Ethereum fading, XRP rising, but 2024 belongs to Bitcoin

2024 has been a monumental year for Bitcoin, and with just a few days left until the end of the year, its dominance now stands at 56.8% of the $3.29 trillion crypto economy. Back in January, Bitcoin held 50.3% of the market, which was then valued at $1.65 trillion.

Bitcoin’s meteoric rise in 2024 leaves Ethereum and others behind

Since January 1, 2024, Bitcoin’s share of the crypto economy has grown by 6.5% and now accounts for 56.8% of the $3.29 trillion market. It’s been an outstanding year for the leading digital currency. On that first day of 2024, Bitcoin was trading at $42,543 per coin, providing a market capitalization of $832.85 billion, while the entire cryptocurrency market was worth $1.65 trillion. On the same day, Ethereum’s performance was higher than today, with a market valuation of $274 billion, accounting for 16.6% of the total crypto economy.

ETH/BTC ratio.

Fast forward to today, Ether’s share has fallen 4.4%, reaching 12.2% of the current $3.29 trillion market. At the beginning of the year, Ether was trading at $2,285 per unit, equivalent to 0.0686 BTC. However, today one ether is valued at 0.03537 BTC. While it’s clear that the US dollar has lost purchasing power against Bitcoin over the year, looking at this through the lens of stablecoins adds an intriguing twist.

Take Tether (USDT) for example: On January 1, 2024, 1 US dollar was worth 0.00002608 BTC. Today, the equivalent of the same dollar in Tether costs only 0.00001059 BTC. XRP has seen an interesting growth in 2024, outperforming BTC. Back in January, XRP was ranked sixth by market capitalization in the crypto space, but it has since risen to fourth place, just below the tether. At the beginning of the year, one XRP was worth 0.00001607 BTC; today it has risen to 0.00002274 BTC.

Other cryptocurrency trends paint a different picture. BNB, for example, was trading at 0.008108 BTC 360 days ago, but fell to 0.007344 BTC today. Similarly, Solana (SOL) started the year at 0.002669 BTC and is now trading at 0.00196 BTC. In addition to growing institutional adoption, Bitcoin has made significant progress this year in the applications of non-fungible tokens (NFTs), tokenization, and decentralized finance (DEFI).

BTC-based NFTs generated billions in sales last year, with the Bitcoin blockchain standing out for its cleanest activity (minimal wash trading) among dozens of NFT-focused blockchain networks. The network’s impact on defi is also noticeable, with a couple of billions invested in betting platforms and lending apps. In addition, several tokens based on BRC20 coins and the Runes protocol have gained attention, carving out their own niche and multi-million dollar market capitalization in the cryptocurrency world.

Bitcoin’s rise in 2024 reflects more than just market growth—it is evidence of growing confidence from both institutional players and retail enthusiasts. As digital assets, both new and existing, experience fluctuations in performance, confidence in the sector continues to shift, with BTC remaining in the spotlight.

Looking to the future, the evolving BTC ecosystem could see more changes as competing digital assets seek to gain new momentum. Interoperable technologies and niche applications can further increase the importance of the network. As 2024 draws to a close, the crypto space appears poised for revolutionary events in the coming year, where collaboration, adaptability, and perhaps even the strategic reserves of nation states could shape its future.

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