How it Started
The cryptocurrency market started from zero in 2009 with the launch of Bitcoin, introduced by the anonymous entity Satoshi Nakamoto. As the first decentralized cryptocurrency, Bitcoin pioneered blockchain technology — a secure, transparent, and immutable ledger that records transactions across a distributed network. This innovation aimed to disrupt traditional financial systems by enabling peer-to-peer transactions without intermediaries such as banks.
Initially, Bitcoin held no market value and was considered an experimental digital asset. However, its potential to transform finance gradually gained recognition. The first notable valuation came in 2010 when Bitcoin reached $0.01 per coin. This milestone marked the beginning of a financial revolution that soon attracted tech enthusiasts, developers, and early adopters.
Market Development
As Bitcoin’s price surged, alternative cryptocurrencies like Ethereum emerged, introducing smart contracts and decentralized applications (DApps). The market matured further with the creation of thousands of tokens and blockchain projects, expanding the industry’s technological and financial possibilities.
By 2021, the global cryptocurrency market reached a valuation of USD 910.3 million, driven by increased adoption, institutional interest, and mainstream awareness. The market’s annual growth rate of 10.0% in 2020 surpassed previous records, indicating a maturing sector poised for expansion. According to Data Bridge Market Research the market will grow to USD 1,902.5 million by 2028, and reach USD 4,413.01 by 2031, reflecting a compound annual growth rate (CAGR) of 25.5%.
From a niche experiment with zero market share, the crypto industry has evolved into a global financial powerhouse, reshaping traditional finance and becoming a central component of the digital economy.
2024 in Overview
The year 2024 has marked a pivotal chapter in cryptocurrency development, characterised by strategic partnerships, regulatory breakthroughs, and global expansion efforts that accelerated market adoption and innovation.
The year began with the U.S. Securities and Exchange Commission (SEC) approving spot Bitcoin and Ethereum ETFs in January 2024. This landmark decision opened the door for institutional investors and mainstream financial institutions to enter the crypto space with greater confidence, boosting market liquidity and legitimacy.
In April 2024, Singapore-based crypto trading firm QCP partnered with Further Ventures to strengthen its cryptocurrency operations in the Middle East, focusing on Abu Dhabi. This collaboration reflected the region’s growing appeal as a global crypto hub due to its regulatory clarity and business-friendly environment.
May 2024 saw two significant industry moves. PayPal joined forces with MoonPay, enabling U.S. users to purchase cryptocurrencies directly through PayPal. This integration streamlined the purchasing process, making crypto assets more accessible to millions of users. Simultaneously, Kraken collaborated with DLT Finance to broaden its crypto product offerings in Germany, highlighting Europe’s growing appetite for digital asset investment.
The momentum continued in August 2024 when Crypto.com partnered with the Union of European Football Associations (UEFA), becoming the official cryptocurrency platform for both the UEFA Champions League and UEFA Women’s Champions League. This high-profile partnership signified crypto’s deepening integration into popular culture, enhancing global visibility and brand recognition.
Presidential Elections in the USA and Their Impact on the Crypto Market
The 2024 U.S. presidential election emerged as a defining event for the cryptocurrency world, with the outcome carrying significant implications for the future of digital assets and fintech. The victory of Donald Trump marked a shift in the political landscape, offering renewed optimism for the crypto industry. Trump’s stance on crypto has long been supportive, and his administration is expected to prioritize policies that foster growth and innovation within the sector.
Throughout his campaign, Trump expressed his commitment to creating a more favorable environment for cryptocurrency and blockchain technologies in the United States.
President-elect Trump is fulfilling his pledge to support the crypto industry by appointing pro-crypto figures to key economic roles in his upcoming administration. Last week, he nominated former SEC commissioner Paul Atkins to lead the SEC. Known for consulting with several crypto firms, Atkins is expected to take a more accommodating stance than outgoing SEC chair Gary Gensler, who will step down on January 20, 2025.
Trump’s other top picks include Scott Bessent for Treasury secretary and Howard Lutnick for Commerce secretary — both recognized for their positive outlook on cryptocurrencies. In a bold personal move, Trump announced in September that he would be involved in a new crypto platform, World Liberty Financial. Just weeks before the election, the platform launched its native WLFI token, which Trump holds a financial interest in.
This wave of policy shifts and industry-friendly appointments sparked a surge of optimism across the crypto market. Renewed confidence in a favorable regulatory landscape triggered a major Bitcoin rally, with BTC setting a new all-time high by reaching the $103,679 mark on December 5, 2024. This milestone has triggered a broader rally across the cryptocurrency market, with all major coins following suit.
The victory has sparked conversations about the possible return of many crypto and fintech companies to the U.S. following years of regulatory uncertainty that pushed some businesses to relocate overseas. Under Trump’s leadership, the U.S. could become a central hub for crypto innovation, attracting established players and startups eager to capitalize on a more favorable regulatory environment.
The Right Time for a Launch
With all the events and developments in mind, the time is right for AddUp to launch. AddUp’s launch now positions the company to tap into a rapidly growing market, while the favorable regulatory environment, strategic partnerships, and increasing mainstream adoption provide a solid foundation for success.
The time is indeed right for AddUp to seize the opportunity and contribute to the ongoing transformation of the financial and digital economies.
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Best!
AddUp Team.
