HTX Ventures has published its 2024 year in review, highlighting the most significant developments in the cryptocurrency industry and offering a glimpse into the trends that will shape the market in 2025.
2024 has been a pivotal year for the cryptocurrency industry, marked by significant milestones and technological advancements that have propelled the market to new heights. HTX Ventures, one of the most respected investment firms in the sector, has published its annual review, highlighting the most notable developments and offering a glimpse into the trends that will shape the market in 2025.
In this report, the firm not only reflects the exponential growth of Bitcoin and Ethereum, but also the emergence of new sectors such as artificial intelligence (AI), memecoins and the TON ecosystem.
According to HTX Ventures, five key sectors showed encouraging progress in 2024 and will be of great importance in the upcoming new year. These key sectors are: Bitcoin ecosystem, blockchain infrastructure, memecoins, Artificial Intelligence and the TON ecosystemThese five sectors, according to the firm, have demonstrated an exceptional ability to innovate and adapt to changing market conditions, making them fundamental pillars for the future of the crypto industry.
The Bitcoin ecosystem grew significantly in 2024
According to HTX Ventures, the Bitcoin ecosystem experienced unprecedented growth in 2024. For example, in the review report, it highlighted that Bitcoin's dominance in the crypto market increased from 45,27% to 56,81%, concentrating the majority of the market's liquidity. Also, the leading cryptocurrency reached a crucial milestone with the approval of Bitcoin spot ETFs in the United States in January, which now account for 6,25% of the cryptocurrency's total supply. Since the beginning of this year, the holdings of these exchange-traded funds have grown by 613.708 BTC, reaching a total of 1,24 million BTC, as of the date of report.
“A new trend has emerged in the market, with Bitcoin as the main asset, spot ETFs as liquidity channels, and US-listed companies represented by MicroStrategy (MSTR) as vehicles to absorb unlimited dollar liquidity”, the firm noted.
HTX Ventures also noted that Bitcoin's Layer 2 saw notable development this 2024, with projects such as Botanix Labs spiderchains, ZK-rollups with Nexio and Critea, EVM compatible networks like BOB and B Squared, and side nets like Merlin. In addition, the most well-known L2 solutions for Bitcoin, Lightning Network and Liquid Network, also experienced significant growth this year, contributing to a TVL of $3.000 billion for the entire Bitcoin-based Layer 2 ecosystem. Despite the significance of this figure, the firm stressed that this ecosystem has the potential to reach between $6.000 billion and $12.000 billion in the coming years.
Other protocols based on the Bitcoin network, such as Ordinals y Runes They also meant significant growth for the Bitcoin ecosystem in general, improving the usability of the cryptocurrency by facilitating the creation of NFTs and other digital assets on this blockchain.
Lastly, the HTX Ventures review report mentioned that Improvements to Bitcoin's interoperability and security layers were other key elements in the growth of this ecosystem. Projects such as Babel They have developed secure sharing and time-stamping protocols on the Bitcoin network, improving the reliability and immutability of data.
The development of Blockchain infrastructure
The development of blockchain infrastructure has attracted significant investments to the crypto industry across all areas, from core blockchain networks to Layer 2, cross-chain, modular networks, and staking protocols.
HTX ventures highlighted that the constant development of Ethereum and the improvements in costs and performances in Layer 2 have kept infrastructure as one of the most attractive sectors of the cryptocurrency industry.
In the case of Layer 1, the firm also highlighted that blockchain ecosystems such as Solana and Tron have seen significant growth in recent months, driven by an increase in on-chain transactions, the growth of memecoins and other applications of interest to users and investors, such as NFTs, DeFi and GameFi.
On the other hand, the firm highlighted that Layer 2 platforms such as zkSync and StarkNet have improved the user experience in ZK Rollups, while solutions like Base and Arbitrum have seen significant growth in TVL, with DeFi projects and NFTs flourishing on these platforms. Likewise, middleware and Layer 0 networks, such as LayerZero and Cosmos, have made strides in interoperability, connecting over 40 blockchains and improving cross-transaction performance.
“Infrastructure remains a must-have for crypto investments and funding this year”, HTX Ventures said.
Modular networks, such as Celestia and Monad, have also demonstrated exceptional performance, which has been attractive for a wide range of applications. Finally, restaging projects, such as EigenLayer and Satori, have attracted significant investment, improving capital efficiency and network security.
HTX Ventures highlighted that blockchain infrastructure development has been one of the most attractive sectors of the crypto industry in 2024 and is expected to remain a key sector for development resources and capital investment in the crypto space in the future.
The role of memecoins in the crypto ecosystem in 2024
Memecoins have provided a gateway to millions of retail investors in 2024, revolutionizing the cryptocurrency ecosystem. Platforms like Pump.fun and SunPump have facilitated the launch of these meme coins, creating a thriving and accessible ecosystem. Solana, in particular, has been a leader in this space, with projects like Bome, Slerf, and pump.fi attracting significant attention from investors and users.
According to HTX Ventures, Accessibility and low entry costs have made memecoins into a key tool to attract new users to the crypto industry. The firm also noted that Trump’s electoral victory in the November elections has been a milestone not only for Bitcoin and the most important cryptocurrencies in the market, but also for memecoins, as the promise of a more relaxed regulatory environment seems to be driving interest in these types of cryptocurrencies, especially in politically thematic projects.
“An important gateway for retail investors under relaxed cryptocurrency policies”, the firm said, in relation to memecoins.
The firm also noted that platforms like Mootshot, which allow users to buy memecoins with fiat, have attracted a new wave of retail investors to the crypto market in 2024.
Advances in Artificial Intelligence in the crypto industry
Another of the key sectors highlighted in the HTX Ventures report is The intersection of the crypto industry with artificial intelligence (AI)The firm stressed that this technology has rapidly gained attention in the cryptocurrency ecosystem, with several projects exploring ways to enable AI on the blockchain.
“Cryptocurrency projects are expanding their focus to capture the AI narrative”, the firm commented.
This year, a large number of cryptocurrency and blockchain projects have expanded their focus to AI, HTX Ventures said. Also, projects like Near have begun running AI models on open-source protocols on-chain, which has opened up new possibilities for transparency and security.
In the field of decentralized inference, three main approaches have been developed: ZKML (Zero-Knowledge Machine Learning), OPML (Optimistic Machine Learning), and on-chain decentralized inference networks. ZKML, led by projects such as Giza and Modulus Labs, allows for privacy-enabled AI model inference, although ZK proof generation costs are significant. OPML, represented by platforms such as ORA, assumes that inference is accurate unless proven otherwise, which reduces costs but does not guarantee full security. On-chain decentralized inference networks, such as Ritual, offer a cheaper solution but with security risks.
The firm also stressed that the decentralization of GPU computing has also been an area of growth, with projects like Render and IO.net incentivizing GPU resource contributions via tokens. On the other hand, projects like Myshell and Theoriq are developing AI agents that interact with smart contracts and perform tasks on behalf of users, with the possibility of forming DAOs and managing funds autonomously.
Overall, HTX Ventures stressed that blockchain projects are trying to adapt the technology to AI, as a viable solution to several of the challenges facing this technological innovation.
TON, one of the most attractive blockchain ecosystems in 2024
TON, short for The Open Network, has managed to attract a massive Web2 to Web3 user base this year thanks to its tie-up with Telegram, one of the most popular instant messaging apps globally. With nearly hundreds of millions of users and robust technical support, TON has built a multi-layered ecosystem, from DeFi and memecoins to NFTs and gaming.
The success of tap-to-earn games like Notcoin and Catizen has attracted a large Web2 user base, achieving over a million monthly active users in a short time. Memecoin projects like DOGS have gained huge popularity thanks to their simple game model and referral mechanisms. In the DeFi space, projects like TonStaker and Ston.fi have driven the growth of the sector.
“In the capital markets, the TON ecosystem has attracted more attention from investors than other high-performing public blockchains”, the firm commented.
However, the TON ecosystem has also faced the challenge of innovating business models to improve user retention and find new avenues for growth in 2025. According to HTX Ventures, the need to develop more sustainable and attractive models has been crucial to maintaining its lead in the blockchain competition.
Promising trends in the crypto market in 2025
The HTX Ventures report provides a detailed overview of developments and trends in the cryptocurrency market, highlighting the most promising sectors for the upcoming year.
Overall, the growth of the Bitcoin ecosystem, the development of blockchain infrastructure, the importance of memecoins, the integration of artificial intelligence, and the rise of the TON ecosystem are clear examples of the innovation and dynamism that characterize the crypto industry. With more open and transparent regulations on the horizon, the future of cryptocurrencies is full of opportunities and potential.
