Bitcoin's value rose more than 400% between 2020 and 2024 Solana's value rose nearly 4,500% in four years, from $1.49 to about $166 Matt Hogan says this positive trajectory will continue in 2024 This will continue even after the 2020 US election.
Bitwise's chief information officer (CIO) said that the government in Washington can change the trajectory of the crypto market by speeding things up or slowing things down, but it cannot stop it.
In his latest client note, Matt Hogan wrote about cryptocurrencies in an election year, arguing that regardless of who becomes the next US president, cryptocurrencies have already won.
Hogan compared the state of the crypto market from November 2020 to November 2024, questioning whether things have gotten better or worse since the last time Americans went to the polls. .
Despite several lawsuits from the U.S. Securities and Exchange Commission (SEC), particularly against Binance, Coinbase, Cumberland DRW, Kraken, and Ripple, the cryptocurrency industry has made significant progress.
4 years difference
Looking between the two US elections, Hogan points out that Bitcoin in November 2020 was trading at $13,677. Fast forward to November 2024, and Bitcoin was worth approximately $69,492, representing a 408% change.
Ethereum has also seen positive growth from a paltry $388 in 2020 to its current $2,492 heading into the 2024 US elections. However, the biggest price increase was for Solana, which rose nearly 11,000% from $1.49 in 2020 to about $166 in 2024.
Turning to assets under management (AUM), Hogan said stablecoin AUM grew from $3.87 billion in November 2020 to $177.83 billion in November 2024, a change of nearly 4,500%. I showed what I showed.
Total Value Locked (TVL) in decentralized finance (DeFi) has also steadily increased, jumping from $9.57 billion in 2020 to $139.3 billion in 2024.
“In cryptocurrencies, we often focus so much on moment-to-moment movements in prices that we lose sight of long-term trends,” Hogan wrote. “The presidential election is a good opportunity to take a step back and look at how far we've come.”
What's next?
A lot has already happened in the crypto market in four years, but will the market continue to do so beyond the 2024 US elections?
In Hogan's view, the answer is yes. Regardless of who becomes the next president, flows into spot crypto exchange-traded funds (ETFs) will continue, stablecoins will continue to grow, Wall Street will continue to embrace tokenization and real-world assets, and block The chain will continue to grow, Hogan said. It will become faster, cheaper, and real-world applications like Polymarket will gain mainstream adoption.
“What happens in Tuesday's election is important, especially in the short term,” Hogan said. “But the way I see it, in the long run, Tuesday is going to be something between a speed bump and a gust of wind. Neither is going to stop this train.”
