Golden Finance reported that according to a report from Grayscale Research, in the last quarter of 2024, the market value of cryptocurrency rose from US$1 trillion to more than US$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 capitalization of the U.S. 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 Japan’s approximately US$4.5 trillion stock market. As of writing (December 31, 2024), the cryptocurrency market capitalization is approximately $3.3 trillion. The significant growth in cryptocurrency market capitalization in the fourth quarter was mainly attributed to Trump’s election victory in November.