The end of 2024 has been a busy time for crypto markets, with numerous cryptocurrencies hitting fresh all-time highs. As 2025 looms, the excitement looks set to continue – starting with Trump’s inauguration in January. Here’s what happened in 2024 and the key events investors are watching in 2025. 

2024 market recap

Bitcoin and other cryptocurrencies had a big 2024, with the market leader posting a new all-time high in March and then consecutive all-time highs again in November. Others like Solana (SOL) also notched an all-time high during this time, though it wasn’t clear sailing on the way to the top. 

The year started slowly for bitcoin at $42.9K, but the price climbed steadily after the approval of the first crypto exchange-traded funds in the US around January. The market leader eventually reached an all-time high of about $73,000 in March. Another price jump followed in June, but for the most part, bitcoin traded in a relatively tight range, fluctuating between $55,000 and $70,000. There were a few spikes, however, particularly in September after the Federal Reserve’s first interest rate cut in four years.

The crypto rally truly gained momentum in November, coinciding with President-elect Donald Trump’s victory. Apart from a few volatile periods, crypto markets have mostly been on the rise since then. Bitcoin hit the milestone of $100,000 and continues to trade near this level as of mid-December. XRP also followed suit, seeing a 290% price increase over the year, with most of those gains coming in November and December.

It was also a big year for memecoins, with Dogecoin (DOGE) flipping USDC and Cardano (ADA) to break into the top-10 market cap rankings. Ethereum (ETH) came back to life after a period of dormancy, with the original smart-contract crypto pushing past $4,000 in November for the first time since March, although it failed to reach the heights of former rallies. DeFi cryptocurrencies like Chainlink (LINK) have also seen notable price gains in the November rally. 

It’s widely agreed that Trump has had a significant impact on crypto, along with the Federal Reserve easing monetary policy for the first time in years, creating a more favorable environment for investments like crypto. 

Looking ahead, Trump’s inauguration on 20 January is a big one. Additionally, the supply squeeze from the bitcoin halving, a major event that was somewhat overshadowed by other developments this year, could start to have an impact in 2025. Historically, this event’s effects have shown up with about a one-year lag.

There’s a lot to keep an eye on in 2025, and here are a few events to look out for. It’s by no means an exhaustive list, especially with the quick rate of developments in crypto, but it’s best to make a note of the following. 

Five events to watch in 2025 

US Presidential inauguration 

20 January

Trump has an undeniable impact on cryptocurrency markets, whether it’s been advocating for a bitcoin reserve fund or positioning the US as the crypto capital on the planet. Investors will be watching whether becoming the official President of the US – and the incoming pro-crypto appointments – will move the markets in the same way as his election win. 

Ethereum Pectra upgrade 

Q1, 2025

The Ethereum Pectra upgrade is expected to be activated in Q1 2025. Initially, it was scheduled for late Q4 2024, but due to the inclusion of additional Ethereum Improvement Proposals (EIPs) and the complexity of the upgrade, the timeline has been shifted out. Pectra combines two previous upgrades, Prague for the execution layer and Electra for the consensus layer, aiming to enhance Ethereum’s efficiency, scalability, and overall functionality. This could potentially boost market confidence by driving greater adoption and utility.

Federal Reserve Bank interest rate decision

29 January 

This particular Fed meeting is significant, as the markets are pricing in a pause on interest rate changes by the Fed, according to the CME FedWatch tool, neither cutting nor raising rates, keeping their target between 4.5% and 4.75%. It’s almost unanimous that the U.S. central bank will cut rates in December, but what happens next will set the tone for the remainder of the year. Do they hold off, or do they continue to cut?

Amazon annual shareholder meeting

21 May 

The annual shareholder meetings of big-tech firms rarely touch on cryptocurrency, but this time, Amazon shareholders could reportedly vote on whether to add bitcoin to the balance sheet. Microsoft rejected the proposal in its December meeting, but will Amazon investors decide differently? And if they approve, could this shift how other major companies view crypto as a possible investment to add to their treasuries? 

Solana upgrades 

Early-mid 2025

The Solana network is expected to undergo two major upgrades in 2025. The Frankendenzer upgrade aims to improve transaction speed and scalability, while the Firedancer upgrade, expected later in the year, aims to further improve Solana’s throughput and efficiency by introducing advanced features to the consensus mechanism. If successful, these upgrades could make Solana more competitive in the DeFi and NFT spaces.

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