Crypto 2024 Recap December Highlights from MEXC and Industry Trends

January 07, 2025 07:26 PM AEDT | By Team Kalkine Media

Google News:

Crypto 2024 Recap December Highlights from MEXC and Industry Trends — Image source: shutterstock

Recent News

ASX 200 Midday Movement: Info Tech Leads Gains, Utilities Ease

ASX 200 Blue-Chip Shares: ALD and CSL Linger Below Year-Start Levels D...

Australia Shares Set for Firm Start; NZ Market Slightly Higher | ASX 2...

ASX 200 Holds Ground Amid Mixed Sector Movements

Highlights

South Korea Delays Crypto Tax to 2027 A 20% crypto capital gains tax postponed for the third time, highlighting regulatory challenges.

Bitcoin Breaks $100,000 A historic milestone underscores cryptocurrency's expanding prominence and institutional interest.

AI and Memecoins Dominate These narratives gained significant traction, signaling evolving market dynamics and focus.

South Korea Delays Crypto Tax Until 2027

South Korea postponed the implementation of its 20% crypto capital gains tax until 2027, as announced by Park Chan-dae of the Democratic Party on December 1, 2024. This marks the third deferral of the tax, reflecting challenges in establishing a balanced regulatory framework amidst resistance from the crypto sector. The delay underscores the tension between fostering innovation and ensuring oversight in the rapidly evolving cryptocurrency space.

Bitcoin Surpasses $100,000

On December 5, 2024, Bitcoin achieved a significant milestone by surpassing the $100,000 mark for the first time. This event not only highlighted the asset's growing acceptance but also reinforced its status as a major force in the financial landscape.

Market analysis from BCA Research suggests that Bitcoin’s fractal dimension of 1.20 indicates market volatility remains. As institutional activity and regulatory clarity grow, further momentum could emerge, though short-term fluctuations are expected.

AI and Memecoin Narratives Shape 2024

Throughout 2024, narratives surrounding AI and memecoins drove significant market activity. CoinGecko's research identified memecoins as capturing 30.67% of market focus, while AI narratives held 15.67%. Decentralized Physical Infrastructure Networks (DePIN) and Real World Assets (RWA) also contributed to market trends.

In December, AI surpassed memecoins as the top focus, with platforms like Virtuals Protocol (VIRTUAL) driving an impressive surge in returns. The popularity of such narratives showcases the evolving appetite for high-risk, high-reward opportunities within the cryptocurrency market.

NFT Market Sees December Boom

December 2024 witnessed a sharp rise in NFT sales, totaling approximately $889 million across 23 blockchains, according to CryptoSlam. This 58.35% increase from November’s $561 million indicates renewed interest in digital collectibles and blockchain-driven ownership models. Key drivers included innovative NFT projects and expanding utility applications.

December 2024 highlighted pivotal developments in the cryptocurrency landscape, from regulatory shifts to market-breaking milestones. Trends such as the rise of AI and memecoins, coupled with surging NFT activity, underscore the dynamic and ever-evolving nature of the crypto sector. As the industry matures, these events provide valuable insights into its future trajectory.

Disclaimer

The content, including but not limited to any articles, news, quotes, information, data, text, reports, ratings, opinions, images, photos, graphics, graphs, charts, animations and video (Content) is a service of Kalkine Media Pty Ltd (Kalkine Media, we or us), ACN 629 651 672 and is available for personal and non-commercial use only. The principal purpose of the Content is to educate and inform. The Content does not contain or imply any recommendation or opinion intended to influence your financial decisions and must not be relied upon by you as such. Some of the Content on this website may be sponsored/non-sponsored, as applicable, but is NOT a solicitation or recommendation to buy, sell or hold the stocks of the company(s) or engage in any investment activity under discussion. Kalkine Media is neither licensed nor qualified to provide investment advice through this platform. Users should make their own enquiries about any investments and Kalkine Media strongly suggests the users to seek advice from a financial adviser, stockbroker or other professional (including taxation and legal advice), as necessary. Kalkine Media hereby disclaims any and all the liabilities to any user for any direct, indirect, implied, punitive, special, incidental or other consequential damages arising from any use of the Content on this website, which is provided without warranties. The views expressed in the Content by the guests, if any, are their own and do not necessarily represent the views or opinions of Kalkine Media. Some of the images/music that may be used on this website are copyright to their respective owner(s). Kalkine Media does not claim ownership of any of the pictures displayed/music used on this website unless stated otherwise. The images/music that may be used on this website are taken from various sources on the internet, including paid subscriptions or are believed to be in public domain. We have used reasonable efforts to accredit the source wherever it was indicated as or found to be necessary.