Crypto Market Tops High-Yield Bonds as Bitcoin Surges Past $100,000

The crypto market has surpassed the high-yield bond market in value, according to a report from Grayscale Research. In Q4 2024, the global crypto market cap reached $3 trillion, exceeding that of inflation-linked bonds. This growth was largely driven by the Bitcoin price surge after Donald Trump's win in the US election.

The price of Bitcoin rose above $100,000 in December 2024, and experts have predicted it will reach $150,000 by the end of 2025. The report also highlights the increasing competition among smart contract platforms, with Solana and Ethereum leading the way. However, these networks still face design issues affecting decentralization, security, and scalability.

The Grayscale Research Top 20 features several smart contract platforms, including ETH, SOL, SUI, and OP. The report notes a statistical relationship between market cap and fee revenue on these platforms, with higher fee revenue generating more value for the network.