The post Bitcoin becomes 7th largest global asset, stablecoins and AI drive crypto in 2024: report appeared on BitcoinEthereumNews.com.

A new Binance report for December highlights bullish and notable trends in the crypto space as we enter a new year. The cryptocurrency market closed in 2024 with a record-breaking performance. Bitcoin (BTC) broke through $100,000, driven by regulatory optimism, bullish sentiment, institutional adoption, and technological innovation. Binance’s December Research Monthly Market Insight report highlighted some growing trends that the firm saw in 2024, as well as in the month of December. Stablecoins like Ethena’s USDe (USDe) gained traction in decentralized finance, while artificial intelligence became a key transformative force.  Bitcoin became the 7th largest global asset by market cap Bitcoin hit an all-time high of $108,000 in 2024, closing the year with a 123.4% year-to-date growth. This milestone made Bitcoin the 7th largest global asset by market cap, surpassing Saudi Aramco and Silver. Among the top 10 global assets, only Nvidia outperformed Bitcoin during the year. Several factors fueled Bitcoin’s rise, including the approval of spot Bitcoin ETFs, which attracted institutional investors, and anticipation of the upcoming Bitcoin halving. Shifts in monetary policy, including modest rate cuts by the Federal Reserve, also contributed to its growth. However, late December saw a market correction after the Fed scaled back its planned 2025 rate cuts. Despite this pullback, Binance’s report emphasized Bitcoin’s growing legitimacy as a global asset. Ethena’s USDe breaks out Stablecoins — cryptocurrencies designed to maintain a steady value — continued to expand in 2024. Ethena’s USDe emerged as a major player, becoming the third-largest stablecoin with a market cap of $5.9 billion. According to the report, its growth is tied to the high yields it offers users and its integration into decentralized finance platforms.  Stablecoins like USDe are often used as a bridge between traditional currencies and cryptocurrencies. They provide stability in the volatile crypto market and are crucial…

---

Filed under: News - @ January 6, 2025 9:26 pm