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“As much as (2023) was a rough patch to get through for crypto, I think it’s probably going to be a good outcome over time. The trend this year has been probably increased regulation and just building back confidence in the system, and that should have a lasting, positive outcome.”
— Greg Taylor, Purpose Investments
“For the first time since its inception, the digital asset market appears to be aligning with regulators, fostering a more cooperative relationship. This alignment is expected to facilitate a stronger connection between digital assets and traditional finance, attracting capital from new investor cohorts.”
— Matteo Greco, Fineqia International
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The cryptocurrency market has experienced a remarkable transformation over the past year, marked by strong investor interest and a significant resurgence in prices for both Bitcoin and Ether.
As of December 9, Bitcoin was up close to 120 percent year-to-date, while Ether was up just over 55 percent.
Momentum has been fueled by the approval of spot Bitcoin exchange-traded funds (ETFs) in the US and enhanced institutional interest. This activity has spilled over into the burgeoning altcoin market, signaling a broader shift.
Keep reading to learn more about what trends drove the crypto market boom in 2024.
However, this year’s Bitcoin halving event did not follow historical trends.
Speaking to the Investing News Network, WonderFi CEO Dean Skurka explained the differences he’s observed compared to past post-halving periods: “Previous halvings tended to cause some volatility immediately after the event, with significant jumps in price in the six to 12 months following.”
Bitcoin performance after 2020’s halving.
This time, Bitcoin’s price reached an all-time high before the event and experienced a downtrend in the following months, falling from US$73,097 pre-halving to below US$60,000 in May and July. It didn’t break US$73,000 again until October, boosted by the prospect of a more crypto-friendly political climate.
“This current post-halving period did not follow the same rapid trajectory as the three previous events, but the positive signals sent out by both global jurisdictions and institutional investors in recent months have accelerated the interest in digital currencies across the board,” Dean explained.
Bitcoin performance after 2024’s halving.
Bitcoin’s 40 percent gain in November has largely been attributed to Republican victories in the House and Senate, along with Donald Trump’s presidential win. Among other corporate-friendly initiatives, the party ran on a platform of looser regulations for crypto and a government stake in Bitcoin in the form of a national Bitcoin reserve.
Starting on November 5, Bitcoin was able to set new all-time highs on nearly a weekly basis — the popular cryptocurrency topped US$100,000 for the first time in history on December 4.
Dean said halving cycles also tend to drive more interest elsewhere in crypto.
“More eyes are on the crypto industry as a whole, and other cryptocurrencies not subject to halving get investor attention, leading to surges in altcoin markets as well as innovation in the space,” he said.
This observation has indeed held true, particularly in the second half of 2024, with altcoins experiencing significant market gains. This shift has been marked by a wave of new investment opportunities across the crypto landscape, underscoring the broader impact of evolving market dynamics in the industry.
The expansion of crypto investment vehicles highlights the maturing and evolving nature of the industry.
DeFi offers a range of permissionless and transparent financial services built on blockchain technology, and both Solana and Ether have emerged as leading platforms for DeFi development.
Total Bitcoin options open interest in 2024.
Bitcoin futures open interest in 2024.
Liquid staking protocols issue derivative tokens representing staked assets, allowing institutions to maintain liquidity while earning staking rewards. Lido, a liquid staking protocol, enables users to stake ETH without locking it up and issues stETH tokens in return. stETH tokens have increased over 67 percent in value year-on-year.
These advances have provided new opportunities for institutions to maximize returns and participate more deeply in the quickly developing cryptocurrency ecosystem.
The cryptocurrency market’s resurgence in 2024 has been driven by a confluence of factors that have propelled the industry into a new era of growth and innovation. While challenges and uncertainties remain, the overall trajectory points toward continued expansion and the integration of cryptocurrencies into the global financial landscape.
As institutional investors deepen their involvement and regulatory frameworks evolve, the crypto market is poised for further transformation, shaping the future of finance and investment.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
The cryptocurrency market is heading into 2025 on the heels of a bull run sparked largely by converted crypto advocate Donald Trump’s impending return to the White House.
Bitcoin and Ethereum performed strongly in H2 2024, joined by emerging contenders Solana, XRP and Cardano. Their surges accelerated after the election on the back of growing hopes for crypto adoption and integration.
2025 is expected to be a year of transformation for the crypto market, where defined regulation, institutional adoption and emerging technologies converge to shape a new era of digital finance.
Read on for an overview of what experts see coming for the fast-developing industry next year.
“The current economic landscape is quite promising for the crypto market in the upcoming year,” Dean Skurka, president and CEO of Canadian financial firm WonderFi, told the Investing News Network (INN) in an email.
“Additionally, interest rate cuts in the US and Canada have sent a positive signal to investors in the back half of 2024. As we anticipate further cuts next year, many retail investors will feel the benefit from reduced borrowing costs, which should help increase the amount of money available for investment,” Skurka added.
The report also points to rising Chapter 11 bankruptcy filings and a decline in manufacturing as warning signs for a potential economic downturn and a possible decline in equity prices.
Given these potential headwinds for the manufacturing sector and the broader economy, investors are increasingly exploring alternative assets that might offer protection. As Dean explained, “Many investors also view crypto as a hedge against inflation, similar to gold. If inflation does creep up, investors may decide to increase the proportion of their portfolio in crypto, to mitigate the risk of their savings decreasing in value over time.”
In his view, institutional investors may particularly appreciate that crypto assets are more resistant to inflation.
The regulatory landscape is expected to see major shifts after Trump’s inauguration on January 20.
Crypto advocates are also optimistic about a united front between the SEC and the Commodity Futures Trading Commission (CFTC) when Trump takes the helm in the US.
“For a long time, the SEC and the CFTC have had something of a turf war over crypto and who is going to regulate and how,” Adam Garetson, partner at multinational law firm Gowling WLG, told INN in an interview.
“I think that the SEC is more resourced than the CFTC from an investigation and enforcement perspective, but I think the underlying asset class does lend itself well to consideration by commodities regulators, particularly Bitcoin and Ether,” he continued. He expects to see the CFTC receive more resources dedicated to crypto regulation.
As cryptocurrencies become more mainstream, large entities are seeking exposure.
“This is game theory at play. Other countries will see (the strategic Bitcoin reserve), and if we actually do this, it’ll force them to strongly consider to get a little bit of Bitcoin on their balance sheets too as a store of value,” he said.
“I’m not talking about replacing gold. But 5 percent of total Bitcoin supply would roughly mirror the size and scope of the US gold reserves right now,” Lavish told the audience at the event.
For his part, Garetson said talk of a strategic Bitcoin reserve is indicative of a bigger trend.
“I think the commentary around strategic reserves really does indicate sort of a broader trend of investment portfolios being managed to include exposure to digital assets, and certainly Bitcoin, being the most heavily weighted asset in the sector, is driving the most attention,” he explained to INN.
“With 14 altcoin ETFs currently waiting for approval — and more joining the list all the time — it appears the market will be very receptive to these products,” noted Dean. “As these funds launch, the overall market benefits from diversification options, improved liquidity and easier access for a wider investor base will be apparent.”
He added that internal WonderFi data shows that usage and adoption of Solana has seen a “meteoric rise” in the last 2024 months. At the time of this writing, there were four active applications for spot ETFs tracking Solana.
Heightened liquidity due to an increase in ETFs could spill over into the crypto derivatives market. Furthermore, a less restrictive regulatory environment could stimulate more growth.
“ETFs are a significant touch point between the traditional financial world and the emerging digital asset world,” said Garetson. “I think those touch points are going to continue to grow as the crypto environment matures and greater regulatory clarity comes for the industry, and I think derivatives are another domino in that line. I think we’ve seen futures products on crypto exist now for a while, so I think we’re going to see more traditional financial products that are based on or reference crypto emerging, and certainly the derivative vehicle is a place where there’s room to grow.”
Looking at the technology side of crypto, Garetson said he’s watching staking, especially liquid staking.
“Liquid staking allows for investors to maintain liquidity so that their assets can be used for lending, borrowing and trading while rewards are being generated,” he explained to INN.
“So I think this advancement is going to have a net positive implication, in particular for the ETF space as well, where assets such as Ether that are held in an ETF can still generate these staking passive returns.”
“In 2025 we’re certainly seeing a push from a global regulatory perspective to take a closer look at DeFi and DeFi arrangements. So I expect this will be an area of regulatory focus in 2025,” said Garetson.
The crypto market presents a landscape of both challenges and opportunities in 2025.
“To be sure, I think that the greatest advances that will help the crypto and digital asset sector will be greater regulatory clarity, and with that, greater institutional and retail adoption,” said Garetson.
As the market expands and diversifies, Bitcoin’s position as the top cryptocurrency is likely to remain strong.
“It is hard to make (price) predictions, but the industry has never been better positioned,” Dean told INN. “The pro-crypto US administration, the promise of a US strategic reserve of Bitcoin, the rising corporate, institutional and global jurisdictional adoption, coupled with the launch of the new Bitcoin ETFs, will all contribute to this baseline target.”
Investor behavior is set to influenced by macroeconomic and geopolitical factors, similar to trends observed in traditional markets. Dean remarked, “There’s no denying that macro conditions will contribute significantly to the supply and price of Bitcoin, so it will be worth watching as all these stories play out in 2025.”
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
Editorial Disclosure: The Investing News Network does not guarantee the accuracy or thoroughness of the information reported in the interviews it conducts. The opinions expressed in these interviews do not reflect the opinions of the Investing News Network and do not constitute investment advice. All readers are encouraged to perform their own due diligence.
Canadian crypto stocks offer investors exposure to the booming cryptocurrency market.
Cryptocurrencies are digital currencies that are independent of traditional banking systems. They exist on a blockchain, a secure and immutable transaction record shared among many computer nodes in a network.
The most well-known cryptocurrency is Bitcoin, and the process of generating new Bitcoin units is called mining. When Bitcoin was new, it was easy enough for tech-savvy individuals to mine their own tokens using store-bought hardware. However, as Bitcoin has grown in popularity, mining has become a difficult and expensive process.
That’s why these days most mining is done at the industrial level. Large corporations with capital and the right equipment can mine tens or even hundreds of Bitcoin every day. Buying shares of companies that mine crypto or provide crypto services is a way for investors to reap the potential benefits this industry has to offer without risking major losses.
Year-on-year gain: 2,540 percent
Market cap: C$434.14 million
Current share price: C$2.64
In 2024, the company shifted its focus exclusively to Solana and acquired significant holdings of the cryptocurrency. Its previous mission was to identify and invest in high-potential opportunities in blockchain and cryptocurrency technologies.
Sol Strategies’ approach has been very successful, as evidenced by its significant share price increase.
Year-on-year gain: 333.33 percent
Market cap: C$29.46 million
Current share price: C$0.20
Established in 2013, Bitcoin Well makes using Bitcoin easy and accessible via an ecosystem of products and services offered through its two revenue-generating business units. The first is its Canada-wide network of Bitcoin ATMs, and the second is its online Bitcoin portal, which went live in Canada in November 2022 and the US in February 2024.
Year-on-year gain: 200.47 percent
Market cap: C$4.01 billion
Current share price: C$38.55
Hut 8 is an energy infrastructure operator and Bitcoin miner.
It operates data centers across North America and boasts self-mining, hosting and managed services. The company has formed partnerships with other companies in the blockchain and technology space.
Hut 8 plans to deploy these new miners at its Texas facility in Q2 2025, and will charge Bitmain a fee for the space and power. This deal gives Hut 8 early access to new technology and an alternative revenue source.
Year-on-year gain: 8.14 percent
Market cap: C$98.38 million
Current share price: C$0.47
DMG Blockchain Solutions is a vertically integrated blockchain and cryptocurrency company that helps users monetize the blockchain environment by delivering digital solutions like its Blockseer software platform, which allows traders to monitor and track their transactions on the Bitcoin and Ethereum networks.
Its business model consists of two segments, Core and Core+. Core focuses on crypto infrastructure operations, deriving its revenue from rewards and transaction fees, hosting services and hardware sales to industrial crypto miners. For its part, Core+ deals with data analysis and forensic services.
Year-on-year gain: 6.73 percent
Market cap: C$792.32 million
Current share price: C$5.71
HIVE Digital Technologies is a crypto miner that focuses on using green energy to power its operations. It mines Bitcoin and other digital currencies at its data centers in Québec and New Brunswick, as well as Sweden and Iceland.
Securities Disclosure: I, Meagen Seatter, hold no direct investment interest in any company mentioned in this article.
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