U.Today - The year 2024 was a landmark year for crypto, with the approval of the Bitcoin spot ETFs in the U.S. and the subsequent introduction of Ethereum ETFs, as well as several cryptocurrencies, including Bitcoin, reaching new record highs.
Bitcoin has been on a tear in 2024, up 145% year to date and reaching a record high of $108,268 on Dec. 17. Other cryptocurrencies, such as Solana, BNB and PEPE, followed suit, reaching fresh all-time highs.
As Bitcoin and many other cryptocurrencies rose to new all-time highs, demand for Tether's USDT stablecoin — pegged to the dollar — has skyrocketed. The token's market valuation increased by about $50 billion this year, reaching more than $140 billion.
In a historic milestone, MicroStrategy has become the first Bitcoin holding company to enter the Nasdaq-100. The Bitcoin treasury company intends to raise $42 billion in capital over the next three years through at-the-market stock sales and convertible debt issues to buy more Bitcoin.
Bitcoin to reach $250,000? Market predictions
The cryptocurrency market is set for remarkable growth in 2025, fueled by 2024's milestones, such as Bitcoin's halving rally and ETF approvals.According to a recent market prediction published by CoinGecko, Bitcoin’s growth trajectory appears promising given 2024's momentum and the anticipated key events of 2025. An optimistic projection sees Bitcoin skyrocketing 154% in value, and in this scenario, Bitcoin might reach a price of $250,000.
Other Bitcoin projections for 2025 include Fundstrat's Tom Lee, who is very positive about Bitcoin for next year. According to Lee, Bitcoin might increase in 2025 to reach $250,000. Bitcoin has two tailwinds heading into the new year, one of which is the cryptocurrency's halving price cycle, which is often bullish for the price of Bitcoin in the year after a halving event.
Bitwise, a Bitcoin ETF (TSX:EBIT) producer, shares the same upbeat outlook, predicting that 2025 may herald the start of crypto's golden period, given the historic year of 2024. One of the ten forecasts made was that Bitcoin may trade above $200,000.