TL;DR
- Bitcoin crossed the $100,000 mark for the first time on December 5, 2024, briefly pushing its market capitalization above $2 trillion.
- Miners’ daily revenue surged beyond $40 million, with cumulative earnings reaching $71.49 billion, reflecting the network’s robust security and economic incentives.
- Bitcoin’s network processed 1.12 billion transactions, settling $131.25 trillion in transfer volume, with ownership distribution highlighting increasing institutionalization and centralization.
Bitcoin has achieved a monumental milestone, crossing the $100,000 mark for the first time on December 5, 2024. This historic event marks a significant moment in the cryptocurrency’s journey, which began with the Genesis Block. After 5,256 trading days, Bitcoin’s market capitalization briefly exceeded $2 trillion, underscoring its growing importance in the global financial ecosystem.
Bitcoin Miners’ Revenue Surge
The surge in Bitcoin’s price has had a profound impact on miners. Since its inception, miners have earned a cumulative $71.49 billion, reflecting the network’s robust security and economic incentives.
On-chain data reveals that Bitcoin miners have seen their daily revenue soar beyond $40 million, with earnings occasionally surpassing $50 million. This increase in revenue is closely tied to the rise in Bitcoin’s hashprice, which tracks daily mining income based on computational power.
Transaction Volume and Economic Activity
Bitcoin’s network has processed a staggering 1.12 billion transactions, settling $131.25 trillion in transfer volume. When adjusted for entities, the filtered transfer volume is $11.63 trillion, providing a clearer view of genuine economic activity. This highlights the network’s capacity to handle substantial transactional growth while maintaining its integrity and security.
Ownership Trends and Distribution
The distribution of Bitcoin ownership is broad, ranging from retail investors to large institutional holders. As of December 5, 2024, 19.8 million BTC have been mined, representing 94.2% of the ultimate 21 million supply cap. Notably, 1.8 million BTC (9.1% of supply) are held on exchanges, and 1.1 million BTC (5.6%) are managed by US-based ETFs.
This distribution underscores the increasing institutionalization and centralization of Bitcoin custody, balancing individual ownership with larger aggregated holdings that drive liquidity and market stability. Bitcoin’s journey to the $100,000 milestone is symbolic not only of a price achievement but also of its evolution into a globally significant financial asset.
With a highly distributed holder base and near all-time high hashrate, Bitcoin is well-positioned for its increasingly important role on the world stage. As the network continues to mature, its resilience and capacity for growth remain evident, paving the way for future milestones and broader adoption.
