BUZZ-'To the moon:' bitcoin more than doubles in 2024, crypto stocks mixed

Reuters
2024-12-31

** Shares of several U.S. cryptocurrency and blockchain-related companies skyrocket in 2024, as bitcoin

more than doubles in value, but broad losses among some miners weigh on the sector's rally

** Gains in crypto markets were driven by hopes of easing regulatory roadblocks in 2025 under President-elect Donald Trump, along with hopes of institutional adoption

** Top sector highlights for the year include, approval of spot bitcoin exchange-traded funds, BTC hitting $100,000 for the first time and BTC-buyer MicroStrategy's inclusion in the Nasdaq 100 index

** "We expect bitcoin to hit a cycle-high of $200,000 in late 2025 ... expect bitcoin to emerge as the new-age premier 'store of value' asset eventually replacing gold over the next decade," analysts at Bernstein wrote earlier this month

** Crypto rally winners: BTC, the world's biggest cryptocurrency, is up ~124% YTD. Ether , the second-biggest digital asset, jumps ~49%

** Sector's market cap surges to $3.43 trillion, according to CoinGecko

** MSTR, the world's biggest holder of BTC as a corporate treasury asset, soars nearly five-fold this year, while U.S.-listed shares of Hut 8 up ~61%

** Crypto exchange Coinbase Global up ~47% YTD

** The losers: miners Riot Platforms , Marathon Digital and Bit Digital down between 26% and 32% YTD

<^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^^ Bitcoin more than doubles in 2024, hits $100,000 milestone

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(Reporting by Manya Saini in Bengaluru)

((Manya.Saini@thomsonreuters.com))

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