In spite of facing challenges, the cryptocurrency market concluded 2024 with robustness, peaking at a record market capitalization of $3.91 trillion in December.
As an analyst, I’ve recently observed that the remarkable surge in Bitcoin‘s value and the optimistic outlook on regulations have significantly driven the expansion of the cryptocurrency market, as per the latest report published by Binance Research, their research division.
Bitcoin Becomes 7th Largest Global Asset
As a researcher observing the crypto market, I’ve noticed an impressive surge in the value of Bitcoin post the halving event in April 2024. This digital currency has been breaking all-time highs (ATH), with its latest peak reaching an astounding $108K. This growth has translated into a significant year-to-date (YTD) increase of approximately 123.4% for Bitcoin’s market capitalization.
In 2024, Bitcoin’s remarkable performance placed it as the seventh largest global asset by market capitalization, surpassing Saudi Aramco, Silver, and Meta. Notably, Bitcoin, a relatively newer asset class compared to its more established counterparts on the list, proved to be one of the top performers in 2024, with Nvidia being the only asset ahead of it.
According to the report, Bitcoin’s significant growth was driven by a variety of factors such as changes in global monetary policies and the approval of spot Bitcoin ETFs in January 2024. These financial instruments strengthened Bitcoin’s status as a legitimate asset class, attracting additional investments from institutional investors.
During their first year, U.S.-listed Bitcoin ETFs amassed more than $50 billion in total managed assets.
As a financial analyst, I’ve observed that the recent U.S. presidential election has added momentum to the current surge. The victory of President Donald Trump has ignited optimism within the market, primarily due to increased anticipation of possible regulatory shifts in favor of cryptocurrencies under his pro-crypto administration.
Interest in AI Agents Explode
The report additionally emphasized the rising curiosity within the burgeoning AI segment of the cryptocurrency market. Artificial intelligence systems are currently a much-discussed subject amongst investors, generating substantial financial backing.
The report further spotlighted the increasing attention towards the AI division in the crypto market’s up-and-coming sector. AI technology is now a popular topic among traders and investors, receiving notable funding.
Lastly,
The report also showed that more people are getting interested in the new AI part of the crypto world. AI tech is becoming all the rage among players in the market, pulling in big investments.
According to the findings, the expansion of the sector initially began with the introduction of AI agent Truth Terminal and the GOAT token. The achievement of the token paved the way for further growth, leading to the continuous evolution of the sector as more ventures emerge.
As the value of leading tokens for AI agents soars, Binance anticipates that this segment may trigger significant expansion across the industry by 2025. Currently, the token VIRTUAL, representing top-tier AI agents, boasts a market capitalization of $4.2 billion.
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2025-01-12 17:38