📈 Most Important Charts of 2024
PLUS: $BTC, from speculation to utility
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In today's newsletter:
💡 Most Important Charts of 2024
📣 Franklin Templeton predicts Bitcoin reserves to expand globally in 2025
📈 Bitcoins Market Value is currently 2.64x its "Realized Value
Let’s dive in!
💡 Insight
Most Important Charts of 2024
This week, we’re taking a look at some of this year's most important charts, covering themes that have dominated narratives throughout the year:
Bitcoin ETF
The spot Bitcoin ETF might be the most significant development in crypto this year. The exchange-traded product enabled a wide swath of retail and institutional investors to gain exposure to Bitcoin, ushering in a renewed interest in the crypto industry.
By December 2024, the seven Bitcoin ETFs had a staggering total AUM of $114 billion!
Memecoins
In 2024, memecoins dominated the narrative in crypto, capturing significant mindshare with multiple individual memes creating generational wealth.
The GMCI Meme index has emerged as 2024's strongest performing sector, delivering 320% returns and significantly outpacing other crypto sectors, including AI (91%) and the top 30 cryptocurrencies (88%) in second and third, respectively:
Despite representing less than 3% of the top 300 cryptocurrencies by market cap (excluding stablecoins), memecoins consistently accounted for 6-7% of total non-stablecoin trading volume, with recent weeks pushing that figure to nearly 11%.
This outsized volume underscores sustained interest in speculative assets, even though memecoins remain a small segment of the market.
DeFi Renaissance
Various DeFi protocols this year have generated large amounts of revenue, with many established protocols making revenue figures close to their 2021 highs, while newer platforms have established themselves as critical contributors.
Solana
In many ways, 2024 was the year of Solana, with the SOL token appreciating by around 85% year-to-date, while its market capitalization relative to Ethereum grew from about 16% to over 25% by year-end:
The combination of low-cost, high-throughput transactions and a growing narrative drove the expansion of Solana’s application ecosystem.
The token has been, by far, the most used Layer 1 this cycle, and continues to dominate amongst the other L1 in terms of daily active addresses.
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📣 Update
Franklin Templeton predicts Bitcoin reserves to expand globally in 2025
Spot Bitcoin exchange-traded fund (ETF) issuer Franklin Templeton expects more nations to adopt strategic Bitcoin reserves in 2025, according to the company’s digital assets outlook.
While the ETF issuer did not provide details on which countries may adopt Bitcoin reserves, Franklin Templeton expects a “shift from speculation to utility” in 2025. The company said crypto’s foundational technologies will become integral to global financial systems next year.
Here’s the full 2025 outlook:
📈 Signal
Bitcoins Market Value is currently 2.64x its "Realized Value
Bitcoins Market Value is currently 2.64x its "Realized Value”, a proxy for the cost basis of all Bitcoins in circulation — measured by the value of each bitcoin on the network the last time it was moved onchain.
In the last cycle, the MVRV ratio peaked at 7.6. In the prior cycles, it peaked out much higher.
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