- The report highlights a remarkable 34% surge in the global cryptocurrency user base, reaching an impressive 580 million by the close of 2023.
- This growth is particularly noteworthy given the prolonged bearish market conditions and numerous macroeconomic challenges, including central banks’ tightening measures and geopolitical tensions.
In a groundbreaking market sizing report, cryptocurrency exchange Crypto.com has unveiled staggering numbers, estimating that the worldwide cryptocurrency user base soared past half a billion, reaching an impressive 580 million by the close of 2023.
The report, highlighting a remarkable 34% surge in global cryptocurrency users throughout the year, demonstrates the substantial and widespread adoption of digital assets. Noteworthy increases were observed in both Ether (ETH) and Bitcoin (BTC) ownership, with Ether ownership rising from 89 million users to 124 million and Bitcoin ownership increasing from 222 million to 296 million people by the year’s end.
Crypto.com’s on-chain market sizing estimates stand out for their unique methodology, combining on-chain data with a blend of parameters to accurately determine the global number of cryptocurrency owners.
Despite prevailing bearish market conditions, the report emphasizes the resilience of the crypto market, revealing that the 34% surge in the user base occurred amid macro headwinds. Factors such as ongoing monetary tightening by Western central banks, geopolitical conflicts in Europe and the Middle East, and the enduring consequences of the pandemic did not hinder the monumental growth in crypto adoption.
The report sheds light on key contributors to this surge. Ethereum’s Shanghai upgrade played a significant role in boosting the network’s activity and catalyzing a rally in the value of ETH. Additionally, the introduction of nonfungible token (NFT) functionality to the Bitcoin blockchain through the arrival of BRC-20 tokens and Bitcoin Ordinals fueled substantial demand for Bitcoin block space.
A notable turning point in Bitcoin adoption occurred in Q4 of 2023, resulting in BTC’s price appreciation above $40,000. The anticipation surrounding the potential approval of several Bitcoin exchange-traded funds (ETFs) filings in the United States further fueled Bitcoin acquisitions and wallet growth throughout the year.
Crypto.com’s report draws on data from 23 cryptocurrency exchanges, offering a comprehensive view of the market. Intriguingly, it reveals that 40% of Bitcoin owners also hold ETH, emphasizing the interconnected nature of cryptocurrency portfolios. Simultaneously, 42% of cryptocurrency users were noted not to have any Bitcoin or Ethereum in their portfolios.
This compelling report aligns with earlier predictions, such as Bitfinex’s projection in December 2023, anticipating that the global cryptocurrency user base would continue its upward trajectory, reaching an estimated 950 million people by the close of 2024. As the crypto landscape continues to evolve, the data from Crypto.com underscores the robust and resilient nature of the digital asset market, signaling its increasing prominence on the global stage.
Cryptocurrency Adoption Skyrockets: Crypto.com Report Reveals Over 580 Million Global Users by 2023’s End
Crypto.com’s groundbreaking report illuminates the extraordinary growth witnessed in the cryptocurrency space, with the global user base surpassing a monumental 580 million by the end of 2023. The substantial surge in adoption, even amid challenging market conditions, underscores the resilience of the crypto market. Ethereum’s pivotal upgrade and Bitcoin’s increased functionality through NFT integration played pivotal roles, contributing to the impressive rise. As the crypto industry continues to break barriers, the report sets the stage for a dynamic future, affirming the irreversible momentum toward widespread digital asset adoption.
Disclaimer : This article was created for informational purposes only and should not be taken as investment advice. An asset’s past performance does not predict its future returns. Before making an investment, please conduct your own research, as digital assets like cryptocurrencies are highly risky and volatile financial instruments.
