentially establish a Strategic Bitcoin Reserve. Australia is also advancing its regulatory framework, with ASIC inviting industry feedback on its updated digital asset guidance.
DeFi and Blockchain Innovation
Decentralised finance (DeFi) remains a key area of growth, with total value locked surpassing US$125 billion in 2024. Institutions are exploring real-world asset tokenisation to bridge the gap between blockchain and traditional finance. Stablecoins, with a total supply exceeding US$200 billion, will likely gain further traction as regulators balance innovation with stability.
Memecoin Resilience
Memecoins like Dogecoin and Shiba Inu continue to capture attention, reflecting blockchain’s accessibility and creativity. Analysts anticipate consolidation in the memecoin market, with resilient players emerging as significant ecosystem contributors.
Opportunities and Risks for Investors
The crypto market presents opportunities and risks for investors. ETFs offer regulated access to crypto assets, while tokenisation opens avenues for diversification.
Retail investors made a strong comeback in 2024. At Australian Con, over 90% of attendees expressed plans to buy crypto within six months. Two-thirds aimed to invest in Bitcoin, with 25% predicting all-time highs in 2025.
However, market volatility and scams remain concerns. Matt Hougan described the recent pullback as a “hiccup” in a “multi-year bull market,” urging investors to focus on the broader bullish narrative.
Celebrity-Backed Crypto Projects: Lessons from ‘Hawk Tuah’
Celebrity endorsements in crypto continue to attract investors, but not without risks. Hailey Welch, also known as “Hawk Tuah,” faced a major setback when her token, HAWK, crashed by over 90% hours after its launch on December 4th.
Welch addressed the incident on social media, stating, “I am co-operating with lawyers to uncover the truth, hold the responsible parties accountable, and resolve this matter.”
The token’s market value plummeted from US$490 million to US$26.4 million. Experts advise investors to remain cautious with celebrity-backed projects, which often lack strong tokenomics or sustainable models.
Also Read: Hawk Tuah Girl Speaks Out After $HAWK Memecoin Collapse and Class Action Lawsuit
The Road Ahead
The momentum from 2024 positions the market for continued growth in 2025. Platforms like Binance are focused on education and innovation to ensure safe participation for users.
Challenges like volatility and regulatory uncertainties remain, but the market’s internal dynamics and pro-crypto leadership are expected to drive long-term success.
As Matt Hougan stated, “Crypto is in a multi-year bull market.” With institutional interest, regulatory clarity, and blockchain innovations, 2025 holds immense potential for redefining the future of finance.
