'To the moon:' bitcoin more than doubles in 2024, crypto stocks mixed
2024-12-31
Category: None

** Shares of several U.S. cryptocurrency and blockchain-related companies skyrocket in 2024, as bitcoin BTCUSD more than doubles in value, but broad losses among some miners weigh on the sector's rally
** Gains in crypto markets were driven by hopes of easing regulatory roadblocks in 2025 under President-elect Donald Trump, along with hopes of institutional adoption
** Top sector highlights for the year include, approval of spot bitcoin exchange-traded funds, BTC hitting $100,000 for the first time and BTC-buyer MicroStrategy's MSTR inclusion in the Nasdaq 100 index
** "We expect bitcoin to hit a cycle-high of $200,000 in late 2025 ... expect bitcoin to emerge as the new-age premier 'store of value' asset eventually replacing gold over the next decade," analysts at Bernstein wrote earlier this month 
** Crypto rally winners: BTC, the world's biggest cryptocurrency, is up ~124% YTD. Ether (ETH=), the second-biggest digital asset, jumps ~49%
** Sector's market cap surges to $3.43 trillion, according to CoinGecko 
** MSTR, the world's biggest holder of BTC as a corporate  treasury asset, soars nearly five-fold this year, while U.S.-listed shares of Hut 8 HUT up ~61%
** Crypto exchange Coinbase Global COIN up ~47% YTD
** The losers: miners Riot Platforms RIOT, Marathon Digital MARA and Bit Digital BTBT down between 26% and 32% YTD 
Thomson ReutersBitcoin more than doubles in 2024, hits $100,000 milestone