Bitcoin is currently priced at $97,456, Bitcoin is down -5.60% in the past 24 hours, while Ethereum trades at $3,416, down -5.80%. The Fear and Greed Index decreased from 75 to 74 (Extreme Greed) today, still reflecting bullish market sentiment. Bitcoin hit $2 trillion in market cap in 2024, reaching 14% of gold’s $17 trillion valuation. Companies like Hut 8 are increasing their reserves, with over 10,000 BTC valued at $1 billion. Bitcoin ETFs surpassed $129 billion in assets within one year, outpacing gold ETFs at $128 billion. Solana’s decentralized applications (DApps) earned $365 million in November alone, with memecoin DApps generating $509 million year-to-date. These numbers highlight cryptocurrency’s explosive growth and its impact on global markets.
What’s Trending in the Crypto Community?
- MetaMask: Expanded crypto payment card pilot program, allowing US users to pay directly through the wallet.
- Hut 8: Purchased $100 million worth of BTC, increasing total reserves to $1 billion.
- Sky: Will focus on fully migrating MKR to SKY next year and launching more subDAOs.
- Solana’s decentralized applications (DApps) earned $365 million in November alone, with memecoin DApps generating $509 million year-to-date.
Crypto Fear & Greed Index | Source: Alternative.me
Trending Tokens of the Day
Top 24-Hour Performers
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Hut 8 Hits $1 Billion in Bitcoin Holdings
Hut 8 total BTC holdings held in reserve and market value. Source: GlobeNewswire
Hut 8 is a leading Bitcoin miner in North America and now holds over $1 billion in Bitcoin. The company announced on December 19 the purchase of 990 BTC for $100 million. The average cost per Bitcoin was $101,710. This acquisition aligns with their strategy of combining low-cost production with market purchases to increase returns.
Hut 8's CEO, Asher Genoot, emphasized that Bitcoin reserves are a cornerstone of their financial strategy. Hut 8 has scaled operations to lower production costs, aiming to grow holdings at a discount. The company’s reserve expansion reflects a broader trend among institutions treating Bitcoin as a strategic asset.
“As we scale operations and extend our cost advantage in Bitcoin production, we anticipate that the flywheel effect will enable us to grow our holdings organically at a significant discount to market prices,” the Hut 8 CEO said.
Bitcoin’s adoption continues as the United States transitions to a pro-crypto administration under President-elect Donald Trump. Institutions now recognize Bitcoin’s potential for long-term financial growth.
Bitcoin Market Cap Reaches 14% of Gold's Value of $17 trillion
Bitcon vs. gold market capitalization. Image: Galaxy Research.
Bitcoin’s market cap has reached $2 trillion, equaling 14% of gold’s $17 trillion market cap. Bitcoin now ranks seventh among global assets, surpassing Saudi Aramco ($1.8 trillion) and silver ($1.6 trillion). It trails Alphabet ($2.1 trillion) by a narrow margin.
Bitcoin exchange-traded funds (ETFs) now manage $129 billion in assets, exceeding gold ETFs at $128 billion. Bitcoin ETFs achieved this milestone less than a year after their launch in January 2024. By contrast, gold ETFs required two decades to reach similar levels. K33 Research highlights this as a turning point, showing that Bitcoin has overtaken gold ETFs in investor interest.
The broader cryptocurrency market cap stands at $3.8 trillion. Bitcoin dominates with a 54% share, while Ethereum holds 12%. For comparison, Apple and Microsoft lead the global asset rankings at $3.4 trillion and $2.6 trillion, respectively.
BRN analyst Valentin Fournier highlighted strong catalysts for the digital asset market. He noted rising corporate adoption of Michael Saylor’s Bitcoin strategy, with companies adding Bitcoin to their treasury reserves. He also pointed to emerging talks about Bitcoin becoming part of national reserves.
"Looking ahead, we expect heightened volatility as markets adjust to elevated expectations for Donald Trump’s potential presidency,” Fournier said. "Despite short-term turbulence, the long-term outlook remains overwhelmingly bullish, and heavy exposure to bitcoin and ether remains the most compelling strategy for navigating this cycle.”
Bitcoin is now ranked seventh in terms of top assets by market cap. Images: Companies marketcap.com.
Read more: Exploring Bitcoin's Santa Claus Rally 2024 – Will BTC Soar This Festive Season?
Solana DApps and Pump.fun Earn $365 Million in November Revenue
Solana DApps revenue in 2024. Source: Syndica
Solana decentralized applications (DApps) generated $365 million in November 2024, led by memecoin launchpad Pump.fun. Pump.fun contributed $106 million, becoming the first Solana DApp to surpass $100 million in monthly revenue. However, the platform faced criticism over inappropriate content shared via livestreams. On November 25, Pump.fun halted live streaming indefinitely. Weekly revenue dropped 66%, from $33.8 million to $11.3 million by month’s end.
Year-to-date, memecoin DApps have earned $509 million, making them the top revenue source on Solana. Telegram bots followed with $300 million, while spot decentralized exchanges (DEXs) contributed $141 million. In January, memecoin DApps earned $600,000. By November, monthly earnings surged to $183 million, a 300-fold increase.
Solana’s total DApp revenue in 2024 came primarily from decentralized finance (DeFi), accounting for 83.7%. Wallets contributed 9.6%. Infrastructure, NFTs, and gaming made up 6.5%.
Read more: Top Crypto Projects in the Solana Ecosystem to Watch
Conclusion
Bitcoin and blockchain technology continue to redefine global finance. Hut 8’s $1 billion Bitcoin reserve highlights institutional trust in crypto. Bitcoin ETFs now manage $129 billion, overtaking gold ETFs and achieving near parity with gold in market cap. Solana’s DApp ecosystem shows rapid growth, with memecoin projects leading revenue generation. These figures emphasize the accelerating adoption of blockchain across industries and its growing role in the global economy.
