Crypto News- In a groundbreaking market sizing report, Crypto.com discloses that the worldwide cryptocurrency user community surpassed 500 million by the close of 2023. The report showcases a notable 34% surge in global crypto users, climbing from 432 million to an impressive 580 million individuals.
Diving into the details, Crypto.com highlights the surge in Ether (ETH) ownership, soaring from 89 million users to 124 million. Simultaneously, Bitcoin (BTC) ownership experienced a robust increase from 222 million to 296 million people, marking a dynamic landscape in the crypto space. Utilizing its distinctive methodology, Crypto.com combines on-chain data with various parameters to meticulously calculate the number of global cryptocurrency owners.
2023 Sees Global Crypto User Base Surpassing 500 Million, According to Crypto.com Report
The report emphasizes that this remarkable 34% growth in the global crypto user base occurred against the backdrop of prolonged bearish market conditions. Despite challenges such as Western central banks tightening monetary policies, conflicts in Europe and the Middle East, and lingering pandemic effects, crypto adoption in 2023 achieved unprecedented milestones.
According to the report, Ethereum’s Shanghai upgrade played a pivotal role in boosting network activity and propelling the value of ETH. Additionally, the integration of non-fungible token functionality into the Bitcoin blockchain via BRC-20 tokens and Bitcoin ordinals spurred significant demand for Bitcoin block space.
Crypto.com’s 2023 Report: A Closer Look at the Surge to 500 Million Crypto Users Globally
The anticipation of potential approval for several Bitcoin exchange-traded funds (ETFs) in the United States contributed to the surge in Bitcoin acquisition and wallets throughout 2023, particularly in the fourth quarter.
Crypto.com’s comprehensive on-chain data extraction involves 23 cryptocurrency exchanges, providing a thorough examination of the crypto landscape. Notably, the report reveals that 40% of Bitcoin owners also hold ETH, while 42% of cryptocurrency users have no BTC or ETH in their portfolios.
Looking ahead, a December 2023 report from Bitfinex predicts a further surge, estimating the global cryptocurrency user base to reach approximately 950 million people by the end of 2024. The crypto ecosystem continues to evolve, defying challenges and setting the stage for a dynamic future.
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