This report covers the key trends and significant events in the crypto market for December 2024. By sharing these updates, we aim to provide the MEXC community with the latest industry insights, helping everyone better understand market movements and growth opportunities.
Key Trends of the Month
1. South Korea Postpones Crypto Tax Until 2027
On December 1, 2024, Park Chan-dae, leader of the Democratic Party of South Korea’s parliamentary faction, announced a delay in the 20% crypto capital gains tax until 2027. This marks the third postponement of the tax, reflecting ongoing uncertainty in South Korea’s regulatory stance on cryptocurrencies amid strong opposition from both investors and the crypto industry.
The delay may provide short-term relief to South Korean investors, boosting market confidence and potentially driving increased trading activity in the region.
2. Bitcoin Surpasses $100,000
Source: CoinGecko
On December 5, 2024, Bitcoinmade history by surpassing the $100,000 mark for the first time, marking a significant milestone in the rise of cryptocurrency.
This surge was driven by growing optimism around the U.S. government’s support for crypto, especially following President Donald Trump’s appointment of Paul Atkins, a pro-crypto advocate, as Chairman of the SEC(Securities and Exchange Commission).
According to CoinGecko, the total value of the cryptocurrency market nearly doubled in 2024, reaching $3.8 trillion.
BCA Research suggests that Bitcoin’s 260-day fractal dimension, currently above 1.20, shows the market remains volatile and hasn’t peaked yet. If it drops below this level, Bitcoin could potentially rise above $200,000 by the end of 2025, driven by continued institutional interest and favorable regulatory developments.
Source: BCA Research
Bitcoin’s $100,000 breakthrough reflects growing market confidence and could attract more institutional investment, potentially sustaining upward momentum. However, traders should remain cautious of short-term volatility as the market adjusts.
3. Popular Crypto Narratives of 2024: AI and Memecoin
According to CoinGecko, in 2024, the memecoin phenomenon led to investor interest, capturing 30.67%, followed by AI-related narratives at 15.67%. Other key trends included Real World Assets (RWA) and Decentralized Physical Infrastructure Networks (DePIN).
Solana and Base ecosystems also saw growing interest, attracting 14.30% and 4.87%, respectively. The top 20 crypto narratives accounted for 78.72% of global investor focus.
Source: CoinGecko
However, AI-related narratives surpassed memecoins in late December. According to recent CoinGecko research, the AI narrative saw a strong rebound at the year’s end, with returns nearly doubling from 1,598.1% to 2,939.8% in December. This surge was driven by the rising popularity of the AI platform Virtuals Protocol (VIRTUAL).
Source: CoinGecko
The rise of AI and memecoin narratives reflects a shift toward high-risk, high-reward investments. Crypto exchanges like MEXC and Binance play a key role by providing easy access to these speculative assets, boosting investor interest and driving up trading activity, which in turn fosters greater market acceptance.
4. December NFT Sales Soar to $889 Million
According to CryptoSlam, NFT sales across 23 blockchains totaled approximately $889 million in December 2024, marking a 58.35% increase from November’s $561 million.
The surge in December was primarily driven by Ethereum-based collectibles, which generated $488 million (54.92%) in sales. Bitcoin followed with $178 million (19.96%), while other blockchains contributed as follows:
- Solana: $102 million
- Immutable: $37.97 million
- Mythos: $27.17 million
- Polygon: $19.96 million
At the project level, Pudgy Penguins showed outstanding performance with monthly sales reaching $115 million. Traditional blue-chip projects including Azuki, CryptoPunks, Doodles, and Bored Ape Yacht Club maintained stable development, contributing a combined $141 million in sales.
Source: CryptoSlam
Although the NFT market has yet to return to its peak, its growing integration across various industries and the revival of investor confidence highlight the sector’s resilience, positioning NFTs as a vital and evolving part of the Web3 ecosystem with promising long-term growth.
5. Solana Hits 72.8 Million Daily Transactions, Sets New Record
According to Artemis, Solana processed 72.8 million transactions on December 23, 2024, surpassing the combined total of all other major blockchains. This milestone highlights Solana’s scalability and growing demand.
About MEXC
Founded in 2018, MEXC is committed to being “Your Easiest Way to Crypto.” Serving over 30 million users across 170+ countries, MEXC is known for its broad selection of trending tokens, frequent airdrop opportunities, and low trading fees. Our user-friendly platform is designed to support both new traders and experienced investors, offering secure and efficient access to digital assets. MEXC prioritizes simplicity and innovation, making crypto trading more accessible and rewarding.
Risk Disclaimer The information provided in this report about cryptocurrencies does not represent MEXC’s official stance or investment advice. Given the highly volatile nature of the cryptocurrency market, investors are encouraged to carefully evaluate market fluctuations, project fundamentals, and potential financial risks before making any trading decisions.
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