Bitcoin is currently priced at $97,272 with a 3.39% decrease in the past 24 hours, while Ethereum trades at $3,712, down -7.28% over the same period. The futures market remains balanced, with a 48.3% long and 51.7% short position ratio. The Fear and Greed Index, a key measure of market sentiment, maintained 78 (Extreme Greed) today (same level as 24 hours ago). The crypto market is breaking records as Tether leads stablecoins with 109 million USDT wallets across 25 blockchains. MicroStrategy bought 21,550 bitcoin for $2.1 billion in one week. Its holdings now total 423,650 bitcoin. Coinbase sees record trading volumes as Bitcoin tops $100,000 and altcoin activity surges. Needham analysts raise Coinbase’s stock target from $375 to $420. 

1. MicroStrategy buys 21,550 Bitcoin for approximately $2.1 billion.
2. Polymarket predicts the probability of Ethereum hitting a new all-time high this year has risen to 32%.
3. Stablecoin and Tether’s USDT total market cap surpasses $200 billion hitting a record high.

Crypto Fear & Greed Index | Source: Alternative.me 

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Source: KuCoin

Tether reports 109 million wallets holding USDT on-chain in Q4 2024. Ethereum wallets stand at 121 million. Bitcoin wallets total 56 million. USDT dominates the stablecoin market with 97.5% of the total supply across 25 blockchains.

Philip Gradwell, head of economics at Tether, said:

“The prevalence of low-balance wallets is a feature, not a bug, highlighting USDT’s accessibility to users who might otherwise be unbanked.”

Centralized platforms host 86 million accounts with on-chain USDT deposits. Exchanges logged 4.5 billion visits in the first three quarters of 2024. Emerging markets accounted for 2.25 billion of these visits. In these regions, users rely on USDT for saving, sending, and shielding against inflation.

Wallet data shows 18.7 million accounts hold balances below $1. Another 31.5 million wallets hold between $1 and $1,000. Together, these small-balance wallets represent 46% of all accounts. Thirty % reactivate periodically, showing consistent use.

High-balance wallets exceed 1.1 million. Most hold between $1,000 and $10,000. Wallets with balances over $10,000 make up less than 1% of the total. USDT surged after the FTX collapse. Users moved to self-custody and assets they trusted. Compared to other stablecoins, USDT leads by a factor of 4. It outpaces competitors in adoption, reliability, and integration.

Source: The Block

MicroStrategy added 21,550 bitcoin between December 2 and December 8, 2024. The purchase cost $2.1 billion. Each bitcoin cost $98,783 on average, including fees. This brings Microstrategy's total bitcoin holdings to 423,650. MicroStrategy spent $25.6 billion in total. Its average cost per bitcoin is $60,324. These holdings account for 2.2% of bitcoin’s circulating supply.

The company funded the purchase by issuing 5,418,449 shares. The share sales generated $2.13 billion. Bitcoin’s price rose 40% in the last five weeks, climbing from $70,000 to $100,000. MicroStrategy’s stock gained 20% during the same period. The stock is up 480% year-to-date.

This marks five consecutive weeks of major bitcoin purchases by MicroStrategy. The company remains the largest corporate bitcoin holder worldwide. Its bitcoin strategy is a key driver of its stock’s performance, which has outpaced the S&P 500’s 17% gain in 2024.

Needham increased its price target for Coinbase to $420 on December 9 2024. The previous target was $375. Q4 trading volumes are projected to reach $435 billion, a 32% increase from Q3’s $330 billion. Altcoin trading contributed significantly, accounting for 38% of total volume compared to 28% in the previous quarter.

Bitcoin’s price surpassing $100,000 in November drove trading activity. Retail users returned in large numbers, boosting altcoin market participation. Analysts predict Coinbase will post $2.1 billion in revenue and $2.37 EPS for Q4. For 2025, they forecast $8.9 billion in revenue and $9.61 EPS.

Coinbase’s stock climbed 80% in 2024, rising from $175 to $316. Following the November election and Bitcoin’s surge, Coinbase shares jumped 54% in just two weeks. Altcoins like Solana, Cardano, and Avalanche have seen trading volumes increase by 45% over the last quarter. This activity supports Coinbase’s growing revenue base, with retail and institutional users contributing to higher fees and transaction counts.

The cryptocurrency market continues its rapid expansion, led by dominant players like Tether, MicroStrategy, and Coinbase. Tether’s 109 million wallets highlight stablecoins’ role as financial tools for both retail and institutional users. MicroStrategy’s $2.1 billion bitcoin purchase demonstrates long-term confidence in the leading cryptocurrency’s value. Coinbase’s record trading volumes and stock growth underline the increasing demand for secure, reliable crypto exchanges. The numbers are clear. Crypto adoption is accelerating. Stablecoins provide access and stability. Bitcoin remains a trusted store of value. Exchanges like Coinbase fuel participation in the global digital economy. These milestones show the transformation of finance, proving that crypto’s role in the future of money is here to stay.