Grayscale report: Cryptocurrency market value exceeds global inflation-linked bond market value in Q4 2024

Odaily Report: According to a report by Grayscale Research, in the last quarter of 2024, the cryptocurrency market capitalization increased from $1 trillion to over $3 trillion, exceeding the total value of the global inflation-linked bond market. At one point, the cryptocurrency market capitalization was even twice the total market value of the US high-yield bond market. However, the report data shows that the cryptocurrency market capitalization is still significantly smaller than the global hedge fund industry or the $4.5 trillion stock market in Japan. As of the writing (December 31, 2024), the cryptocurrency market capitalization was around $3.3 trillion. The significant growth in the fourth quarter cryptocurrency market capitalization was mainly attributed to Trump's election victory in November. During the quarter, the competition in the smart contract platform sector was particularly fierce, with Ethereum and emerging as the leaders. The so-called high-performance blockchains in this category also attracted significant attention. "Investors are also focused on other L1 networks, including high-performance blockchains like and TON integrated with Telegram," the Grayscale Research report explained. Despite the intensified competition, smart contract platforms face various design choices that impact the network's scalability, security, and decentralization, and these specific design choices can lead to different block times, transaction throughput, and average transaction fees. The report also stated that there is a statistical relationship between the fee revenue of smart contract platforms and their market capitalization. In other words, the greater a network's ability to generate fee revenue, the greater its ability to transfer value to the network through token burning or .