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Bitcoin closes 2024 up 127%, aligning with the halving cycle's bullish narrative. Meanwhile, BTC dominance is waning, hinting at altcoin strength. Among the more amusing highlights from the year: Marc Andreessen sparking the AI agent rally, a 12-year-old rugging memecoin traders, an SEC bitcoin ETF hack, Crypto Fight Night and a $10m memecoin burn fiasco. |
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Bitcoin New Year: |
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While (admittedly) a bit lazy, it's helpful once in a while to really zoom out. We're about to get the 16th yearly candle close on BTC. (2009 and 2010 are omitted here when BTC was under $2, because — even on log scale — they distort the picture wildly.) |
Bitcoin will ring in the new year up about 127% for 2024 — a yearly all-time high — about 112% higher than the prior 2021 yearly close. |
The four-year Bitcoin halving-driven cycle is unfolding in quite ordinary fashion. If the past is prologue, there's another good year of green before we have to seriously reckon with the veracity of a "crypto supercycle" theory. |
Bitcoin dominance, while still in an HTF uptrend, has shown its first signs of real weakness in a while and looks to be confirming lower highs on both the daily and weekly scale. That should bode well for the TOTAL2 chart (all of crypto excluding BTC and stablecoins), which is very much in line with Avi Felman's latest thinking on the 1000x podcast. |
See you in 2025! |
— Macauley Peterson (X: @yeluacaM | Farcaster: @Macauley) |
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5 hilarious crypto moments in 2024 |
Marc Andreessen sparks the AI agent rally |
Before there was VIRTUALS, LUNA and FART, there was GOAT, the memecoin inspired by creator Andy Ayrey's experiment which pitted two Claude AI models in an endless chatter. |
But it was none other than a16z's Marc Andreessen, who provided the catalyst to send the entire sector into a frenzied rally, when he sent a $50k "research grant" to Ayrey in July. |
 | Marc Andreessen 🇺🇸 @pmarca |  |
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For clarity, I sent a personal $50K no-string-attached unconditional research grant to @truth_terminal and its creator @AndyAyrey this summer. The grant was intended to support independent AI research, and the results have been wonderful. However, I have nothing to do with the… x.com/i/web/status/1… | | | 2:15 AM • Oct 16, 2024 | | | | | | 3.08K Likes 157 Retweets | 273 Replies |
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With that, "AI agents on blockchains" was cemented as a go-to bullish talking point, gripping the imaginations of Crypto Twitter like never before. |
12-year-old rugs memecoin |
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Attention is the currency of memecoins, and in this case, the rugpull was the catalyst. |
In this ironic twist of fate, a 12-year-old middle schooler launched the QUANT memecoin on a live stream, dumped his tokens for a $30k profit and jubilantly flipped off the camera. |
The virality of the moment proceeded to pump QUANT to an $84 million market cap in the next two hours, leaving our young comrade with at least $4 million in missed profits. |
The SEC's fake bitcoin ETF approval tweet |
It was a publicity stunt straight off a Hollywood script when the SEC's official Twitter account was hacked on Jan. 10, 2024 and posted a false announcement of the approval of bitcoin ETFs. Bitcoin's price saw a thousand dollar pump before Gensler officially clarified that its account was compromised. |
 | Gary Gensler @GaryGensler | |
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The @SECGov twitter account was compromised, and an unauthorized tweet was posted. The SEC has not approved the listing and trading of spot bitcoin exchange-traded products. | | | 9:26 PM • Jan 9, 2024 | | | | | | 29.2K Likes 10.2K Retweets | 27.5K Replies |
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In October, the hacker turned out to be a 25-year-old American who deployed a "SIM swap" technique using an SEC employee's personal details. |
Shortly after the SEC account hack, the bitcoin ETFs was then actually officially approved, ushering in crypto's first ever market pump before the Bitcoin halving. Never a dull day in crypto. |
Ansem vs. BitBoy for Crypto Fight Night |
A number of things had to happen for this fight to take place. |
Someone had to propose the ridiculous idea of pitting two men — who had absolutely no business being in the ring — against each other in a boxing match. That idea had to evolve into selecting and inviting two of crypto's most hateable KOLs, and a lot of money had to be spent to make it happen. |
Kudos to whoever executed that BD miracle — even Dana White would've been proud. |
The fight concluded in a lackluster draw, but Bitboy's use of a much-needed inhaler post-match will forever hold a place in the venerable hall of fame of crypto memes. |
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SLERF memecoin creator accidentally burns investor money |
What could possibly go wrong with a memecoin investment which involves sending money to an anonymous stranger's wallet on the internet? |
After developer Slerfsol raised an eye-popping $10 million for the SLERF memecoin, he then accidentally sends $10 million worth of the token supply meant for investors to a burn address, irreversibly destroying it. |
"Guys I fucked up. I burned the LP and the tokens that were set aside for the airdrop. Mint authority is already revoked so I can not mint them. There is nothing I can do to fix this. I am so fucking sorry," Slerfsol tweeted, before jumping on a Twitter Space to apologise profusely amid tears. |
But scarcity is good… right? Like QUANT, the hilarity of the moment ironically sent SLERF to a $450 million market cap. |
— Donovan Choy (X: @donovanchoy | Farcaster: @donovan) |
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 | satswassie @satswassie | |
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marginfi points program has been live for over 546 days 🤡 | | | 3:20 PM • Dec 30, 2024 | | | | | | 584 Likes 30 Retweets | 50 Replies |
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|  | mert | helius.dev @0xMert_ | |
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the inventor of Solana, the inventor of ZCash, and a legend in the field of ZK and cryptography walk into a bar jk, was not a bar — it was @Lightspeedpodhq we talk about how to scale private money, how it works, and what's next episode below | |  | | | 12:20 PM • Dec 31, 2024 | | | | | | 238 Likes 50 Retweets | 25 Replies |
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|  | FiboSwanny @FiboSwanny | |
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2025 is loading... and the setup looks 🔥! The end of 2024 gave us the pullback – now it's time for the next impulse wave. 🚀 Stay disciplined, respect the fibs, and remember… keep your emotions in check – the market rewards patience, not impulsiveness. 😉 Wishing you a year… x.com/i/web/status/1… | |  | | | 2:14 PM • Dec 31, 2024 | | | | | | 109 Likes 6 Retweets | 17 Replies |
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|  | Westie 🟪 @WestieCapital | |
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Polymarket OI continues to climb despite many calling for a large drop post election Most of the growth can still be attributed to poltiics (e.g. Trump cabinet) but there has been a surprising rise in sports betting and crypto-related markets Prediction markets have found PMF |  D @EffortCapital
Remember @Polymarket? The general consensus was that post-Election volume would fall off a cliff and it would fade into irrelevancy. The reality? Yes, total volume fell by 50%+ after the election, but sports betting volume as grown 25x in Q4 and is now the largest market on… x.com/i/web/status/1… |
| |  | | | 3:50 PM • Dec 31, 2024 | | | | | | 9 Likes 2 Retweets | 0 Replies |
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