The year 2024 was a pivotal year for the crypto industry, bringing many innovations and changes. By the last quarter of the year, the number of cryptocurrency users had reached a record high and decentralised technologies had significantly strengthened their position. In addition, amid political discussions in the US and Europe, cryptocurrencies have gained an important role in the economy, which seemed unlikely just a few years ago.

In this article, we will summarise the interim results of 2024 and tell you how the cryptocurrency market has changed over the past three quarters. You will find out which trends are dominating the industry, what investors are betting on and how regulatory measures could affect the future of digital assets.

Summary 2024: how the cryptocurrency industry has changed over the past year

1. Historic growth in cryptocurrency usage.

By Q4 2024, the number of active cryptocurrency addresses had grown to a record 220 million — more than triple the number at the end of 2023. Leading blockchains such as NEAR, Base, Tron and Bitcoin also saw significant growth, with Solana increasing its market share from 5.1% to 11.2%. Ethereum, which remains at the heart of the cryptocurrency ecosystem, captured 20.8% of the market. In addition, the growth of mobile crypto wallets was impressive, with 29 million users in June 2024, opening up access to cryptocurrencies to an extremely wide range of users.
 

2. Cryptocurrencies on the US political agenda.

In 2024, cryptocurrencies became an important part of the US election agenda. There was a particular focus on the listing of exchange-traded products (ETPs) based on Bitcoin and Ethereum, which raised over $65 billion in these assets. The SEC's approval of ETPs based on leading cryptocurrencies was a significant step towards regulation. Policymakers have also turned their attention to the role of stablecoins, which have the potential to strengthen the dollar's status as an international reserve currency.
 

3. Stablecoins as a global tool.

Last year marked a new milestone in the development of stablecoins, which have become the main tool for international payments and have enabled transaction costs to be reduced. For example, in Q1 2024 alone, the volume of stablecoin transactions totalled $8.5 trillion, more than double the volume of the Visa payment system over the same period. Stablecoins currently account for around 32% of total daily cryptocurrency usage, and their importance is growing in the context of DeFi, gaming platforms and NFTs.
 

4. Reduce transaction costs and increase transaction speed.

Updates and bandwidth improvements to blockchain networks have reduced transaction costs. In particular, Ethereum updates have reduced fees on L2 networks, making transactions more accessible. These changes have also increased the scalability of blockchains, making them even more competitive with traditional payment systems.
 

5. Growing interest in decentralised finance.

In 2024, the decentralised finance (DeFi) sector will continue to grow rapidly, already accounting for 34% of all daily active crypto wallets. DeFi protocols, including staking and lending, have raised more than $169 billion. Ethereum's move to a Proof-of-Stake consensus mechanism has also had a positive impact: the amount of ether involved in staking increased from 11% to 29%, increasing the network's security.
 

6. Cryptocurrencies and Artificial Intelligence.

Artificial Intelligence has become an important trend in the crypto industry — around 34% of projects are already actively using AI technologies. The interaction between cryptocurrencies and AI helps to find solutions for decentralising AI systems, ensuring reliability and privacy. The successes of projects such as Gensyn and NEAR show that it is possible to create secure and efficient blockchain-based AI solutions.
 

7. New applications and enhanced infrastructure.

Increased blockchain throughput and lower costs have paved the way for new applications, including social media and gaming platforms. These changes have laid the groundwork for mass user engagement, which in the long term could lead to entirely new behaviours within the crypto ecosystem.
 

What can we expect from the crypto market in 2025?

• Increased regulation.

New regulatory measures are expected in 2025 that could have a significant impact on the crypto market. In the US and Europe, we may see the emergence of standards aimed at increasing consumer protection. Against this backdrop, cryptocurrency-related businesses will need to adapt to the new environment to avoid legal risks and maintain investor confidence.
 

• Integration of stablecoins into the traditional financial system.

The potential of stablecoins to provide stable and accessible payments can play an important role in the economy, especially in developing countries. With the support of government agencies and private companies, steblecoins could become an element of national and international payment systems, gradually becoming a serious competitor to fiat currencies.
 

• Strengthening the position of DeFi and AI.

DeFi projects will expand their functionality, creating more opportunities for users, while AI integration will enable the development of smarter asset and risk management systems. The emergence of innovative AI-based protocols could make cryptocurrency asset management more accessible and secure.
 

• Blockchain scaling and new cryptocurrencies.

Blockchains with improved infrastructure open up new opportunities to develop even more complex and flexible applications for the masses. In 2025, we can expect further growth in crypto-games, on-chain applications and other services that will form the basis for new ways of interacting with digital assets.
 

Summing up the interim results, we can confidently say that 2024 was a significant year for the crypto industry: blockchain scaling, the rapid growth of DeFi and stablecoins, and AI integration set a new benchmark for the sector. In 2025, the industry will face equally significant challenges, including increased regulatory scrutiny and the development of large-scale blockchain-based applications. Cryptocurrencies are rapidly becoming an integral part of the global economy, and this trend promises to significantly transform the global financial system in the near future.