Bitcoin ranked 7th largest global asset in 2024 report

Binance Australia has released its January Monthly Markets Insights report, highlighting Bitcoin's ascent to become the 7th largest global asset in 2024 and projecting a positive outlook for Australia's cryptocurrency market.

Bitcoin's performance in 2024 was notable, with a 123.4% increase, despite facing challenges in December when the Federal Reserve adjusted its planned rate cuts, leading to a significant market correction.

This correction resulted in a decrease in market capitalisation by USD $0.5 trillion.

The Binance Australia Monthly Crypto Market Wrap revealed that the cryptocurrency market capitalisation reached a record of USD $3.91 trillion on 17 December. This achievement capped a year marked by significant mainstream and institutional adoption of cryptocurrencies.

In terms of its own growth, Binance maintained its status as the largest crypto exchange globally, with its registered users increasing to 250 million, and assets under management rising to USD $160 million.

The exchange also surpassed a cumulative trading volume of over USD $100 trillion.

"The growth of Bitcoin has helped bring crypto to new groups of people across the world with more people expected to join this industry in the coming years," stated James Quinn-Kumar, Director of Community Engagement for Binance Australia.

"At Binance, we are focused on education and innovation to help users safely and confidently participate in the crypto space."

By the end of 2024, Bitcoin was ranked among the top performing assets, second only to Nvidia.

It broke the USD $100,000 barrier, reaching a market capitalisation of over USD $2 trillion, joining the ranks of prominent assets such as gold, Nvidia, Apple, Microsoft, Alphabet (Google), and Amazon.

"This is a remarkable milestone that is even more impressive considering Bitcoin's relative youth - just over a decade old - compared to other more established asset classes," observed Mr Quinn-Kumar. "Moreover, adoption remains relatively nascent, with Bitcoin still in the process of being integrated into traditional investment portfolios."

Several factors contributed to Bitcoin's success in 2024.

These included the approval of spot Bitcoin ETFs, which bolstered its legitimacy, enhanced institutional adoption, the Bitcoin Halving creating a supply shock, and a favourable regulatory outlook post-U.S. election.

The report also notes a strong positive sentiment among Australian investors.

A survey conducted during the Australian Crypto Con in Sydney reported that over 90% of the 500 respondents anticipated purchasing cryptocurrencies in the next six months.