The year 2024 has been characterized by significant economic changes and political shifts that have influenced global markets. Central banks worldwide have been actively addressing inflation, leading to a series of interest rate cuts. Notably, the U.S. Dollar (USD) emerged as the best-performing currency, appreciating nearly 6% from December 29, 2023, to December 13, 2024 [64e0c05f].
In the United States, the GDP is projected to grow by 2.8% in 2024, outpacing the 1.8% growth expected for advanced economies [64e0c05f]. However, political uncertainty stemming from elections in France, the UK, and the U.S. has created a volatile environment for markets, impacting investor confidence [64e0c05f].
Commodity prices have also seen dramatic fluctuations; arabica coffee prices soared by 70% year-on-year, while lithium prices fell by 42.3% year-on-year. Meanwhile, gold prices reached new highs, driven by geopolitical tensions and increased demand for safe-haven assets [64e0c05f].
In the cryptocurrency market, Bitcoin experienced significant growth, hitting $70,000 on March 8 and reaching $100,000 on December 5. Additionally, Dogecoin saw a remarkable four-fold increase in value during the year [64e0c05f].
As Bitcoin and other cryptocurrencies gain traction, their role as potential hedges against traditional currencies is becoming more pronounced, especially in light of ongoing economic challenges and political instability [250b37b0].
Despite these gains, experts continue to warn about the inherent volatility of cryptocurrencies, urging investors to remain cautious as they navigate this rapidly evolving financial landscape [eab0fd98].
In recognition of its performance, Octa was awarded 'Best Trading Platform Malaysia 2024,' highlighting the growing importance of trading platforms in the current market environment [64e0c05f].