Bitcoin and Ethereum Maintain Record-Breaking Momentum as 2024 Closes

December 17, 2024 04:51 PM AEDT | By Team Kalkine Media

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Bitcoin and Ethereum Maintain Record-Breaking Momentum as 2024 Closes — Image source: Shutterstock

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Highlights

Bitcoin and Ethereum maintain consistent inflows for the 10th consecutive week.

Year-to-date inflows for digital assets reach a record $44.5 billion in 2024.

Significant contributions come from institutional adoption and positive trading volumes.

Bitcoin and Ethereum have sustained a strong performance, with digital assets continuing to record consistent inflows for the 10th straight week. The year-to-date inflows for digital assets have reached a historic $44.5 billion, marking a significant milestone in 2024. This figure reportedly surpasses any previous year by a considerable margin, reflecting sustained interest in digital assets.

Bitcoin led the weekly inflows with a substantial $2 billion, while Ethereum followed closely with inflows totaling $1.089 billion. Ethereum’s streak of inflows has now extended to seven consecutive weeks, with cumulative inflows crossing $3.7 billion over the period. Notable altcoins such as Polkadot, XRP, and Litecoin also reported strong inflows, highlighting growing optimism surrounding digital asset products and altcoin potential.

A CoinShares report emphasized significant trading activity in exchange-traded products (ETPs), which averaged $21 billion in weekly trading volumes. These figures accounted for approximately 30% of Bitcoin trading on trusted global exchanges. Bitcoin’s daily trading volume reached $8.3 billion, which is double the daily volume of the FTSE 100 index.

Globally, the United States led inflows with over $3.1 billion recorded last week, followed by Switzerland, Germany, and Brazil with contributions of $35.6 million, $32.9 million, and $24.7 million, respectively. Despite strong global trends, Sweden reported negative flows across weekly, monthly, and yearly intervals.

Institutional adoption continues to play a critical role in supporting the positive outlook for digital assets. Companies such as Grayscale, MicroStrategy, and BlackRock have significantly increased their holdings of Bitcoin (BTC) this year. Institutional interest has been further strengthened by approvals for Bitcoin and Ether spot exchange-traded funds (ETFs), contributing to growing market optimism.

Bitcoin reached a new milestone today, briefly testing its all-time high at $107,780 before settling at $107,400. Ethereum (ETH) also posted strong price action, with gains of over 5% in the past day and 6.5% over the week.

Market insights further suggest that Bitcoin and altcoins will maintain this upward momentum as 2024 ends, with experts highlighting institutional adoption and evolving crypto utilities as key drivers for continued growth. Many predictions point toward Bitcoin surpassing previous highs into the next year, while altcoins like Ethereum and Chainlink (LINK) are expected to follow suit.

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