Year-ender 2024: Bitcoin and altcoins break records, leaving stocks and gold behind
2024 is about to conclude, cryptocurrency investors are celebrating significant gains, with Bitcoin outperforming traditional investments like stocks, bonds, and gold, just as it did in 2023.
Bitcoin was the best-performing investment of 2024, rising by 140% in just 12 months. Starting the year at around $42,000-$43,000, it skyrocketed to a record $1,08,000 by December. This return far surpassed the Nifty50 index, which gained about 10%, and gold, which rose by over 20%.
Triggers behind Bitcoin rally
Several big events helped Bitcoin soar this year. In January, the SEC approved the first Bitcoin ETF, which made it easier for people to invest in Bitcoin. Then, in July, Donald Trump spoke at a Bitcoin conference, and in November, his win in the US presidential election gave Bitcoin another big boost.
Adding to this momentum, Trump appointed Paul Atkins, a known crypto advocate, as SEC Chair. This move signaled the possibility of favourable regulations, increasing investor optimism.
Did you Know?
The world of cryptocurrencies is very dynamic. Prices can go up or down in a matter of seconds. Thus, having reliable answers to such questions is crucial for investors.
View Details»Stock Trading
ROC Made Easy: Master Course for ROC
