The year crypto went mainstream

The crypto market has entered a new era of growth and mainstream adoption, with 2024 representing a significant turning point, writes James Quinn-Kumar.

Pic via Getty Images

The cryptocurrency market has entered a new era of growth and mainstream adoption, with 2024 representing a significant turning point, marked by unprecedented milestones.

Bitcoin's meteoric rise to over US$100,000 in December crowned it as one of the world's top assets, rivalling traditional investments like gold and major tech giants.

Alongside this, we saw institutional participation reach new heights as well as the broadening of investment options through the launch of spot Bitcoin and Ether ETFs. In less than a year, total ETF volumes have grown to over USD$550 billion, demonstrating the appetite for regulated, transparent investment vehicles.

These successes were underpinned by a developing regulatory environment. Europe's Markets in Crypto-Assets (MiCA) framework set an example of what regional harmonisation of crypto governance could look like, and the election of a pro-crypto US administration has generated optimism about favourable regulatory tailwinds in 2025.

Donald Trump, the first US president to openly champion crypto with personal NFT collections and with plans for a Strategic Bitcoin Reserve, symbolises the industry’s arrival on the political stage. This shift is expected to inspire broader adoption, not only in the US but also globally, as other nations take cues from the emerging US crypto policies.

Trends to watch in 2025

2025 ought to be a year where the reality catches up to the hype. The continued growth in retail demand, alongside the increased institutional interest, provides strong foundations to drive further adoption of crypto to a point where, in the not-too-distant future, crypto could be integrated into the mainstream financial system.

Several trends will drive this evolution over the coming 12 months.

Institutional adoption: With financial giants like BlackRock and Fidelity leading the charge into crypto over the past year, institutional interest is set to grow further. The approval of additional ETFs, alongside advancements in asset tokenisation, will likely attract a new wave of institutional capital. This aligns with a broader trend of traditional financial institutions integrating blockchain technology into their operations.

Regulatory progress: The anticipated regulatory clarity from the US in 2025 could serve as a catalyst for global crypto markets. Proposals like the Strategic Bitcoin Reserve and clearer guidelines for decentralised finance (DeFi) may unlock significant investment potential. In Australia, progress is advancing with ASIC recently releasing its proposed updates to its digital asset guidance INFO sheet 225 for industry feedback, for which Binance looks forward to contributing to with a  commitment to a regulated and transparent framework that protects consumers and promotes innovation.

DeFi and blockchain innovation: DeFi continues to thrive, with total value locked (TVL) exceeding USD$125 billion in 2024. Institutions are exploring real-world asset tokenisation, a key step toward integrating blockchain with traditional finance. Meanwhile, stablecoins – whose total supply surpassed US$200 billion in 2024 – are likely to see increased adoption as regulators focus on balancing innovation with stability.

The memecoin craze: The enduring popularity of memecoins like Dogecoin ($DOGE) and Shiba Inu ($SHIB) reflects the creativity, accessibility and community, which are foundations of the crypto space. While highly speculative by nature, memecoins highlight the democratised token creation and trading infrastructure that has become a hallmark of blockchain technology. Consolidation in the memecoin market can be expected, with a few resilient players emerging as meaningful components of the broader ecosystem.

Opportunities for investors

The coming year will not be without its challenges. Cryptocurrencies remain highly volatile and as crypto adoption grows so do the risks of scams and fraud. But after a breakthrough 2024, there are significant opportunities.

The growing ecosystem of ETFs offers familiar, regulated access to crypto assets and the increasing tokenisation of real-world assets opens new avenues for diversification.

Retail investors, who made a strong comeback in 2024, are expected to remain active. In a survey of over 500 attendees at Australian Crypto Con – held in Sydney in November – over 90% of respondents said they expected to buy crypto in the coming six months.

Over two-thirds of respondents planned to buy Bitcoin with 53% bullish and a further 25% ultra bullish on the expectation that Bitcoin will hit all-time highs in 2025.

The road ahead

The recent growth of Bitcoin has helped bring crypto to new groups of people across the world with more people expected to join this industry in the coming years.

At Binance, we are focused on education and innovation to help user  safely and confidently participate in the crypto space.

With the momentum of a record-breaking 2024, the stage is set for continued growth, innovation and adoption. As the industry navigates opportunities and challenges, the crypto market is well-positioned to redefine the future of finance.

James Quinn-Kumar is director of community engagement for Binance Australia and New Zealand.

The views, information, or opinions expressed in the interviews in this article are solely those of the contributing author and do not represent the views of Stockhead.

This article was developed in collaboration with Binance, a Stockhead advertiser at the time of publishing.

This article does not constitute financial product advice. You should consider obtaining independent advice before making any financial decisions.

Originally published as The year crypto went mainstream