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Bitcoin Surges 120% in 2024, But Faces First Decline in Months After December’s Record Rally

Daniel Kim Views  

Bitcoin / Yonhap News
Bitcoin / Yonhap News

Bitcoin outperformed gold and global stocks in 2024, surging by 120%.

However, its record-breaking rally stopped on Wednesday, marking its first monthly decline since August.

After reaching an all-time high of $108,315 in mid-December, driven by President-elect Donald Trump’s victory, Bitcoin fell by 3.2% as U.S. investors took profits.

The decline was further influenced by diminishing expectations for Federal Reserve interest rate cuts, which calmed the overheated cryptocurrency market and reduced demand for risky assets.

QCP Capital observed that while optimism about pro-crypto regulations under the incoming administration remains strong, January could bring significant developments as institutions adjust their portfolios.

Presidential candidate Donald Trump addressing the Bitcoin 2024 conference / Yonhap News
Presidential candidate Donald Trump addressing the Bitcoin 2024 conference / Yonhap News

The firm also noted Bitcoin’s increasing institutional adoption, including its inclusion in university endowment funds this year.

This growing adoption could strengthen Bitcoin’s market dominance, stabilize spot trading, and align its volatility more closely with stock market trends.

According to Bloomberg, since December 19, 12 U.S. Bitcoin exchange-traded funds have experienced net outflows totaling approximately $1.8 billion.

Open interest in Bitcoin futures, managed by CME Group and seen as a measure of U.S. institutional interest, has dropped nearly 20% from its December peak.

Currently, Bitcoin is trading at $93,487, down 0.24%. Smaller cryptocurrencies, including Ethereum and Dogecoin, are also struggling to gain momentum.

Daniel Kim
content@viewusglobal.com

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