The crypto industry experienced a whirlwind year in 2024, with monumental victories and harrowing setbacks defining the landscape. Bitcoin enthusiasts had reason to celebrate as the flagship cryptocurrency broke past the $100,000 mark on December 5, peaking at $108,000 before stabilizing at $96,000 by the year’s end. This milestone fueled optimism among hodlers and emboldened institutions like MicroStrategy and El Salvador, whose Bitcoin holdings soared in value.

Meanwhile, the launch of U.S. Spot Bitcoin ETFs in January brought legitimacy to crypto investment products. By December, assets under management for Bitcoin ETFs surpassed $129 billion, eclipsing traditional gold funds and signaling a shifting investment paradigm. Memecoins also basked in the limelight, with tokens like Dogecoin and Shiba Inu leading a $104 billion market. Solana’s Pump.fun platform catalyzed the trend with revenue exceeding $325 million, despite a high failure rate for new projects.

On the legal front, crypto attorneys and bankruptcy professionals thrived amid regulatory crackdowns and corporate collapses. The SEC pursued over 500 cases, securing $8.2 billion in financial remedies, while legal fees from crypto bankruptcies reached an eye-watering $751 million.

However, the industry’s darker side loomed large. Scammers and hackers inflicted $2.2 billion in damages across 303 incidents, a 21% increase from 2023. Notable heists included $300 million stolen from DMM, $290 million drained from PlayDapp, and $235 million looted from WazirX.

Celebrity-backed ventures also faced scrutiny, with some collapsing under accusations of insider trading and fraud. Investors turned to the courts, underscoring the persistent risks associated with speculative hype.

For all its volatility, 2024 reaffirmed the crypto market’s resilience and potential, while highlighting the importance of vigilance and innovation in navigating its challenges.