2024 Review: Bitcoin & Ethereum in Canada

As 2024 draws to a close, the cryptocurrency market in Canada and across the globe has experienced leaps and bounds in terms of developments — particularly concerning bitcoin and ethereum. From wild price surges to regulatory shifts and technological advancements, this year has really shaped the future of digital assets. Investors, analysts, and enthusiasts alike have watched these changes closely, recognizing their implications for the broader financial landscape. Such an actionable series of movements has seen people who want to buy bitcoin in Canada scrambling to get their slice of crypto pie. This article provides an in-depth analysis of their price movements, key events influencing their trajectories — and projections for 2025.

Bitcoin in 2024

Price Analysis

Bitcoin commenced 2024 trading at approximately $44,100 USD / $60,000 CAD. Throughout the year, it exhibited substantial volatility, reaching an all-time high of over $108,000 USD in December. This surge represents a remarkable year-to-date gain of about 145% at the time of writing, elevating bitcoin's market capitalization and reinforcing its status as a leading digital asset. For perspective, in December of 2022, bitcoin was only $15,000 USD making the 24 month increase toward its recent all-time high at a staggering 620%. These numbers and the power they represent within the value of bitcoin as an asset, have quelled many naysayers during 2024 and even turned some critics bullish including big names such as BlackRock CEO Larry Fink, Citadel CEO Ken Griffin and, famously, President-Elect Donald J. Trump.

Key Events and News

• U.S. Presidential Election and Policy Shifts: The election of President Donald Trump introduced a pro-crypto stance, including plans to establish a national BTC strategic reserve. This policy shift super-boosted investor confidence, contributing to bitcoin’s price surge.
• Institutional Adoption: The inclusion of companies like MicroStrategy, a major corporate BTC HODLer in the Nasdaq 100 index shows growing institutional acceptance of bitcoin, further propelling its value, like an uphill snowball.
• Federal Reserve Policies: The Federal Reserve's monetary policies, particularly decisions regarding interest rates, have impacted bitcoin’s price dynamics. Hawkish stances have occasionally led to market adjustments, influencing investor sentiment.

Outlook for 2025

Analysts project a bullish trajectory for bitcoin in 2025, with price targets estimated at exceeding $200,000. Factors contributing to this optimism include anticipated pro-crypto policies, increased institutional adoption and broader acceptance of digital assets.

The adoption of cryptocurrency in Canada has been on the rise, with projections estimating 12.95 million users by 2028, equating to a penetration rate of 32.07%. This growth mirrors a global movement toward integrating digital currencies into mainstream financial systems. Many in the space speculate that Canadian adoption is set to continue as a growing force in our domestic market.

Ethereum in 2024

Price Analysis

Ethereum’s ether crypto began 2024 at around $2,300 USD / $3,100 CAD. The year witnessed major fluctuations, with ETH reaching a peak of approximately $4,100 USD before experiencing corrections. As of December, ethereum is trading around $3,500 USD / $5,000 CAD, reflecting a substantial increase from the beginning of the year.

Key Events and News

Key developments shaping ethereum and its native token, ether, in 2024 include:

• Technological Upgrades: Ongoing enhancements to the ethereum network, often aimed at improving scalability and reducing transaction costs, have bolstered investor confidence and network utility.
• Regulatory Environment: Discussions around regulatory clarity, particularly concerning staking and decentralized finance (DeFi) applications, have played a role in ethereum's market dynamics.
• Market Sentiment: Ether’s price movements have been influenced by broader market sentiment and macroeconomic factors, including investor interest in decentralized applications and smart contract platforms.

Outlook for 2025

Projections for ethereum in 2025 are optimistic, with some analysts forecasting prices ranging from $5,000 to $14,000. This optimism is driven by expected technological advancements, increased adoption of decentralized applications and the growing DeFi ecosystem. And, of course, a little bit of hype to keep things pumping.

What Other Cryptos are Hot Heading into 2025?

Tether (USDT), XRP, and Binance Coin (BNB) are among the most popular cryptocurrencies beyond Bitcoin (BTC) and Ethereum (ETH), offering unique use cases and appeal. USDT, a leading stablecoin, is favored for its price stability, pegged to the US dollar, making it ideal for trading and holding in volatile markets. XRP is widely used for cross-border payments, leveraging Ripple's network to facilitate fast and cost-effective transactions. Meanwhile, Binance Coin (BNB), initially launched as a utility token for the Binance exchange, has evolved into a versatile asset used for transaction fee discounts, staking and participation in the Binance ecosystem.

Canadians often purchase BTC or ETH through platforms like MyBTC.ca and then trade for alternative digital assets such as USDT, XRP, or BNB on their preferred exchanges or within personal wallets. For those looking to skip additional steps, Canadians can directly purchase these altcoins and many others quickly and conveniently using their debit or credit cards via Banxa or Simplex. These services simplify access to a wide range of cryptocurrencies, catering to both newcomers and seasoned investors.

Turning the Page to a New Year

The year 2024 has been transformative for both BTC and ETH in Canada and globally, characterized by record-setting price movements and ground-breaking developments that have shaped the industry. With advancements in blockchain technology, regulatory progress and increasing mainstream acceptance, these leading cryptocurrencies have set the stage for what appears to be further growth. As adoption broadens and innovative use cases emerge, BTC and ETH may continue to redefine traditional financial systems, solidifying their roles as key players in the evolving digital economy.

Disclaimer: This article is for informational purposes only and should not be construed as financial advice. Cryptocurrency investments carry risk, and past performance is not indicative of future results.